Sam Bankman-Fried, the founder of the collapsed FTX exchange, has resurfaced on X [formerly Twitter] after two years of silence.
Background
- His thread managed to stir up buzz in the crypto world
- The 32-year-old, currently serving a 25-year sentence for fraud tied to FTX’s dramatic implosion, shared a cryptic message about layoffs in the US
- US President Donald Trump and Musk’s Department of Government Efficiency (DOGE) have mass laid off people across several government departments
- According to estimates, around 95,000 jobs have been eliminated of late
- Several also expect another round of job cuts to transpire in the coming weeks
- Within minutes after Bankman-Fried’ posted, FTT, the native token of the exchange, registered a 47% wick-to-wick spike in price
Why should you pay attention?
- Bankman-Fried’s tweet turned out to be a market mover
- FTT’s sudden surge shows Bankman-Fried still holds sway over crypto sentiment, even behind bars
- The token, once dismissed as worthless after FTX’s bankruptcy, has been clawing back value since late 2024
- This has been fueled by speculations of an FTX reboot
- Analysts point to renewed interest from traders betting on nostalgia and a potential restructuring payoff
- For a market obsessed with volatility, the latest price action proves how a single voice from the past can jolt prices
- It serves as a reminder: Crypto’s wild west vibe is alive and well
Who said what?
- Bankman-Fried’s said,
“I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days. And I can confirm that being unemployed is a lot less relaxing than it looks”
- He added,
“Firing people is one of the hardest things to do in the world. It sucks for everyone involved”
- The community on X erupted. One user gushed,
“SBF dropping truth bombs from jail — FTT to the moon!”
- Chiming in, a trader said,
“Bought the dip at $1.80, thanks Sam”
- Meanwhile, another user remained skeptical and questioned,
“This guy’s still shilling his scam token? Unreal”
- Another cautioned,
“He’s in prison for a reason — don’t fall for this”
Zooming out
- The latest episode underscores crypto’s knack for drama
- A fallen titan, a jail cell tweet, a 47% leap: It’s the kind of story that keeps this space going
