Table of Contents:

· FTT's monthly increase reaches 169.6% due to FTX's restart message

· Celsius bankruptcy progress update, CEL's monthly increase exceeds 90%

· SEC urges judgment process, LUNA's monthly increase exceeds 50%

· VGX price slightly rises due to Voyager's settlement with regulatory agencies

· "Bankruptcy target" related currency OX's monthly increase exceeds 70%

During this round of cryptocurrency bull market, "bankruptcy targets" are also showing signs of recovery, with tokens such as FTT, CEL, and LUNA seeing 24-hour gains of 83.86%, 4.5%, and 13.7%, respectively. Looking at the 30-day range, FTT, CEL, LUNA, and VGX have increased by 169.6%, 92.1%, 56.6%, and 24.4%, respectively.

Due to the news of FTX's restart, FTT has increased by 169.6% within the month.

On November 9th, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), stated that if Tom Farley, the CEO of Bullish, a cryptocurrency trading platform under Block.one, or anyone else wanted to relaunch FTX, "I would say act within the legal framework." If the new leadership team operates with a clear understanding of the law, it is possible to restart FTX.

Later, FTX token FTT rose to touch $2.36 before falling back, with a 24-hour increase of 83.86% and a 30-day increase of up to 169.6%. At the time of writing, FTT was priced at $2.82.

It is worth noting that FTT has seen multiple upward trends in the past year. On December 9, 2022, CNBC crypto commentator Ran Neuner proposed to restart FTX and issue new FTT. SBF responded that this would be a productive way for all parties to explore and hoped that the existing team would do so. Subsequently, this push caused FTT to rise by more than 20%.

In April 2023, at the bankruptcy lawyer court hearing of FTX, it was stated that FTX is considering reopening its trading platform business at some point in the future. As a result of this news, FTT surged to $2.7 in the short term, with a 24-hour increase of 97.5%.

On June 25th, Coingape reported on the entity list interested in the FTX 2.0 reboot released by Alvarez & Marsal, FTX's consulting firm. On the 28th, FTX CEO John J. Ray III stated that "interested parties have begun to be solicited to restart the FTX.com trading platform." By June 29th, FTT had risen by 16.79% in 24 hours, and on June 30th, FTT briefly touched $2.5 with a 24-hour increase of 38.35%.

On August 1st, FTX 2.0 Coalition officially announced that FTX has submitted a restructuring plan. Key information includes all non-customer claims (such as the US Internal Revenue Service) will be subordinate, FTT claim amount is zero, and offshore exchanges will restart to make up for customer deficits. Subsequently, FTT rose more than 10% in a short period of time.

On October 25th, FTT saw a short-term increase of 23.8%, and this was confirmed by SBF's lawyer announcement that SBF will testify in court on October 26th.

Over the past week, FTT has seen a surge of over 135.4%. Many investors hope to catch the next rise of FTT. Community investor @BoringBack pointed out that based on the debtors team of FTX and the successful creditor claim plans of UCC and AHC, the restructuring plan is likely to be successfully mediated and the official version of the FTX restructuring plan will be released no later than the end of December.

Celsius bankruptcy progress update, CEL up over 90% in the past month

Once one of the world's largest encrypted lending platforms, Celsius announced bankruptcy in 2022. However, today, after the US bankruptcy court approved Celsius's plan to transform into a Bitcoin mining company owned by creditors, its token CEL has risen sharply, up 4.5% in 24 hours and 92.1% in the past month, even though it has not yet been approved by the SEC.

If we observe the price of CEL over a six-month period, we can see that the price of CEL reached its highest point on October 28th. At that time, SBF mentioned in court that Celsius had requested emergency funding from SBF, but SBF refused the request.

Regarding Celsius and its token CEL, community member Stephen analyzed that Celsius, with 1.7 million users, "will be highly favored by capital" in the WEB3 field: "Market downturns may cause a 10-20% drop, but once there is a phenomenal positive news (such as a reassuring acquisition and restructuring and a strong team joining), there may be a significant increase."

Related reading: "Celsius bankruptcy details revealed: LUNA zeroed out, Three Arrows loan liquidation, high-priced acquisition of mining machines..."

As of July 2022, Celsius has 1.7 million registered users and over 300,000 active users with balances exceeding $100, paying approximately 5% in interest rewards. Celsius has 23,000 retail borrowers with $411 million in outstanding loans and $765 million in collateral; the company has 47 institutional borrowers with $93 million in outstanding loans and $98.5 million in collateral.

SEC urges judgment process, LUNA rises over 50% in a month

One of the cryptocurrencies that has seen a significant increase in value recently, similar to CEL, is LUNA, which was once popular in Korea and even worldwide. According to CoinGecko data, LUNA has increased by 13.7% in the past 24 hours and 56.6% in the past 30 days. At the time of writing, LUNA is priced at $0.594, the highest in nearly three months. On November 3, the SEC requested the court to make a summary judgment against Do Kwon (founder of Terra, the issuer of LUNA) and Terraform.

According to BlockBeats observation, on September 28th this year, LUNA price also experienced a significant increase, reaching a maximum of 0.572 USD. At that time, the issuer of LUNA, Terra Classic (LUNC) community, voted to stop the minting of all Terra Classic USD (formerly known as UST), and the proposal was passed with a support rate of 59%, aiming to protect "the community and external investors who are destroying USTC to help restore anchoring".

Related reading: "The founder of Luna, who disappeared for 8 months, is making a comeback."

"Legal experts say that if Kwon is extradited, he can appeal to Serbia, which may allow him to stay out of the country for several years. At least two Terraform Lab employees live in Serbia. They did not respond to DL News' request for comment. This may give Kwon enough time to participate in the next bull market and attract new investors who are not familiar with the industry's previous failures."

Due to Voyager's settlement with regulatory agencies, VGX prices have slightly increased.

Compared to the previous "bankruptcy targets", VGX, which has a similar experience, did not perform as well. Although its price has dropped by 2.8% in the past 24 hours, its monthly increase has reached 24.4%. The issuer behind VGX, the encrypted loan institution Voyager Digital, posted its latest update on October 13th. At that time, the Federal Trade Commission (FTC) announced that it had reached a settlement with Voyager Digital, permanently prohibiting it from handling consumer assets, and filed a lawsuit against its former CEO Stephen Ehrlich, accusing him of falsely claiming that customer accounts were insured by the Federal Deposit Insurance Corporation.

According to BlockBeats, in the past six months, VGX has risen to a highest price of 0.192. At that time, Voyager had reopened withdrawals and provided customers with a one-month withdrawal service. Within a month after June 23, more than 229 million US dollars have flowed out of the Voyager platform. By August, Voyager had...

Also transferred 1500 ETH and 2500 trillion SHIBto Coinbase.

"Bankruptcy Target" Related Currency OX Rises Over 70% in a Month

Other related currencies have also attracted market attention besides projects that have gone bankrupt themselves. Zhu Su, the founder of Three Arrows Capital, which has gone bankrupt, is also the founder of OPNX, the "first trading platform that allows for trading claims".

Since August, the price of OX, the token of the OPNX platform, has been declining, but there has been a significant increase in the past month, with a 7-day increase of 40.6% and a 1-month increase of 77.8%.

Related reading: "OPNX's trading volume of tens of millions is questioned, bond trading becomes a gimmick, and contracts become the main force".

"Since the launch of the OPNX platform, its trading volume has been highly valued by users. According to FLEX Statistics data, since June 23, the 24-hour trading volume of the OPNX platform has exceeded 50 million US dollars, with a maximum of 57 million US dollars, and the current 24-hour trading volume is 47.72 million US dollars."

Conclusion

The blogger who focuses on "bankruptcy coins" @BoringBack has stated that the price of "bankruptcy coins" often rises sharply due to certain event news, and the concept of "bankruptcy coins" is closely related to project restructuring, so it seems to have a strong correlation with the news, and there seems to be a clear profit in operation; however, at the same time, the restructuring process is complex and cumbersome, and there may be significant fluctuations due to sudden news, so the risk is relatively high.

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