First Mover Americas: FTT Token at Center of New US Charges in FTX Case

The latest price moves in crypto markets in context for Dec. 22, 2022.

AccessTimeIconDec 22, 2022 at 1:53 p.m. UTC
Updated Dec 22, 2022 at 3:44 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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The U.S. Securities and Exchange Commission (SEC) has called FTX’s FTT exchange token a security. FTT was sold as an investment contract and is a "security," the SEC said in a complaint filed late Wednesday, in a move that is sure to have a wide-ranging impact on the industry. "If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings," the SEC wrote in its complaint.

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal fraud charges tied to FTX's collapse. The SEC and Commodity Futures Trading Commission also announced charges against the two, saying Ellison manipulated the price of FTT. The duo are cooperating with investigators. The U.S. Attorney for the Southern District of New York did not specify what they were being charged with.

Twitter has integrated cryptocurrency prices into search results using a plug-in from charting platform TradingView. The integration allows users to type crypto or stock tickers into the search bar to generate the current value and a price chart. The result also includes a link to trading app Robinhood. The social media giant has had several ties to the crypto industry over the past few years, adding a tipping feature in September 2021 while the company was under the management of Jack Dorsey. Since then, Twitter has been taken over by Elon Musk.

Chart of the Day

  • The chart shows the number of daily active bitcoin addresses since January 2020. The metric filters out addresses with unsuccessful transactions.
  • The average number of daily active addresses (DAA) this year has been 921,445 – a 16% drop from the 2021 average of 1.1 million.
  • "Aside from the decline in trading volumes, the fall in DAA could also correspond to reduced mining operations as miners' activity corresponds to BTC's most significant on-chain movements," the Dec. 12 issue of Bitfinex's Alpha report said.
  • The greater the active user participation on the blockchain, the higher the demand for and the price of the cryptocurrency.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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