The FTX Token (FTT), associated with the now-bankrupt cryptocurrency exchange FTX, experienced a significant surge of over 70% on September 29, 2024, reaching a price of approximately $2.70, the highest it had been since March 2024. This spike in value came amid speculation on social media regarding potential bankruptcy distributions to creditors and customers, which were rumored to begin on September 30. However, the official bankruptcy plan had not yet been approved, with a court hearing set for October 7 to discuss the plan's approval. Following the initial surge, the price of FTT fell back to around $2.10 by September 30, still reflecting a 30% increase over the previous 24 hours. If the bankruptcy plan is approved, it is expected that the FTX trustee will start making distributions to creditors with claims under $50,000 by the end of 2024, while those with larger claims may have to wait until early 2025 for any reimbursements. FTT was launched in 2019 alongside the FTX platform and provided various benefits to users, such as trading fee discounts and the ability to use the token as collateral for futures positions. The token reached an all-time high of nearly $80 in September 2021 but saw a dramatic decline following the collapse of FTX in November 2022, dropping from around $25 to below $2. This decline was exacerbated by Binance's decision to sell its entire holdings of FTT as a risk management measure. As of late September 2024, there are approximately 30,600 holders of FTT, with a market capitalization of around $330 million. A previous recommendation in July 2024 suggested removing FTT claims from the bankruptcy proceedings due to its equity-like characteristics, indicating the complexities surrounding the token's status in the ongoing bankruptcy process.