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FTT, the native cryptocurrency of FTX, continues to take massive blows as its situation take a turn for the worse.
In terms of price, the crypto is changing hands at $1.70 according to tracking from Coingecko at the time of this writing.
In a span of seven days, the cryptoasset has declined by 92.3% while over the last 30 days it went down by nearly 93%.
The crypto’s market capitalization now stands at just $223.98 million. Moreover, there’s a notice above its name on the crypto data tracking website Coingecko that is highlighted in red.
“FTX token contract Deployer has transferred out the entirety of supposedly locked FTT tokens into circulation. Proceed with caution,” said the warning.
Major Crypto Exchanges To Get Rid Of FTT
Following the unfortunate series of events that ultimately culminated into the gigantic collapse of the crypto asset, major exchange platforms Binance and KuCoin revealed their plans of removing trading pairs for the cryptocurrency.
KuCoin, the Seychelles-based crypto exchange founded in 2017, used its Twitter account to announce that its FTT/USDT perpetual contract will no longer be available starting November 14.
Meanwhile, Binance also took to Twitter to inform the public that starting November 15, it will delist trading pairs FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT.
The company, however, clarified that it will continue to offer the FTT/BUSD trading pair for its clients and as of this time has not mentioned any plans to remove the particular pair in the near future.
Kraken, a U.S.-based cryptocurrency exchange platform, has not done similar actions but has revealed it already moved to freeze the accounts of FTX Group and Alameda Research after coordinating with the authorities.
Trouble In The Bahamas For FTX
FTX made its situation worse as it committed an error in judgment in its home turf – the Bahamas — that made authorities think the company was involved in criminal activities prior to its highly-publicized collapse.
In November 10, the crypto exchange claimed Bahamian regulators gave it the green light to withdraw funds for its clients that reside in the country.
The following day, the Securities Commission of Bahamas denied the claims and said they did not give instructions or have allowed FTX to do such a thing.
As the company continues to suffer, its native crypto continues to nosedive as its value is now on a 97% decline on a year-to-date basis.
Crypto total market cap at $802 billion on the daily chart | Featured image from CryptoSlate, Chart: TradingView.com