BTC $71,807
2026 Bull Run Is Building Start trading with 5% OFF all fees
Sign Up Now
BTC $71,807
Bull Run 2026 | 5% Off Fees Open your Binance account today
Sign Up

FTX Token Surges 40% Before Pudgy Penguins’ PENGU Allocation News

Bankrupt crypto exchange's creditors gain exposure to red-hot NFT project in latest recovery effort

  • Pudgy Penguins allocates 0.35% of PENGU tokens to FTX‘s FTT token holders.
  • PENGU’s total supply is 88 billion tokens with 17.8% for team, 25.9% for NFT holders, and 12.35% for liquidity.
  • FTT price increased 40% before the announcement, raising insider trading concerns.
  • FTT holders will receive 308 million PENGU tokens.
  • FTT maintains $400 million daily trading volume despite being deemed worthless in bankruptcy proceedings.

Pudgy Penguins, a prominent NFT project, will distribute a portion of its new PENGU token to holders of FTX’s collapsed FTT token, according to an announcement on Friday. The move comes as FTX prepares to begin creditor repayments in March.

- Advertisement -

Token Distribution Details

The PENGU token launch includes a total supply of 88 billion tokens, distributed across multiple stakeholder groups:

  • 17.8% – Project team allocation
  • 25.9% – NFT holders
  • 12.35% – Liquidity provisions
  • 0.35% (308 million tokens) – FTT holders

Market Response and Controversy

The announcement triggered significant price movement in FTT, which experienced a 40% increase approximately 13 hours before the official PENGU announcement. Following the news, FTT rose an additional 7.7% to $3.75 before settling at $3.39.

Social media analyst @DarkCryptoLord raised concerns about potential insider trading, citing the pre-announcement price surge as suspicious market activity.

Despite a bankruptcy judge declaring FTT worthless, the token maintains substantial trading activity, with daily volumes reaching $400 million. This comes as FTX prepares to distribute $16.5 billion to affected customers and creditors, with specific repayment dates expected to be announced this month.

- Advertisement -

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -
Ad
Altseason Is Loading. Don't watch from the sidelines.
SOL $90.51
DOGE $0.0963
LINK $9.02
SUI $1.00
5% off fees when you sign up
Start Trading
Ad
Pay Less on Every Trade. For Life.
$10K/mo volume Save $60/yr
$50K/mo volume Save $300/yr
$100K/mo volume Save $600/yr
5% off all trading fees when you sign up
Claim Your Discount

Latest News

Cling botnet exploits Realtek flaw via STUN C2

Threat actors are exploiting a critical Realtek SDK flaw (CVE-2021-35394) to deploy a new...

Tom Lee: 30% Q3 earnings growth, S&P 8,200+, Bitcoin $100k

Fundstrat’s Tom Lee expects the 10-year Treasury yield to fall below 5% within six...

Bitcoin Eyes Key $87,570 Level as 2026 Candle Nears Green

Bitcoin bulls briefly revisited $87,000, but the 2026 yearly open at $87,570 continues to...

Citrix NetScaler Zero-Day Exploited in Targeted Attacks

Citrix released security updates for CVE-2026-88779, a high-severity memory overflow flaw in NetScaler ADC...

US debt crisis slowly squeezes budget as interest hits $1.1T

The US debt crisis may be unfolding as a slow squeeze, with servicing costs...

Must Read

Best Crypto Audiobooks of 2026: The Ultimate Listen & Learn Guide

You can't read Bitcoin charts while driving 70 mph on the highway. You can't study Ethereum whitepapers during your morning run. But you can...
Ad
Altseason Is Loading. These 4 coins are trending right now.
SOL $92.12
DOGE $0.0950
LINK $9.02
SUI $1.02
5% off spot fees when you sign up
Start Trading