FTX Founder Behind Bars Causes FTT Token to Soar 60% in 12 Minutes With Single X Post: How Much Influence Does He Still Wield After Conviction?

Sam Bankman-Fried Sparks FTT Surge With Simple “Gm” Despite Prison Restrictions

Sam Bankman-Fried, the former CEO of bankrupt exchange FTX, has once again captured attention despite serving a 25-year federal sentence.

On 23 September, his X account, @SBF_FTX, posted a single “gm” message, shorthand for “good morning.”

The post quickly drew reactions across the crypto space, ranging from disbelief to sarcasm.

Influencer Peter McCormack simply wrote:

“What.”

Wendy O quipped:

“Maybe the rapture is real?”

While @CryptoVonDoom urged:

“GO BACK TO YOUR CELL.”

Analyst Conor Grogan commented:

“Here comes the PR campaign to get Sam pardoned!”

Three hours later, the account clarified that SBF did not personally make the post, which was handled by a friend.

His X bio notes that it is “shared by a friend” and lists a monitored prison mailing address at FCI Terminal Island in California.

Despite these restrictions, activity on the account continues sporadically, previously including cryptic threads about management and responsibility.

FTT Token Sees Unusual Rally Following Post

The brief X activity had a striking impact on FTX’s native token, FTT.

Following the post, the price surged by over 60% in just 12 minutes, peaking at an intraday high of more than $1.20 before settling around $1.

Volume jumped nearly sixfold, hitting $66.6 million within 24 hours.

Analysts noted the volatility as unusual given the token lost its utility following FTX’s 2022 collapse, having previously been used for exchange discounts and collateral.

Despite the bankruptcy, renewed interest in FTT highlights lingering community speculation.

The account began mass-following other profiles, including Web3 developers, Solana accounts, automated news reposting accounts, and users advocating for a pardon.

FTX Bankruptcy Creditors Set For $1.6 Billion Distribution

Amid the social media stir, FTX creditors are preparing for another round of repayments.

The FTX Recovery Trust announced that $1.6 billion will be distributed starting 30 September, routed through BitGo, Kraken, and Payoneer.

U.S. customers will receive 40%, lifting total recoveries to 95%, while international “dotcom” customers gain 6%, bringing cumulative payouts to 78%.

Unsecured and loan claims rise to 85%, and convenience claims exceed face value at 120%.

This marks the third major distribution, bringing total returns to more than $6 billion since the exchange’s collapse in November 2022.

FTX Recovery Trust Files $1.15 Billion Lawsuit Against Genesis Digital Assets

The bankruptcy estate is also pursuing legal action to recover additional funds.

On 22 September, the FTX Recovery Trust filed a $1.15 billion lawsuit against Bitcoin mining firm Genesis Digital Assets.

The complaint alleges that Genesis received preferential payments from Alameda Research, with $550.9 million allegedly sent directly to GDA co-founders Rashit Makhat and Marco Krohn.

Why SBF Remains Behind Bars

SBF’s prison term follows his 2023 conviction on seven counts, including fraud and conspiracy.

Prosecutors cited billions in misused customer funds for risky Alameda Research bets, political donations, and a lavish lifestyle.

The federal court handed down a 25-year sentence, one of the most severe in crypto history, citing the extensive deception and harm to millions of users.

Federal prison regulations strictly prohibit internet and social media access, allowing inmates only monitored communication through Trulincs, a text-only messaging system.

Is Crypto Confidence Detached From Reality?

Coinlive observes that despite SBF’s incarceration and the collapse of FTX, community reaction to a single social media post shows how sentiment can drive market movements, detached from fundamentals.

The FTT token’s sudden surge, fueled by speculation rather than utility or corporate recovery, raises questions about the psychology of crypto investors and the fragility of trust in digital assets.

It prompts reflection on whether market excitement is grounded in fact or simply the allure of past personalities, even behind bars.