SBF’s Tweet Sends FTT Soaring: Is the Crypto Market Still under His Spell?

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SBF’s Tweet Sends FTT Soaring: Is the Crypto Market Still under His Spell?
SBF’s Tweet Sends FTT Soaring: Is the Crypto Market Still under His Spell?

🚨 In a bizarre turn of events, FTX Token (FTT) experienced a 30% price surge following an X post from disgraced FTX founder Sam Bankman-Fried, who’s currently serving a 25-year prison sentence. The tweet itself had no direct connection to cryptocurrencies or FTX, but marked SBF’s first public statement in over two years. One wonders if he’s been secretly taking online courses in “Effective Tweeting for Convicts.” 🤣

On February 25, Bankman-Fried commented on laying off employees, seemingly referencing Elon Musk’s recent government efficiency campaign. “Firing people is one of the hardest things to do in the world,” he wrote, adding that it often reflects failures in management rather than individual shortcomings. One can almost hear the sound of a thousand FTX employees weeping in the background. 😭

Despite the tweet being unrelated to crypto, FTT saw a rapid price jump from $1.63 to over $2.1, according to CoinMarketCap. However, the token quickly retraced to around $1.74 within half an hour. At the time of writing, the token is trading at around $1.66, down by 6% in the past 24 hours. It’s almost as if the market was saying, “Oh, SBF’s back? Cool. Let’s just go back to sleep.” 😴

Crypto Community Reacts

Bankman-Fried’s unexpected tweet sparked strong reactions across the crypto community. While some traders attempted to capitalize on the price spike, others questioned why a mere social media post could still influence FTT price, especially considering its massive collapse alongside the FTX exchange in 2022.

“We don’t want you back here,” one X user, MissionGains, stated. Another trader, Houdini, displayed his frustration:

“So SBF randomly tweets from jail and FTT pumps 40% in a few minutes? […] Market participants are just too [dumb] to make this space work.”

Others questioned why FTT remains listed on major exchanges given its troubled history. Once the backbone of the FTX ecosystem, the token is down by over 97% from its peak of $85.02 in September 2021. Today, its market cap stands at just $574 million — a shadow of its former $9.6 billion dominance.

Bankman-Fried Family Seeks Presidential Pardon

Bankman-Fried’s criminal conviction in 2023 marked one of the biggest fraud cases in crypto history. A jury found him guilty on seven counts, including wire fraud and securities fraud, leading to his 25-year prison sentence.

Despite his conviction, Bloomberg News reported that his parents, Joseph Bankman and Barbara Fried, are actively seeking a presidential pardon for their son. They have reportedly been in discussions with legal experts and figures linked to the US President Donald Trump’s administration to explore clemency options.

The recent FTT price spike clearly indicates that if SBF receives mercy from Trump, the crypto market is bound to react — rationally or not. One can only imagine the possibilities: “SBF’s Pardon Party” merchandise, a Netflix documentary series, and a cryptocurrency named “SBFcoin” that’s just a rebranded version of FTT. 🤪

SBF's Tweet Sends FTT Soaring
Crypto Community Reacts
Bankman-Fried Family Seeks Presidential Pardon

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2025-02-25 12:11