Surging FTX Token Sparks Debate Following Unusual Activity on Sam Bankman-Fried’s Social Media

FTX Token (FTT) experienced a sudden and significant price surge following an intriguing post on the official social media account of Sam Bankman-Fried (SBF), the founder of the now-insolvent cryptocurrency exchange FTX. This brief activity on the X platform (formerly Twitter) ignited widespread speculation and uncertainty within the cryptocurrency community.

Unusual Social Media Post Triggers Market Movement

On October 23, users of X noticed a cryptic message reading “gm” (an informal greeting meaning “good morning”) posted on SBF’s verified account. This quickly raised eyebrows, as such interaction seemed implausible—Bankman-Fried is currently incarcerated in a U.S. federal prison, where access to social media is prohibited. Shortly after the post appeared, an update clarified that the account activity originated from an acquaintance operating the account, not SBF himself. Despite this clarification, some online users speculated that SBF may have sold or transferred access to his social media account.

The market response to the post was remarkable. FTT prices spiked by 32% in the immediate aftermath compared to the previous day. Even hours later, the token demonstrated persistent positive momentum, trading at $0.9755—a 19.22% increase, according to CoinMarketCap data. Additionally, trading activity around FTT saw a dramatic escalation, with 24-hour volume increasing nearly sixfold from $10.4 million on October 23 to $60.29 million as of October 24 (Korean Standard Time).

Legal Tension Builds: $1.15 Billion Lawsuit Filed Against Bitcoin Mining Firm

Further intensifying the spotlight on FTX-related matters, the FTX Recovery Trust filed a landmark lawsuit on the same day against Genesis Digital Assets (GDA), a prominent Bitcoin mining company. The lawsuit seeks damages amounting to $1.15 billion (approximately KRW 1.6 trillion).

According to court filings, Bankman-Fried is alleged to have directed funds from FTX, including customer deposits, to purchase shares in GDA at "grossly inflated prices." This latest legal action showcases the continued fallout stemming from questionable financial practices during SBF's tenure as head of FTX.

Sam Bankman-Fried: A Cautionary Figure in Crypto History

Currently serving a 25-year sentence in a Southern California federal prison, Bankman-Fried faces convictions for fraud and conspiracy. His actions, which included the misappropriation of billions of dollars in customer funds and deceiving investors, have left a lasting stain on the cryptocurrency industry.

The downfall of the once-revered cryptocurrency exchange FTX has generated ongoing legal battles, stakeholder disputes, and industry-wide scrutiny. With fresh developments like the FTT price surge and the filing of high-stakes lawsuits, the echoes of FTX’s collapse continue to ripple, leaving the digital asset community alert to every new twist.