SBF’s X Account Shocks With “gm” Post, FTT Crypto Jumps 32%
SBF’s X Account Stirs Buzz With “gm” Post
On the evening of September 23, the verified X (Twitter) account of Sam Bankman-Fried (SBF) unexpectedly posted the short phrase “gm,” an abbreviation for “good morning.” The move immediately drew attention from the crypto community since federal inmates in the U.S. are not allowed to access social media. The key question is whether the post came directly from SBF or was made by someone managing the account on his behalf.
FTT Surges 32% Following the Post
Right after the post, FTT – the native token of FTX – spiked 32%, trading around $1.10. Daily trading volume also surged from $10.4 million to nearly $59 million, according to data from CoinGecko. Although FTT lost most of its value following FTX’s bankruptcy in November 2022, it continues to attract speculative traders during the ongoing liquidation process.
Sam Bankman-Fried And His 25-Year Sentence
Sam Bankman-Fried, founder and former CEO of FTX, is currently serving a 25-year federal prison sentence after being convicted on seven counts of fraud and conspiracy for misappropriating billions in customer funds. He had previously used X to share thoughts on business and even gave a prison interview. The fact that his account is still active has become a subject of intense debate.
FTX Sues Genesis Digital For $1.1 Billion
On the same day, the FTX Recovery Trust filed a lawsuit against Bitcoin mining firm Genesis Digital Assets, seeking to recover $1.1 billion. The suit alleges that Genesis received preferential payments in the months leading up to FTX’s collapse. This legal move comes just ahead of FTX’s planned $1.6 billion distribution to creditors on September 30.
Questions Over Social Media Use From Prison
According to U.S. Bureau of Prisons regulations, inmates can only use the TRULINCS messaging system, which does not provide internet access. Possession or use of a contraband cellphone could subject SBF to severe disciplinary action. Some suggest the post may have been made by lawyers or close associates on his behalf. As of now, SBF’s legal team and the Bureau of Prisons have not provided any comment.
Conclusion
The sudden activity on SBF’s X account has reignited speculation while immediately driving up FTT’s price. Meanwhile, FTX continues its legal battles to recover assets, preparing to distribute $1.6 billion to creditors by the end of September.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.