The recent developments surrounding FTX, its bankruptcy proceedings, and the subsequent surge in the value of its associated token, FTT, highlight the peculiarities of the cryptocurrency market landscape. Despite FTX's downfall and its CEO's involvement in fraudulent activities, FTT continues to maintain a market valuation of $535 million, a seemingly absurd scenario given its lack of intrinsic value.

FTT's association with a failed crypto exchange, coupled with its origins linked to fraudulent activities, raises questions about its legitimacy and viability as an investment. FTX's CEO, Sam Bankman-Fried, facing a lengthy prison sentence for his role in the fraud, adds further skepticism to FTT's prospects.

Interestingly, despite FTX's collapse, FTT's market cap reached a staggering $9.75 billion at its peak on Sept. 9, 2021. This valuation is disproportionately high considering the token's involvement in market manipulation and deceptive financial strategies. Moreover, FTT's highly centralized distribution among its holders, with the FTX estate and Binance controlling a significant portion of the total supply, raises concerns about its long-term sustainability.

The recent unlocking of the remaining locked supply by the contract deployer further exacerbates FTT's distribution issues, contributing to its fully diluted market cap of $535 million. This move underscores the lack of real-world utility and attractiveness of FTT as an investment compared to other cryptocurrencies with more legitimate use cases.

Despite these concerns, some individuals, including speculators, high-risk traders, and hopeful investors, may still be drawn to FTT due to the potential boost in its value from FTX's bankruptcy proceedings and potential restructuring. However, the survival of dead coins like FTT, with their fraudulent origins and lack of real use cases, raises broader questions about the integrity and transparency of the crypto market.

In conclusion, while FTT's market cap may appear inflated given its association with a failed exchange and fraudulent activities, its continued existence underscores the speculative nature of the crypto market and the willingness of some investors to take on significant risks in pursuit of potential gains. As the crypto industry matures, it is essential for investors to exercise caution and conduct thorough due diligence before investing in tokens with questionable backgrounds and uncertain futures.