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- Sam Bankman-Fried (SBF) posted on social media for the first time since January 2023.
- The FTT token jumped 29% but dropped quickly, showing speculative trading.
- SBF is appealing his conviction and seeking a pardon from President Trump.
Sam Bankman-Fried returned to social media platform X after more than a year. His return attracted attention, especially as he posted ten messages. He discussed government layoffs and their effects on workers.
President Donald Trump’s Department of Government Efficiency has implemented workforce cuts. The agency removed 95,000 federal jobs, mainly through voluntary resignations. The next phase could eliminate hundreds of thousands more positions.
SBF commented on the challenges of unemployment. He stated that job losses often stem from management issues rather than poor employee performance. He also noted that many companies overhire, leaving workers with little to do.
FTT Token Reacts to SBF’s Return
The FTT token surged to $2.07 shortly after SBF’s social media post. However, the price quickly dropped to $1.73, showing speculative trading behavior. This price movement reflects short-term market reactions rather than long-term investor confidence.
SBF’s comments did not affect FTX’s legal situation. However, they sparked discussions about job security and economic stability. The broader crypto market also faced losses, with Bitcoin dropping to $90,000.
SBF Seeks Pardon and Appeals Conviction
SBF is serving a 25-year prison sentence for defrauding investors. His case is one of the biggest financial frauds in U.S. history. He is appealing his conviction and requesting a pardon from President Trump.
Trump previously pardoned Ross Ulbricht, founder of Silk Road. SBF hopes for similar consideration, but legal experts doubt his chances. His lawyers argue that errors in the trial process justify a retrial.
Meanwhile, a fake social media account falsely claimed that Trump pardoned SBF. The account, verified with a gray badge on X, promoted new meme coins and contract addresses. This incident raised concerns about misinformation and online scams.