The suddenly renewed engagement on the infamous FTX boss Sam Bankman-Fried’s X account this morning has manifested itself in an uncanny bullish impulse. Indeed, right after the abbreviation ‘GM’ was posted on Twitter, previously known as X, the now-bankrupt FTX platform’s native surged 32% to tackle $1.29 for a brief moment.
FTT Token Inks 32% Gains, Then Wears Off
As of press time, the altcoin that’s trading just inside the TOP 200 by crypto’s global market cap is priced at $0.97, retracing more than half of these gains in a massive red candle that followed the next hour. As the crypto currency community is puzzled how the infamous Samuel Bankman-Fried could have posted while serving a jail sentence, an answer has been given.
In a follow-up message, SBF’s official X account provided this explanation to the audience: “No, SBF is not posting himself from prison. I’m a friend posting on his behalf.” However, that was not taken seriously by some crypto market commentators, while some crypto aficionados just simply started demanding for their money back on alleged manipulative activities.
Is Sam Bankman-Fried’s Comeback Real?
Soon after, other crypto enthusiasts jumped in to offer their take or meme the uncanny online activity from FTX exchange’s former boss. The popular crypto comic & designer Beeple shared a cartoon of what’s presented as Sam Bankman-Fried enjoying himself while serving the 25-year sentence given a few years after the horrendous 2022 FTX liquidity crunch.
While his supporters are celebrating the comeback, SBF’s return might be as short-lived as the FTT token bull rally today. Under the First Step Act, Mr. Fried is likely to serve at least 18 years of this multi-decade sentence. However, the notorious crypto mogul has just been moved to better facilities.
Right now, he’s serving the sentence at FCI Terminal Island in LA, a top-tier prison with ocean view that once hosted Al Capone & Bernie Madoff, low-security, but still no internet access.
Unless a premature release or a pardon happens, which is not out of the question since SBF’s official X account has been spotted following political parties, Web3 & Solana (SOL) projects freshly out of nowhere last week. Regardless, legal documents are not in favor of this scenario.
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People Also Ask:
A “gm” tweet from Sam Bankman-Fried’s account, likely posted by a friend, caused a stir. SBF, serving 25 years for FTX fraud, has no internet access.
The tweet sparked a 35% rise in FTT, FTX’s token, hitting $1.20 with high trading volume. Investors reacted to the tweet and FTX’s upcoming $1.6B creditor payouts.
SBF is at FCI Terminal Island, a low-security prison in Los Angeles, California, after stints in Brooklyn and Victorville.
No. Federal prisons restrict internet use. SBF may use monitored email systems, but the tweet came via an associate.
FTT’s surge ties to payout news, but its future is uncertain. Investors await FTX’s creditor repayments, starting September 30.