FTT was introduced as a utility token with multiple use cases:
In November 2022, FTX faced a crisis: sudden withdrawal surges and questions over internal finances triggered a liquidity crunch. Once untouchable, FTX filed for bankruptcy. FTT, tightly tied to the exchange’s wellbeing, crashed from nearly $70 to nearly worthless virtually overnight.
The aftershocks:
FTT’s story is a cautionary tale in tokenomics and centralisation risk. It highlights just how quickly a token’s value can collapse when tied to a single platform. For traders on Gate.com or other exchanges, the FTT saga is a warning sign: always seek tokens with strong, independent use cases, transparency, and decentralised foundations.
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