FTT rockets up 50%? The market’s bets on SBF getting a pardon are more surreal than the coin itself

CryptoWorld News reports that after FTX founder Sam Bankman-Fried (SBF) submitted a presidential pardon application to the Office of the Pardon Attorney at the U.S. Department of Justice, FTT surged by more than 50% within 24 hours, with trading volume rising by over 600% to more than $16 million. The report says that after FTX’s bankruptcy, FTT has lacked clear practical utility; this rally reflects market speculation about the progress of SBF’s pardon. Even if the pardon is approved, it will not automatically restore FTX, restore FTT’s original use, or change the structure of creditors’ claims.