FTX token surges over 70% amid rumors of bankruptcy distributions

FTX Token (FTT) spiked more than 70% on Sept. 29, hitting a multimonth high of $2.70 before settling around $2.10, Cointelegraph reported citing CoinGecko data. The surge followed rumors of imminent bankruptcy distributions for creditors of the now-bankrupt FTX exchange. However, the Chapter 11 plan is yet to be approved, with a court hearing scheduled for Oct. 7. If approved, smaller creditors could see distributions by the end of 2024, while larger claims may be addressed in 2025.