David Edwards
The FTX Token (FTT) surged 30% after former FTX CEO Sam Bankman-Fried posted on X for the first time in two years. The token briefly spiked from $1.63 to over $2 following his post before retreating to $1.75 within 30 minutes, according to CoinMarketCap.
Bankman-Fried’s First Post Since Sentencing
Bankman-Fried, who was sentenced to 25 years in prison in March 2024 over the FTX collapse, posted on Feb. 25, commenting on the difficulties of firing employees.
“Firing people is one of the hardest things to do in the world. It sucks for everyone involved,” he wrote. His post appeared to reference a recent U.S. Department of Government Efficiency email campaign, initiated by Elon Musk, asking government workers to justify their jobs.
Despite having no direct link to FTX, Bankman-Fried’s return to social media triggered speculative activity, leading to FTT’s brief price rally. However, the token remains down over 97% from its all-time high of $85.02 in September 2021, before FTX collapsed in November 2022.
Legal Troubles and Pardon Efforts
Bankman-Fried’s last post was on Jan. 19, 2023, discussing his drafted congressional testimony when FTT traded around $2.50. He also retweeted crypto lawyer James Murphy (MetaLawMan) on Jan. 20, highlighting a judge’s refusal to allow Daniel Friedberg, former FTX chief regulatory officer, to testify via Zoom during SBF’s trial.
Convicted on seven charges, including wire fraud, securities fraud, and commodities fraud, Bankman-Fried is currently serving his sentence at the Brooklyn Metropolitan Detention Center, according to the Federal Bureau of Prisons.
Meanwhile, Bloomberg News reported on Jan. 30 that SBF’s parents, Joseph Bankman and Barbara Fried, are seeking a presidential pardon for their son. They have reportedly met with lawyers and individuals close to the Trump administration to explore the possibility of clemency.
Former U.S. President Donald Trump has previously pardoned Silk Road founder Ross Ulbricht, who had served 11 years of a double life sentence for operating the dark web marketplace.
