FTX’s token FTT experienced a pump and dump after the exchange’s attorney suggested in court that the bankrupt exchange could potentially be reopened.

During the hearing, the attorney mentioned that restarting the company would likely require raising capital, and suggested a possibility where FTX’s burned customers can divert some of what they eventually get back to “receive some kind of interest in the exchange moving forward.” The token surged as high as $2.63 from $1.32 following the attorney's remarks but quickly reversed and returned to $2.04.

Its recent decline is connected to FTX's existence and the possibility of legal liability, and has led to some experts commenting that FTT tokens are likely just collectibles now.