FTT Price Jumps 30% After Sam Bankman-Fried’s First Tweet in Two Years
FTX Token (FTT) surged by 30% after a tweet from Sam Bankman-Fried, the imprisoned founder of FTX, marking his first public statement in over two years. The tweet, unrelated to cryptocurrencies or FTX, referenced employee layoffs and management challenges.
- FTT price rose from $1.63 to over $2.1 before reverting to around $1.74 within half an hour.
- Current trading price is approximately $1.66, down 6% in the past 24 hours.
- Market cap has fallen to $574 million, down over 97% from its peak of $85.02 in September 2021.
Community Reactions
The tweet prompted mixed reactions within the crypto community. Some traders attempted to profit from the spike, while others criticized the influence of a social media post on FTT's price. Concerns were raised about FTT's continued listing on major exchanges given its decline since the collapse of the FTX exchange in 2022.
Legal Developments
Bankman-Fried was convicted in one of the largest fraud cases in crypto history, receiving a 25-year sentence for multiple counts, including wire fraud. His parents are reportedly seeking a presidential pardon through discussions with legal experts linked to Donald Trump’s administration.
The potential for a market reaction exists if a pardon were to be granted.