Is this crypto halal? Shariah screening report
FTX Token
FTT
- Price
- $0.223356
- Market cap
- $73.46M
- Circulating supply
- 328,895,103.813
- 24h change
- -1.73%
Report generated 8/27/2026, 6:34:27 PM · stored corpus assessment · confidence 88%
Crypto Halal Report Criteria
We use a disciplined framework to determine if a digital asset is Comfortable from a sharia perspective, based on three core pillars.
Purpose & Real-World Value Clear
FTT was designed as an exchange token that offered trading fee discounts and other benefits to holders on the FTX platform. The token also served as collateral within the FTX ecosystem.
Honesty & Founder Intent Clear
Historical records show that token distribution was heavily concentrated among FTX insiders, particularly Sam Bankman-Fried and other executives, who have been charged with various financial crimes.
Dealing with Risk & Speculation Clear
Speculative trading of a real asset is treated as trade, not gambling, under the screening framework.
Crypto Overview
Purpose and Utility
FTT was designed as an exchange token that offered trading fee discounts and other benefits to holders on the FTX platform. The token also served as collateral within the FTX ecosystem.
Current Usage
Following FTX's bankruptcy in November 2022, FTT lost virtually all utility and value. The token is no longer actively traded on major exchanges and has no meaningful ecosystem or use case.
Business Model
Investigations revealed that FTX and Alameda Research (a related trading firm) engaged in fraudulent practices, including: misappropriation of customer funds, artificial inflation of token value, and using FTT tokens as collateral for loans while manipulating its price. Real-World Usage Following FTX's bankruptcy in November 2022, FTT lost virtually all utility and value. The token is no longer actively traded on major exchanges and has no meaningful ecosystem or use case.
Development Activity
There is no current development activity as the underlying platform has been shut down and its founders face criminal charges.
Token Distribution
Historical records show that token distribution was heavily concentrated among FTX insiders, particularly Sam Bankman-Fried and other executives, who have been charged with various financial crimes.
Rating Justification
UncomfortableFTT is effectively a defunct token with no current utility or legitimate use case. The token was central to one of the largest frauds in cryptocurrency history, with its founders facing criminal charges for various financial crimes. The complete collapse of FTX and the revelations of fraudulent activities make this token non-compliant with Islamic finance principles.
Comparable assessments
Bnb BNB
ComfortableComfortable — Based on our analysis, BNB demonstrates clear utility within the Binance ecosystem and BNB Chain network. The token serves legitimate purposes in transaction fe
Open reportGateToken GT
ComfortableComfortable — GateToken (GT) serves clear utility functions within the Gate.io ecosystem, primarily as a fee discount token and governance mechanism. The token's utility is s
Open reportKuCoin Token KCS
ComfortableComfortable — KuCoin Token (KCS) demonstrates clear utility within the KuCoin exchange ecosystem. The token's primary functions of providing trading fee discounts and sharing
Open reportMX Token MX
ComfortableComfortable — After analyzing MX Token's utility, purpose, and implementation, we find it to be a standard exchange token with clear utility within its ecosystem. The token's
Open reportOkb OKB
ComfortableComfortable — After analyzing OKB's structure and utility, we find that its primary functions align with Islamic finance principles. The token provides clear utility through
Open report
Disclaimer: These reports are findings of AI analysis and cannot be guaranteed to be accurate. Ratings reflect opinions derived from automated criteria applied to the sources you submitted and a corpus of prior assessments. This is not a fatwa and does not determine Islamic law. Ratings may change as projects evolve. Always conduct your own research before investing.
- corpus