{"id":"ftt","hidden":false,"ipfs":"QmWf9GrUpvvC4uyEEgo3LyjZ4ZJ91i8UCszuSFASNctgU1","language":"en","transactionHash":"0x5280f45471c764724e6ec7dcb9cedb7165370a7eb91888a89a636f602ae31a57","created":"2022-11-16T12:51:42.073Z","updated":"2022-11-18T23:56:04.067Z","title":"FTX Token (FTT)","summary":"FTX Token (FTT) is the legacy exchange token of the bankrupt FTX platform; its utilities such as fee discounts, collateral use, staking rewards and token burns ended with FTX’s shutdown.","content":"**FTT** is the legacy exchange token of the bankrupt [FTX](https://iq.wiki/wiki/ftx) [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) trading platform, which was backed by [Alameda Research](https://iq.wiki/wiki/alameda-research). FTT was originally issued to provide [trading fee](https://iq.wiki/wiki/trading-fee) discounts, [collateral](https://iq.wiki/wiki/collateral) utility, [staking](https://iq.wiki/wiki/staking) benefits, and token burns tied to activity on the FTX exchange.\n\nThese utilities ceased when FTX halted operations and filed for bankruptcy in November 2022. Since then, FTT has had no active platform utility and has traded as a speculative asset dissociated from a functioning exchange.[\\[2\\]](#cite-id-3zjn6j58mfv)​[\\[3\\]](#cite-id-ciuqd04u2dn)​\n\n## Overview\n\nFTT was issued by [FTX](https://iq.wiki/wiki/ftx), the crypto derivatives exchange founded by [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and [Gary Wang](https://iq.wiki/wiki/gary-wang) in May 2019.[[2]](#cite-id-3zjn6j58mfv) A year after its launch, FTX introduced FTT as a multi-chain exchange token that operated on the [Ethereum](https://iq.wiki/wiki/ethereum), [Solana](https://iq.wiki/wiki/solana), and [Binance Chain](https://iq.wiki/wiki/binance-smart-chain) [blockchains](https://iq.wiki/wiki/blockchain).[[3]](#cite-id-ciuqd04u2dn) \n\nWhile FTX was active, FTT functioned as a [utility token](https://iq.wiki/wiki/utility-token) that provided [trading fee](https://iq.wiki/wiki/trading-fee) discounts, VIP tiers, and other incentives to users of the FTX spot, derivatives, and OTC platforms. These utilities depended on the operation of the FTX exchange and ended when FTX halted withdrawals and entered bankruptcy proceedings in November 2022.[[3]](#cite-id-ciuqd04u2dn) \n\nFTT launched with a total supply of 350 million tokens allocated across internal funds, team and adviser tranches, and ecosystem and user acquisition pools.[[5]](#cite-id-cw53f9gvnel)\n\n## History\n\nFTX was established in May 2019 as a cryptocurrency derivatives exchange by [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and [Gary Wang](https://iq.wiki/wiki/gary-wang).[[2]](#cite-id-3zjn6j58mfv)[[14]](#cite-id-5xfrzllz7y) FTT was launched shortly thereafter as its native exchange token, with a private sale and an initial exchange offering in July 2019 in which 50 million FTT were sold at prices between $0.10 and $0.20 per token.[[3]](#cite-id-ciuqd04u2dn) Between 2019 and 2021, FTX grew into one of the largest centralized crypto derivatives trading platforms by volume, and FTT appreciated significantly as trading activity and promotional campaigns expanded.[[2]](#cite-id-3zjn6j58mfv) During this period, FTT reached an all-time high price of approximately $84.18 per token on September 9, 2021, before market conditions and subsequent events reversed much of these gains.[[3]](#cite-id-ciuqd04u2dn) \n\nIn early November 2022, a version of [Alameda Research](https://iq.wiki/wiki/alameda-research)’s balance sheet was published by a cryptocurrency news outlet on November 2, 2022, prompting heightened scrutiny of FTX and Alameda’s solvency and their heavy reliance on FTT-linked assets.[[14]](#cite-id-5xfrzllz7y) On November 6, 2022, [Binance](https://iq.wiki/wiki/binance) CEO Changpeng Zhao announced that Binance intended to liquidate its remaining FTT holdings “due to recent revelations that have come to light,” contributing to a rapid loss of market confidence.[[11]](#cite-id-nr3p1jf0ie) In the days that followed, FTX faced large-scale customer withdrawals, and by November 11, 2022, FTX and affiliated entities filed for Chapter 11 bankruptcy protection after being unable to meet withdrawal demands.[[14]](#cite-id-5xfrzllz7y)[[11]](#cite-id-nr3p1jf0ie) By that time, FTT had fallen over 97% from its September 2021 peak, and its former utilities on the FTX platform had effectively ended.[[3]](#cite-id-ciuqd04u2dn)\n\n## Design and Mechanism\n\nFTT was designed as a centralized exchange token whose value proposition depended on trading activity and revenues generated by the FTX platform. It was issued primarily as an [ERC-20](https://iq.wiki/wiki/erc-20) token on [Ethereum](https://iq.wiki/wiki/ethereum), with additional representations on [Solana](https://iq.wiki/wiki/solana) and [Binance](https://iq.wiki/wiki/binance) Chain for ecosystem integration.[[3]](#cite-id-ciuqd04u2dn) \n\nWhile FTX operated, FTT holders received fee discounts, OTC trading rebates, access to higher VIP tiers, and other benefits such as [staking](https://iq.wiki/wiki/staking) rewards and privileged access to token launches. FTT could be pledged as [collateral](https://iq.wiki/wiki/collateral) for margin and derivatives positions, and FTX implemented a buy-and-burn scheme that used a portion of exchange revenues to repurchase and destroy tokens in an effort to reduce supply over time. These mechanisms were all dependent on FTX remaining a going concern and became purely historical after the November 2022 halt of operations and bankruptcy filing.[[1]](#cite-id-yzc7vekpcb)[[7]](#cite-id-5rqjxzoievw)[[4]](#cite-id-fluu5mpialg)\n\n### Token Burn\nAt the platform’s inception, FTX stated that 33% of all [trading fee](https://iq.wiki/wiki/trading-fee) revenue generated on the exchange would be dedicated to an FTT token burn program. As FTX grew and more fees were generated, the amount of FTT burned increased, with the stated goal of eventually destroying up to half of the original supply of 350 million FTT.[[9]](#cite-id-0pwotih66d6n) \n\nThis burn program depended entirely on revenue from the now-defunct FTX exchange and did not continue after trading activity ceased in November 2022.\n\n### Collateral\nThe FTT token was used as [collateral](https://iq.wiki/wiki/collateral) for futures positions and margin trading on the FTX exchange. Traders could pledge FTT alongside other assets to open and maintain leveraged positions, subject to FTX’s internal risk and [collateral](https://iq.wiki/wiki/collateral) management systems.[[10]](#cite-id-g3agm9ufm8g) \n\nThis collateral functionality was specific to the FTX platform and ended when the exchange halted trading and entered bankruptcy in November 2022.\n\n### Discount on Trading Fees\nHolders of the FTT token were able to receive discounts on [FTX ](https://iq.wiki/wiki/ftx)[trading fees](https://iq.wiki/wiki/trading-fee), increased commissions on referrals, and other trading-related rewards while the exchange was operational. Higher FTT balances were associated with larger percentage discounts and elevated VIP tiers.[[9]](#cite-id-0pwotih66d6n) \n\nThese fee discounts and related benefits were available only on the FTX platform and ceased when the exchange suspended operations in November 2022.\n\n### OTC Rebates and Burn\nTraders who held sufficient amounts of FTT received rebates on their OTC trading activity executed through the FTX OTC portal, which was powered by [Alameda Research](https://iq.wiki/wiki/alameda-research). FTX also conducted repurchases and burns of FTT based on OTC volumes and revenue from this portal, folding this activity into its broader buy-and-burn scheme.[[3]](#cite-id-ciuqd04u2dn) \n\nBoth the OTC rebate structure and the associated repurchase-and-burn activity were tied to the now-defunct FTX OTC platform and have not applied since FTX’s collapse in November 2022.\n\n### Socialized Gains\nFTX maintained an insurance fund that was intended to absorb losses in periods of large market volatility to protect traders’ funds. In cases where the insurance fund increased substantially, FTT holders were to receive a pro-rata bonus on their FTT holdings funded from that surplus, a mechanism referred to as “socialized gains.”[[1]](#cite-id-yzc7vekpcb)[[7]](#cite-id-5rqjxzoievw) \n\nThis mechanism was implemented and controlled off-chain within FTX’s internal risk systems and depended on the exchange’s continued operation, which ended in November 2022.\n\n## Burning\n\n### Buy & Burn FTT\nTo support a deflationary supply profile, [FTX](https://iq.wiki/wiki/ftx) implemented a buy-and-burn mechanism for FTT. The exchange announced it would buy and burn FTT equal to one-third of all exchange fees, including 33% of fees generated on FTX markets, 10% of net additions to the backstop fund (socialized gains), and 5% of fees earned from other uses of the [FTX](https://iq.wiki/wiki/ftx) platform. Fees used for burns excluded promotional discounts, payment processor fees, referral fees, and third-party costs associated with the revenue.[[4]](#cite-id-fluu5mpialg) \n \nAs of November 16, 2022, shortly after the exchange halted operations, FTX had burned a total of 21,104,887 FTT out of a then-circulating supply of 328,895,112 FTT. No further exchange-driven buy-and-burn activity has been reported since the bankruptcy.[[4]](#cite-id-fluu5mpialg)\n\n## Staking\n\nFTX offered its users the opportunity to stake their [FTT](https://iq.wiki/wiki/ftt) tokens and earn various platform benefits while the exchange was active. Unstaking FTT took 14 days, although stakers could pay a fee to unstake their tokens immediately.[[8]](#cite-id-ohl2byx0zdi) [Staking](https://iq.wiki/wiki/staking) FTT historically provided the following benefits: \n \n* Higher referral rates, with referrers who staked FTT receiving a higher share of referees’ fees. \n* Maker fee rebates on eligible trading activity. \n* Access to free [NFTs](https://iq.wiki/wiki/non-fungible-token-nft). \n* Bonus votes in FTX-hosted polls. \n* Waived or reduced fees on many daily [ERC-20](https://iq.wiki/wiki/erc-20) and ETH withdrawals. \n* Eligibility for participation in IEOs hosted on [FTX](https://iq.wiki/wiki/ftx).[[6]](#cite-id-n02pee3r0jm)[[8]](#cite-id-ohl2byx0zdi) \n\nAll [staking](https://iq.wiki/wiki/staking) functionality and related benefits were specific to the FTX exchange and ended when trading and withdrawals were halted in November 2022. $$widget0 [YOUTUBE@VID](z33VvqWH-fA)$$ \n\n## Tokenomics and Distribution\n\nFTT launched with a total supply of 350 million tokens. The initial distribution was split between company-controlled reserves, team and adviser allocations, ecosystem incentives, and user acquisition programs, with a significant portion subject to multi-year vesting schedules and internal lockups.[[5]](#cite-id-cw53f9gvnel) \n\nOn November 12, 2022, shortly after FTX filed for bankruptcy, the FTT deployer contract unlocked approximately 192 million previously locked tokens, adding them to the [circulating supply](https://iq.wiki/wiki/circulating-supply) and raising concerns about centralization and the robustness of the token’s economic design.[[3]](#cite-id-ciuqd04u2dn) \n\n| Allocated To | 100% | \n| ------------ | ---- | \n| Backstop Fund | 5% | \n| Safety Fund | 5% | \n| FTT Liquidity Fund | 20% | \n| Team Tokens | 20% | \n| Adviser Tokens | 5% | \n| Company Tokens | 25% | \n| Ecosystem Fund | 10% | \n| User Acquisition Fund | 10%[[5]](#cite-id-cw53f9gvnel) |\n\n## Governance\n\nFTT did not provide on-chain protocol governance over the FTX exchange. Token holders were not granted formal voting rights to control risk parameters, asset listings, or other core operational decisions on the platform. Any limited voting features associated with FTT, such as promotional polls, were discretionary and did not substitute for corporate or regulatory oversight.[[8]](#cite-id-ohl2byx0zdi) \n\nStrategic, risk, and governance decisions for FTX and [Alameda Research](https://iq.wiki/wiki/alameda-research) were concentrated within the FTX Group’s management and board structures. Subsequent criminal proceedings and bankruptcy investigations highlighted that key decisions about the use of customer funds, [leverage](https://iq.wiki/wiki/leverage), and risk management were made centrally by a small group of executives, rather than through any decentralized governance process involving FTT holders.[[12]](#cite-id-bsoxqph5nb)\n\n## Regulation\n\nAfter the collapse of FTX, FTT was frequently cited by regulators, policymakers, and industry commentators as an example of the risks associated with exchange-issued tokens that are deeply intertwined with a platform’s balance sheet. The heavy use of FTT as [collateral](https://iq.wiki/wiki/collateral) by FTX and [Alameda Research](https://iq.wiki/wiki/alameda-research), combined with its concentrated ownership, was viewed as a source of conflicts of interest and systemic vulnerability when market conditions turned adverse.[[2]](#cite-id-3zjn6j58mfv)[[3]](#cite-id-ciuqd04u2dn) \n\nIn the years following the bankruptcy, several jurisdictions tightened scrutiny of exchange tokens and similar internally issued assets, assessing them under securities, commodities, or consumer-protection frameworks and, in some cases, imposing more stringent disclosure and risk-management expectations. These developments did not create a uniform global standard but reflected a broader regulatory shift toward closer examination of exchange-affiliated tokens and their role in platform solvency and customer protection.\n\n## Controversy and Litigation\n\nFTT played a central role in the controversy surrounding the collapse of [FTX](https://iq.wiki/wiki/ftx) in November 2022. Public reporting indicated that [Alameda Research](https://iq.wiki/wiki/alameda-research) and FTX held large concentrated positions in FTT and used the token as [collateral](https://iq.wiki/wiki/collateral) on and off the exchange, making FTX’s balance sheet heavily exposed to its own exchange token.[[2]](#cite-id-3zjn6j58mfv) In early November 2022, concerns about this exposure and the solvency of FTX and Alameda intensified after a balance sheet report indicated that a significant portion of Alameda’s assets consisted of FTT and related instruments.[[14]](#cite-id-5xfrzllz7y) \n\nOn November 6, 2022, [Binance](https://iq.wiki/wiki/binance) CEO Changpeng Zhao announced that [Binance](https://iq.wiki/wiki/binance) intended to liquidate its remaining FTT holdings “due to recent revelations that have come to light,” referencing these solvency concerns.[[11]](#cite-id-nr3p1jf0ie) The announcement contributed to a rapid sell-off in FTT and a loss of confidence in FTX. Bankman-Fried later stated that the platform saw approximately $5 billion in withdrawal requests on November 6, 2022, which FTX was unable to meet, leading to a severe liquidity crisis and, ultimately, bankruptcy filings for FTX Group entities on November 11, 2022.[[11]](#cite-id-nr3p1jf0ie)[[2]](#cite-id-3zjn6j58mfv) \n\nFollowing the collapse, U.S. authorities charged [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) with fraud and related offenses connected to the misappropriation of customer assets. After a four-week trial in federal court in New York, a jury on November 2, 2023 convicted him on seven counts, including two counts of wire fraud, two counts of wire-fraud conspiracy, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering, arising from the operation of FTX and [Alameda Research](https://iq.wiki/wiki/alameda-research).[[14]](#cite-id-5xfrzllz7y) On March 28, 2024, U.S. District Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison, to be followed by three years of supervised release, and ordered forfeiture of approximately $11,020,000,000, rejecting arguments that FTX customers had not suffered losses.[[15]](#cite-id-jkafghp7hb)[[14]](#cite-id-5xfrzllz7y) \n\nThe U.S. Court of Appeals for the Second Circuit later affirmed the convictions, sentence, and forfeiture order in full, holding that the fraud was complete when customer funds were transferred from FTX to Alameda Research and used contrary to customer expectations and representations.[[14]](#cite-id-5xfrzllz7y) Numerous civil lawsuits were also filed by customers and investors, including class actions that named FTX insiders, promoters, advisers, and professional-services firms as defendants.[[13]](#cite-id-0z9w24vkns) \n\nSeveral of these civil cases led to settlements. On May 23, 2026, a proposed class-action settlement filed in federal court in Miami provided that law firm Fenwick & West would pay $54 million, auditor Prager [Metis](https://iq.wiki/wiki/metis) would pay $11.75 million, and former FTX promoter Udonis Haslem would pay $420,000 to resolve certain customer and investor claims linked to FTT and other FTX products, without admissions of liability.[[13]](#cite-id-0z9w24vkns) Those agreements followed earlier settlements with former FTX insiders, including Bankman-Fried, Caroline Ellison, and [Gary Wang](https://iq.wiki/wiki/gary-wang), in related class-action litigation.[[13]](#cite-id-0z9w24vkns) At the same time, parallel lawsuits, including a separate civil case against Fenwick & West in Washington, D.C., remained active, and litigation related to FTT and the FTX collapse continued across multiple jurisdictions.[[13]](#cite-id-0z9w24vkns) \n $$widget0 [YOUTUBE@VID](AbgRB3arCpY)$$\n\n## Developments\n\nSince 2023, FTT had seen no meaningful protocol or codebase development and functioned as a legacy token disconnected from an operating exchange. Available reporting had not identified upgrades to its [smart contracts](https://iq.wiki/wiki/smart-contract), new product integrations, or an active development roadmap, and FTT was instead characterized as a static [ERC-20](https://iq.wiki/wiki/erc-20) asset whose relevance was tied to the wind-down of the FTX bankruptcy estate.[[12]](#cite-id-bsoxqph5nb) FTX Trading Ltd. and the FTX Recovery Trust operated under a confirmed Chapter 11 plan of reorganization and made multiple distributions to creditors pursuant to that plan.[[16]](#cite-id-hs0dhuokkv) \n\nIn this period, FTT’s market activity was largely speculative and tended to spike around legal and bankruptcy milestones related to FTX, such as Bankman-Fried’s criminal trial, sentencing, and the later affirmation of his 25-year sentence on appeal, as well as public attention to cooperator outcomes and clemency applications.[[12]](#cite-id-bsoxqph5nb) By mid-2026, FTX had begun a fifth distribution of approximately $900 million to customers and other allowed claimants under the plan, with a July 17, 2026 notice describing incremental payments that brought many customer classes to cumulative recoveries of 100% or more of their allowed claims and providing for additional payments to preferred equity holders.[[16]](#cite-id-hs0dhuokkv) Throughout these proceedings, public descriptions of the plan and the FTX Recovery Trust’s distribution framework treated FTT as having no ongoing platform utility, and the token was not restored to any functional role in the reorganized structure, instead remaining a freely traded but non-utility legacy token outside the main creditor repayment mechanisms.[[12]](#cite-id-bsoxqph5nb)[[16]](#cite-id-hs0dhuokkv)","recentActivity":null,"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"categories":[{"id":"cryptoassets","title":"Cryptoassets"}],"tags":[{"id":"Token"}],"images":[{"id":"QmWMnAF6eDcsQvNrCDNZZXymY9tnCQpmJWVuv287q3BWHE","type":"image/jpeg, 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