By and large, centralized exchanges have regained from the FTX bankruptcy fallout in November 20.
As part of the current bull market, cryptocurrency exchange tokens have mostly recovered from their FTX bankruptcy lows and set new all-time highs.
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As of this writing, the native token of Binance, BNB, is trading for $352, up 32% from November 2022, when the unstable cryptocurrency exchange FTX filed for bankruptcy, sending shockwaves through the cryptocurrency exchange community.
Furthermore, BNB is currently trading at a higher level than it did in June 2023, the month that the U.S. Department of Justice (DOJ) announced that it was conducting an investigation into the exchange and that the Securities and Exchange Commission (SEC) had filed a lawsuit. The SEC lawsuit is still pending, but the exchange has since reached a $4.3 billion settlement with the DOJ.
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Users can benefit from advantageous trading conditions on exchanges by using exchange tokens, which are issued by centralized entities. Moreover, they can be utilized on blockchains built by centralized exchanges to conduct decentralized finance and pay gas fees. Users that possess certain exchange tokens can also take part in platform governance functions.
In the meantime, the native token of the OKX exchange, OKB, has increased by 132% from its FTX lows and has gained 3,227% overall since its launch in May 2019. The OKB token experienced a tremendous flash crash on January 25 that lost almost $6.5 billion in a matter of minutes before it completely recovered and hit new all-time highs. The flash crash was brought on by a brief sell-off in the market that day, which resulted in several leveraged liquidations in margin trading, cross-currency transactions, and pledged lending on the OKX platform. Since then, the exchange has given impacted users airdrop compensation.
Similarly, the BGB token on the Bitget exchange has risen to record highs of $1.03, representing a 159% annual gain. The exchange promised to donate a $100 million fund, called “EmpowerX,” to blockchain, artificial intelligence, and Web3 projects last September. At the time, Bitget’s managing director, Gracy Chen, stated that as regulations change and the centralized exchange landscape changes, the company anticipates more investments, mergers, and acquisitions in the upcoming months.
Not surprisingly, the value of FTX’s FTT token has dropped by more than 90% from its pre-bankruptcy highs. The exchange itself will not reopen, despite its expectation that consumers will receive their full refund, less bankruptcy costs.
According to bankruptcy attorney Andy Dietderich, “neither an investor nor a buyer has emerged for that exchange as a going concern” is prepared to commit the necessary funds to a restart of the offshore exchange. “It was just too expensive and risky to try to make a workable exchange out of what Mr. Bankman-Fried had left in the dumpster.”
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