The FTT token, tied to the defunct FTX exchange, experienced a temporary 29% surge following the reappearance of Sam Bankman-Fried (SBF) on social media. The former crypto mogul sparked debate with a 10-post thread addressing government layoffs under the Trump administration, drawing both investor and public attention.
1) I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days
— SBF (@SBF_FTX) February 25, 2025
And I can confirm that being unemployed is a lot less relaxing than it looks
Bankman-Fried on Government Job Reductions
Trump’s Department of Government Efficiency has spearheaded a cost-cutting initiative, eliminating approximately 95,000 federal positions through voluntary resignations and probationary dismissals. Reports suggest that further cuts could impact hundreds of thousands more employees.
SBF weighed in on the issue, highlighting the personal and economic challenges of job losses. He emphasized that layoffs often result from structural inefficiencies rather than individual performance. Pointing to corporate mismanagement, he noted that overhiring in many firms—including FTX—had left entire teams redundant.
FTT Token Reacts to SBF’s Social Media Presence
Bankman-Fried’s return to the online sphere triggered immediate volatility in FTT’s price. The token surged to $2.07 before retracing to $1.73, reflecting speculative trading and broader market fluctuations. While his posts did not directly impact FTX’s ongoing legal battles, they fueled renewed discussions around economic stability and employment trends.
The sudden price movement in FTT coincided with a broader market downturn, as Bitcoin briefly plummeted to $90K, adding to overall investor uncertainty.
Legal Challenges and Clemency Efforts
Currently serving a 25-year prison sentence for defrauding investors of billions, Bankman-Fried’s legal team is actively seeking an appeal. Citing alleged trial irregularities, they argue for a retrial.
In a bid for clemency, SBF has turned to former President Trump, who previously pardoned Silk Road founder Ross Ulbricht. However, misinformation has clouded these efforts. A fraudulent social media account falsely claimed that Trump had granted SBF a pardon, even using a verified gray checkmark on X to spread disinformation and promote new MEME coins.
Also Read: Solana (SOL) Tumbles 47% From ATH – Is the FTX Unlock the Final Blow?
As Bankman-Fried remains embroiled in legal struggles, the crypto market continues to react sharply to his statements, underscoring the lingering impact of FTX’s collapse on the industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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