“What”: a easy reply by crypto influencer Gainzy just about summed up the sentiment when the infamous convicted fraudster Sam Bankman-Fried, or SBF, seemingly posted on social media after an extended hiatus (and regardless of being in jail).
To make issues worse, the token linked to defunct crypto alternate FTX surged almost 24% within the final 24 hours, after his X account posted a easy “gm” on Tuesday.
This easy submit appears to have been taken as a possibility by speculative crypto merchants to pump the FTT token, which now has no worth related to it, almost 50%-60% inside minutes, reaching a peak of round $1.20-$1.23. Regardless of his incarceration and clarification that the submit was made by a “pal” on his behalf, the token remains to be up 25%, buying and selling round $1.014, in keeping with CoinDesk knowledge.
The FTT token has additionally seen a pointy enhance in exercise and buying and selling volumes following the submit, in keeping with knowledge compiled by The Tie.
The variety of energetic addresses reached 201, considerably outpacing the month-to-month common of 56, The Tie mentioned. Moreover, centralized alternate deposits doubled, reaching 13, whereas withdrawals quadrupled to 38 in comparison with the month-to-month common, it added.
‘Wen memecoin’
The crypto neighborhood on X reacted swiftly with anger, skepticism and humor to SBF’s submit.
One of the scathing replies got here from on-chain investigator ZachXBT. In a now-deleted submit, he condemned SBF, stating that he “deserves zero human rights” because of the hurt brought on by FTX’s collapse. His view displays a phase of the neighborhood’s lingering resentment in the direction of FTX’s collapse, which harm buyers who’re nonetheless ready for a few of their funds from its chapter property and the broader crypto neighborhood.
Learn extra: Who Gained and Misplaced Most in Sam Bankman-Fried’s Legal Scheme?
Different neighborhood members, together with Laura Shin, mocked SBF’s sudden social media exercise, saying, “That is so 2021.”
In the meantime, Arthur Hayes, the BitMEX co-founder who now runs crypto enterprise fund Maelstrom, took a humorous jab, replying “Wen memecoin?” — a possible playful reference to the speculative, meme-driven nature of the surge in FTT token after SBF’s surprising submit. This probably underscores a view that the value motion was extra about market psychology than substance.
Not the primary time
The surge in FTT token — as soon as a key utility token for buying and selling price reductions and staking advantages on the FTX alternate — has been largely dormant for the reason that platform’s spectacular implosion that ushered in a brutal crypto winter that devastated many buyers.
Nevertheless, surprisingly sufficient, this isn’t the primary time this has occurred. The identical factor unfolded in February of final yr, when the SBF’s account posted on X for the primary time in two years. On the time, he was detained within the Metropolitan Detention Middle in Brooklyn, and his legal professionals had been working by means of an attraction of his conviction (the attraction is ongoing, with arguments presently scheduled for November 2025).
The brand new social media submit additionally got here because the FTX property continues to work to repay collectors.
The FTX Restoration Belief is set to launch $1.6 billion to collectors on the finish of this month, marking the third main payout for the reason that crypto alternate’s implosion almost three years in the past.
This current exercise, although probably short-lived, exhibits the token nonetheless reacts sharply to headlines and sentiments — particularly these tied to its controversial founder.
Learn extra: Non-public Jets, Political Money Amongst $1B in Sam Bankman-Fried’s Forfeited Belongings: Court docket