“What”: A simple reply from the crypto influencer Gainzie almost summarises feelings when it was infamous Convicted convict Sam Bankmanfried, or SBF, appears to have been posted on social media after a long break (and despite being put in prison).
Worse, tokens linked to Crypto Exchange FTX have skyrocketed nearly 24% in the last 24 hours after X account posted a simple “GM” on Tuesday.
This simple post appears to be seen as an opportunity for speculative crypto traders to pump FTT tokens. This had no relevant value within minutes, near 50%-60%, peaking at around $1.20 to $1.23. According to Coindesk data, despite the explanation and explanation that the post was made by a “friend” on his behalf, the token is still up 25%, trading around $1.014.
With FTT tokens, data compiled by The The The has seen a rapid increase in post-post activity and transaction volume.
The number of active addresses reached 201, well above the monthly average of 56, the tie said. Furthermore, centralized exchange deposits doubled, reaching 13, while withdrawals quadrupled to 38 compared to monthly average.
‘wen memecoin’
The X’s crypto community responded quickly to anger, skepticism and humor over SBF’s posts.
One of the most poignant replies came from investigator ZachxBT on the chain. In a now-deprecated post, he denounced the SBF, saying he “deserves zero human rights” because of the harm caused by the collapse of FTX. His views reflect some of the community’s lingering responsiveness towards the collapse of FTX. This hurts investors who are still waiting for some of the funds from bankruptcy properties and the wider crypto community.
Read more: Who won and lost the most in Sam Bankman Freed’s crime plan?
Other community members, including Laura Singh, laughed at the SBF’s sudden social media activity, saying, “It’s 2021.”
Meanwhile, Arthur Hayes, co-founder of Bitmex, which runs the Crypto Venture Fund Maelstrom, took a humorous jab and replied, “Wen Memecoin?” – There is a possibility of playful mention of the speculative and meme-driven nature of the surge in FTT tokens after an unexpected post from SBF. This may underscore the view that price movements are more about market psychology than substances.
It’s not the first time
FTT Token Surge – The major utility tokens for once discounted trading fees and staking benefits on FTX exchanges have been primarily dormant since the epic explosion of the platform, which had been a brutal crypto winter that devastated many investors.
But, strangely enough, this is not the first time this has happened. The same thing unfolded in February last year. SBF’s account was posted to X for the first time in two years. At the time, he was taken into custody at the Metropolitan Detention Center in Brooklyn, and his lawyers worked through his conviction appeal. (The appeal is ongoing and is currently scheduled for November 2025).
We also received new social media posts as FTX Estate continues to work to pay off creditors.
The FTX Recovery Trust is set to release $1.6 billion to creditors at the end of this month, marking its third major payment since the collapse of Crypto Exchange nearly three years ago.
This recent activity, potentially short-lived, shows that tokens still respond sharply to headlines and emotions.
Read more: Private Jet, $1 Billion Political Cash in Forbidden Assets of Sam Bankman-Fried: Court