The crypto industry is often associated with scandals, collapses, and speculative frenzy. Yet beneath the chaos lies a lesser-told narrative — one of resilience, reinvention, and remarkable comebacks. Once written off as dead following the implosions of major platforms like FTX, Terra, and Voyager Digital, digital assets such as SOL, FTT, LUNC, RAY, and VGX have defied expectations and staged impressive recoveries in 2025.
This resurgence isn’t just about price rebounds — it’s a story of rebuilding trust, technological advancement, and renewed community faith. Let’s explore how these so-called “bankrupt concept coins” turned their fate around during one of crypto’s most challenging bear markets.
The Great Collapse: What Went Wrong?
Before their revival, these assets were deeply entangled in some of the most devastating collapses in crypto history.
The FTX Fallout
In late 2022, revelations from CoinDesk exposed that Alameda Research — closely linked to FTX — held an alarming concentration of illiquid assets, including $36.6 billion in FTT** (FTX’s native token) and **$33.7 billion in Solana (SOL) and related ecosystem tokens. With liabilities denominated in stable fiat while assets were volatile and interconnected, the house of cards collapsed rapidly.
User withdrawals surged, liquidity dried up, and within days, FTX filed for bankruptcy. The fallout dragged down not only FTT but also SOL, despite Solana itself being fundamentally sound. Investor confidence evaporated overnight.
The Terra Crash
Terra’s algorithmic stablecoin UST lost its $1 peg in May 2022 after a massive sell-off triggered a death spiral. As users rushed to redeem UST for LUNA, the protocol minted more LUNA to meet demand, causing hyperinflation. Within 48 hours, **LUNA plummeted 99%**, wiping out nearly $40 billion in market value.
The original chain rebranded to Terra Classic (LUNC), while a new entity, Terra 2.0, launched without a stablecoin. Meanwhile, LUNC — once valued at $0.000054 — was left for dead by most investors.
Voyager Digital, another casualty of the 2022 meltdown due to exposure to both Three Arrows Capital and Alameda, further pulled down its native token VGX.
Rebirth from the Ashes: The 2025 Recovery
Despite grim beginnings, several factors contributed to the recovery of these once-shunned assets.
SOL: Technical Resilience Meets Strategic Alliances
Solana’s rebound has been nothing short of spectacular. After bottoming out at $8**, SOL surged to **$126 — a 1475% increase — driven by both organic growth and strategic developments.
Key drivers include:
- Performance upgrades: Solana addressed past network outages and scalability issues through continuous protocol optimization.
- EVM compatibility via Neon: Developers can now deploy Ethereum-based dApps on Solana using Neon EVM, paying gas fees in SOL, USDC, or USDT.
- Cloud integration: AWS now supports one-click Solana node deployment via Blockchain Node Runners, lowering entry barriers for validators.
- Web3 smartphone push: The Saga phone’s app store integrated OKX Web3 Wallet, boosting real-world adoption.
Austin Federa, Strategy Lead at the Solana Foundation, emphasized that builders never stopped innovating — even during the deepest parts of the bear market.
FTT: Legal Closure Fuels Renewal Hopes
Though FTX remains bankrupt, clarity around Sam Bankman-Fried’s conviction brought psychological relief to markets. With legal uncertainty fading, speculation grew about a potential FTX relaunch under new management.
Regulatory figures like SEC Chair Gary Gensler acknowledged that a compliant restart is legally possible. As sentiment shifted, FTT rebounded from $1 to $6 — a 600% gain — reflecting renewed belief in its utility within a restructured ecosystem.
👉 See how regulatory clarity is unlocking new opportunities in decentralized finance.
LUNC: Legal Progress Ignites Market Optimism
While Terraform Labs founder Do Kwon remains embroiled in legal battles — including extradition proceedings from Montenegro to South Korea or the U.S. — recent court decisions have signaled progress.
In December 2024, Singapore’s High Court rejected Do Kwon’s appeal in a class-action lawsuit, moving the case closer to resolution. Though controversial, this development was interpreted by some investors as a step toward closure.
As a result, LUNC rose from $0.000054 to $0.00028, marking a 418% surge. Meanwhile, community-led initiatives continue promoting Terra Classic’s use in microtransactions and charitable projects.
Other Notable Gainers
| Asset | Price Recovery | Key Catalyst |
|---|
- RAY (Raydium): Up 1321%, fueled by Solana’s DEX growth and yield opportunities.
- LUNA (Terra 2.0): Up 255%, supported by validator incentives and ecosystem grants.
- VGX: Up 65%, following Voyager Digital’s settlement with the FTC and plans for asset return.
Why Now? The Catalysts Behind the Comeback
Several macro and micro trends converged to enable this recovery:
- End of legal uncertainty: Trials concluded, appeals denied — clarity returned.
- Institutional interest: ARK Invest and VanEck have reaffirmed long-term bullish views on Solana.
- Real-world utility: From mobile apps to cross-chain payments (Solana Pay), usage is expanding.
- Community persistence: Despite setbacks, core contributors kept building.
Cathie Wood of ARK Invest noted that Solana offers faster transactions and lower fees than Ethereum — making it ideal for mass adoption.
VanEck projected that if Solana captures significant market share, SOL could reach $3,211 by 2030 in a bull cycle.
Frequently Asked Questions (FAQ)
Q: Are these "dead" tokens safe to invest in now?
A: While prices have recovered, risks remain — especially for tokens tied to unresolved legal cases like LUNC and FTT. Always conduct thorough research and consider diversification.
Q: What makes SOL’s recovery different from others?
A: Unlike FTT or LUNC, Solana’s rebound is backed by real technological progress, growing TVL (over $1.4 billion), and increasing active addresses — indicators of sustainable demand.
Q: Can FTX ever come back?
A: A full relaunch would require regulatory approval and public trust rebuilding. While legally possible, it remains uncertain whether a restructured FTX would retain FTT as its core token.
Q: Is LUNC still connected to UST?
A: No. Terra Classic (LUNC) is separate from the original UST. The current USTC has failed multiple times to maintain its peg and is not widely used.
Q: How did OKX influence Solana’s rise?
A: OKX Web3 Wallet’s integration with Solana boosted visibility and usability. Joint campaigns and app store listings drove user acquisition and ecosystem engagement.
Q: Should I expect further gains in 2025?
A: Markets remain volatile. However, ongoing innovation, improved infrastructure, and rising institutional interest suggest continued potential — especially for fundamentally strong projects like Solana.
👉 Learn how early adoption of emerging blockchain networks can position you ahead of the curve.
Final Thoughts: Beyond Hype, Toward Value
The comeback of SOL, FTT, LUNC, and others reminds us that in crypto, narratives evolve fast. What seems broken today may be rebuilt tomorrow.
Rather than judging projects solely by past failures, investors should assess current fundamentals: Is development ongoing? Is there real utility? Is the community active?
As Bitcoin approaches its 16th anniversary and Ethereum continues evolving, we’re reminded that every major technology faced skepticism early on. Today’s resilience could be tomorrow’s dominance.
In the end, crypto isn’t just about price — it’s about perseverance. And for these tokens, the road back has just begun.