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After FTX founder Sam Bankman-Fried (SBF) submitted a presidential pardon application to the U.S. Department of Justice’s Office of Pardon, FTT surged more than 50% within 24 hours. Trading volume rose by over 600% to more than $16 million. Reports say that since FTX’s bankruptcy, FTT has lacked clear real-world utility; this rally reflects more of the market’s speculative trading on the progress of SBF’s pardon. Even if the pardon is approved, it would not automatically restore FTX, restore FTT’s original use, or change the structure of creditor claims. (CryptoSlate)