• So-called Sam Coins, promoted by the now-defunct FTX exchange’s founder Sam Bankman-Fried, have staged a surprising recovery this month despite FTX’s bankruptcy proceedings and Bankman-Fried’s criminal charges.
• The value of these crypto assets, such as FTT, Solana, Oxygen, and Maps, have increased despite the negative news, with FTT up 160% this month after shedding almost all of its value in 2022.
• Rumors circulate that the platform’s operators are assessing the possibility of re-launching the beleaguered FTX.
The crypto market is showing signs of vigor in the last few weeks, with the value of crypto assets tethered to the now-defunct FTX exchange and promoted by its founder, Sam Bankman-Fried, experiencing an impressive ascent. Despite FTX’s bankruptcy proceedings and Bankman-Fried’s criminal charges, so-called Sam Coins have staged a remarkable recovery this month.
FTX’s native token, FTT, has been particularly affected, occupying an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet. This led to a major sell-off in November as investors evaluated fresh information of the connection between Bankman-Fried’s trading arm and FTX. According to Coingecko data, FTT is up 160% this month after shedding almost all of its value in 2022. The coin is now trading at $1.93, which is a far cry from its recent high of $51.68 from late March 2022.
Meanwhile, other Sam Coins such as Solana, Oxygen and Maps have also been on the rise, with investors seemingly unfazed by the negative news. This could be due to the rumors that the platform’s operators are assessing the possibility of re-launching the beleaguered FTX. A recent New York Times report stated that Bankman-Fried and other FTX officials are in talks with the US Securities and Exchange Commission (SEC) and other regulators to potentially relaunch the exchange.
The potential relaunch of FTX is a major development for the crypto market, as it could lead to increased liquidity, improved trading infrastructure, and more opportunities for traders. However, the SEC is yet to provide any clarity on the matter, and it is unclear as to whether or not the exchange will be able to make a comeback.
It remains to be seen whether or not Sam Coins will continue to experience a resurgence in the weeks and months ahead. But with Bankman-Fried’s legal battle still ongoing and the SEC yet to provide any clarity on the matter, it is safe to say that the future of Sam Coins remains uncertain.