FTX Token (FTT) briefly surged following a tweet from imprisoned founder Sam Bankman-Fried, while his parents seek a presidential pardon for him.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
FTX Token (FTT) experienced a sudden 30% price surge following an X post from disgraced FTX founder Sam Bankman-Fried who is 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.
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. He also expressed sympathy for government employees, stating that he hadn’t checked his emails in “a few hundred days either.”
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.
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’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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
