“What”: a simple reply by crypto influencer Gainzy pretty much summed up the sentiment when the notorious convicted fraudster Sam Bankman-Fried, or SBF, seemingly posted on social media after a long hiatus (and despite being in jail).
To make matters worse, the token linked to defunct crypto exchange FTX surged nearly 24% in the last 24 hours, after his X account posted a simple “gm” on Tuesday.
This simple post seems to have been taken as an opportunity by speculative crypto traders to pump the FTT token, which now has no value associated with it, nearly 50%-60% within minutes, reaching a peak of around $1.20-$1.23. Despite his incarceration and clarification that the post was made by a “friend” on his behalf, the token is still up 25%, trading around $1.014, according to CoinDesk data.
The FTT token has also seen a sharp increase in activity and trading volumes following the post, according to data compiled by The Tie.
The number of active addresses reached 201, significantly outpacing the monthly average of 56, The Tie said. Additionally, centralized exchange deposits doubled, reaching 13, while withdrawals quadrupled to 38 compared to the monthly average, it added.
‘Wen memecoin’
The crypto community on X reacted swiftly with anger, skepticism and humor to SBF’s post.
One of the most scathing replies came from on-chain investigator ZachXBT. In a now-deleted post, he condemned SBF, stating that he “deserves zero human rights” due to the harm caused by FTX’s collapse. His view reflects a segment of the community’s lingering resentment towards FTX’s collapse, which hurt investors who are still waiting for some of their funds from its bankruptcy estate and the broader crypto community.
Read more: Who Won and Lost Most in Sam Bankman-Fried’s Criminal Scheme?
Other community members, including Laura Shin, mocked SBF’s sudden social media activity, saying, “That’s so 2021.”
Meanwhile, Arthur Hayes, the BitMEX co-founder who now runs crypto venture fund Maelstrom, took a humorous jab, replying “Wen memecoin?” — a likely playful reference to the speculative, meme-driven nature of the surge in FTT token after SBF’s unexpected post. This potentially underscores a view that the price movement was more about market psychology than substance.
Not the first time
The surge in FTT token — once a key utility token for trading fee discounts and staking benefits on the FTX exchange — has been largely dormant since the platform’s spectacular implosion that ushered in a brutal crypto winter that devastated many investors.
However, strangely enough, this is not the first time this has happened. The same thing unfolded in February of last year, when the SBF’s account posted on X for the first time in two years. At the time, he was detained in the Metropolitan Detention Center in Brooklyn, and his lawyers were working through an appeal of his conviction (the appeal is ongoing, with arguments currently scheduled for November 2025).
The new social media post also came as the FTX estate continues to work to repay creditors.
The FTX Recovery Trust is set to release $1.6 billion to creditors at the end of this month, marking the third major payout since the crypto exchange’s implosion nearly three years ago.
This recent activity, though potentially short-lived, shows the token still reacts sharply to headlines and sentiments — especially those tied to its controversial founder.
Read more: Private Jets, Political Cash Among $1B in Sam Bankman-Fried’s Forfeited Assets: Court