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Holders of FTX’s FTT will be allocated 0.35% of the new Pudgy Penguins token PENGU, according to the NFT project’s distribution plan.
Pudgy Penguins announced the launch of PENGU early on Friday. A total of 88 billion tokens will distributed, with 17.8% allocated to the project’s team, 25.9% to NFT holders, and 12.35% to liquidity.
FTT holders will receive a share of 308 million tokens. Since the announcement, FTT rose by 7.7% to $3.75 before falling back to $3.39. However, roughly 13 hours beforehand, it had climbed 40%.
X user @DarkCryptoLord claims this pre-pump was a sign that “someone’s committing crime in broad daylight” and accused the Pudgy Penguins team of insider trading.
Read more: FTX sues Binance and CZ for ‘fraudulent tweets’ and $1.8B clawback
Last November, FTX announced that it expects to start repaying customers and creditors in March with a specific date to be announced this month. A total of $16.5 billion will be distributed to victims of the FTX crash.
Most holders of FTT will likely have been victims of the FTX crash, however, despite a bankruptcy judge deeming FTT worthless, people are still buying and trading the token. Indeed, it has a 24-hour trading volume of almost $400 million.
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