Sam Bankman-Fried posts on X after 2 years, FTX token jumps briefly

Sam Bankman-Fried, the disgraced founder of FTX, posted on X for the first time in two years, triggering a 30% spike in the price of FTT, the exchange’s native token.

In his Feb. 25 X post, Bankman-Fried joked about not having checked his email for hundreds of days, drawing a comparison to government employees facing layoffs. SBF was possibly referencing an email campaign from the U.S. Department of Government Efficiency that required federal employees to justify their roles.

“Firing people is one of the hardest things to do in the world. It sucks for everyone involved,” he wrote, adding that layoffs are often a failure of management rather than employees themselves.

While the post had nothing to do with FTX (FTT) or its bankruptcy proceedings, it immediately impacted FTT’s price, which jumped from $1.63 to 2.03 within minutes, according to data from CoinGecko.

However, the rally was short-lived, with FTT retreating to $1.72 within half an hour. The token remains down over 97% from its all-time high of $85.02, recorded in September 2021 before FTX’s collapse.

This was SBF’s first public statement since January 2023, when he posted about his drafted congressional testimony. His legal battles have continued, with FTX’s bankruptcy case still ongoing and creditors awaiting repayment.

The post comes amid speculation that his parents, Stanford Law professors Joseph Bankman and Barbara Fried, are seeking a presidential pardon for their son. Bloomberg reported on Jan. 30 that SBF’s parents had met with lawyers and individuals connected to Donald Trump’s administration to explore a possible clemency deal.

SBF received a 25-year prison sentence in March 2024 after being found guilty of many counts of fraud and conspiracy. While his conviction is being challenged in court, he is presently serving his sentence at the Brooklyn Metropolitan Detention Center.