Sam Coins Make an Unexpected Comeback Despite FTX Shutdown

• So-called Sam Coins, such as FTT, Solana, Oxygen and Maps, have seen a surprising recovery this month despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings and its former big boss – Sam Bankman Fried – is being tried for a variety of criminal charges.
• Following Bankman-Fried’s arrest, there were worries about the survival of Sam Coins, but their prices have since made an impressive ascent.
• FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet, and is up 160% this month after shedding almost all of its value in 2022.

The crypto market has been showing signs of vigor in recent weeks, with many so-called Sam Coins staging a surprising recovery despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings and its former big boss – Sam Bankman Fried – is being tried for a variety of criminal charges, including allegedly scamming FTX clients and investors.

FTX’s native token, FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet, which exacerbated November’s major sell-off as investors evaluated fresh information of the connection between Bankman-Fried’s trading arm and FTX. Following Bankman-Fried’s arrest, there were worries about the survival of Sam Coins, such as FTT, Solana, Oxygen and Maps, but their prices have since made an impressive ascent.

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. This increase in value may have been influenced by rumors that the platform’s operators were assessing the possibility of re-launching the beleaguered FTX.

According to a recent New York Times report, Bankman-Fried was in negotiations with the New York Stock Exchange to revive FTX as an alternative trading system, or ATS. The report claimed that the NYSE was willing to provide the necessary infrastructure, liquidity, and regulatory oversight to revive FTX, but the talks were put on hold due to Bankman-Fried’s arrest.

The revived FTX would be focused on derivatives trading, rather than spot trading, and would be designed to encourage institutional investors to use the platform. Bankman-Fried’s Sam Coins are likely to benefit from the increased liquidity and market activity that the revived FTX is likely to bring.

It remains to be seen whether Bankman-Fried’s Sam Coins will continue to be a success story in the long run. However, it is clear that the crypto market is in a state of flux, with the revival of FTX and the subsequent rise in the value of Sam Coins potentially providing a boost to the wider crypto market.