Sam Bankman-Fried, the former founder of FTX, returned to social media for the first time in two years, resulting in a 30% surge in the price of FTT, the exchange’s native token.
On February 25, Bankman-Fried made light of not checking his email for hundreds of days in his post, drawing parallels to government employees facing layoffs. His comments coincided with a recent email campaign from the U.S. Department of Government Efficiency that required federal employees to justify their positions.
“Firing people is one of the hardest things to do in the world. It sucks for everyone involved,” he noted, emphasizing that layoffs are often a management failure rather than an employee fault.
While Bankman-Fried’s post did not directly mention FTX or its bankruptcy situation, it triggered an immediate increase in FTT’s price, which rose from $1.63 to $2.03 within minutes, based on CoinGecko data.
This rise was fleeting, as FTT subsequently fell back to $1.72 within a half-hour. The token has plummeted over 97% from its peak of $85.02 in September 2021, prior to FTX’s collapse.
This marks Bankman-Fried’s first public communication since January 2023 when he discussed his congressional testimony draft. He continues to face significant legal challenges, with ongoing bankruptcy proceedings for FTX and creditors still awaiting reimbursement.
Speculation is rising regarding a possible presidential pardon for Bankman-Fried as reports suggest his parents are consulting with lawyers and influential individuals tied to prior administrations. In March 2024, he was sentenced to 25 years in prison after being convicted of multiple counts of fraud and conspiracy. His conviction is currently being challenged while he serves his sentence at the Brooklyn Metropolitan Detention Center.
