- FTX’s FTT token price surged nearly 24% after a social media post on Sam Bankman-Fried‘s X account, despite him being jailed.
- The post, simply saying “gm,” was later clarified as being made by a “friend” on behalf of Bankman-Fried while he remains incarcerated.
- Trading activity in FTT rose sharply, with the number of active addresses, exchange deposits, and withdrawals all showing major increases.
- The crypto community responded with skepticism, criticism, and humor, referencing residual anger over the FTX collapse.
- This incident mirrors a similar price jump in February 2023 when Bankman-Fried’s account posted after a long absence.
On Tuesday, a single word posted from the X (formerly Twitter) account of Sam Bankman-Fried, the jailed founder of collapsed crypto exchange FTX, triggered a rapid price surge in the FTT token. The message—“gm,” a common crypto greeting for “good morning”—appeared despite Bankman-Fried’s current incarceration.
Following the post, the FTT token’s price climbed nearly 24% in 24 hours, reaching as high as $1.23. Trading volumes also spiked. According to CoinDesk, the token remained up roughly 25% shortly after, trading near $1.01. Data from analytics provider The Tie showed the number of active wallet addresses reached 201, over three times the monthly average. Deposits to centralized exchanges doubled to 13, while withdrawals increased fourfold to 38.
The post was later explained by Bankman-Fried’s official account as the work of a “friend,” not the former CEO himself. Despite this clarification, speculative trading on FTT continued. The account of crypto influencer Gainzy summed up the community reaction with a brief reply: “What”.
Reactions in the wider crypto community varied. On-chain investigator ZachXBT wrote in a now-deleted post that Bankman-Fried “deserves zero human rights,” reflecting ongoing anger from those awaiting repayment after FTX’s collapse. Laura Shin, another community member, commented, “That’s so 2021”, referencing the out-of-place nature of the post. Bitmex co-founder Arthur Hayes said, “Wen memecoin?”, highlighting traders’ focus on speculative, meme-driven tokens.
The FTT token has had little tangible value since FTX’s 2022 bankruptcy, when it lost utility for trading discounts and staking. Similar trading surges occurred after previous posts from Bankman-Fried‘s account, including one in February 2023. The new activity comes as the FTX Recovery Trust prepares a third payout of $1.6 billion to creditors at the end of this month.
While sharp moves in FTT may be short-lived, such events show that the token’s price remains sensitive to headlines and actions associated with its controversial founder. For additional reactions and details, see related posts by Gainzy and Laura Shin.
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