SBF Makes Surprise Digital Appearance from Prison, Causing Temporary Surge in FTT
Sam Bankman-Fried, the former CEO of FTX, made headlines on Tuesday morning when a thread of 10 messages appeared on his X account (formerly Twitter). Currently serving a 25-year prison sentence for fraud and conspiracy, he is currently detained at the Metropolitan Detention Center in Brooklyn. This unexpected digital return immediately triggered a surge in FTT, the token associated with FTX, before its price corrected along with the market.
The opening tweet in the series referred to layoffs, a hot topic following Elon Musk’s recent directives on federal employees having to justify their weekly activities or risk being fired.
I have a lot of sympathy for government employees: I, too, have not checked my email for the past few (hundred) days.
SBF being ironic
Instant Impact on FTT Price
Following the publication of these tweets, the FTT price jumped from $1.55 to $2.10 before quickly falling back to around $1.75. This episode reminds us of how much influence SBF’s former empire still holds over the crypto markets, despite the collapse of FTX. Since then, the token has returned to around $1.66, confirming that this volatility was mostly fueled by emotional reactions from traders.
SBF and Fake SBF of DOGE: Who is Behind These Tweets?
SBF does not have direct access to social media or his emails from his cell, but he can use Corrlinks, a service that allows inmates to communicate with the outside world. However, it remains uncertain who actually posted these messages on X. His lawyer has not commented on the incident, and no official statement confirms whether these posts came from him or a third party acting on his behalf.
The confusion was further amplified by the appearance of another X account claiming to be Sam Bankman-Fried and announcing, without evidence, that he had received a presidential pardon from Donald Trump. The new account, apparently fake, bears certification indicating it is a government or multilateral organization account, suggesting that a government agency account may have been compromised and renamed.
This account also shared a contract address, claiming that SBF was now working for a government entity linked to Elon Musk and DOGE. This strange message generated some transaction volume in the meme coin in question, although it appears to be an opportunistic manipulation attempt.
A Saga That Continues to Surprise
This episode once again highlights the crypto world’s persistent fascination with Sam Bankman-Fried, despite his dramatic downfall. Any sign of his return, even indirectly, continues to exert influence over the market, proving that the shadow of FTX still looms over the industry. However, this sudden surge in FTT, followed by a quick return to normal, also demonstrates the fragility of speculative movements associated with his name.
