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Sam Bankman-Fried reappeared on social media platform X, making his first post since January 2023.
Amid this development, the FTT token, linked to FTX, saw a temporary surge of over 29%. SBF’s reappearance on social drew significant attention, especially as he shared a series of 10 posts addressing government layoffs implemented by the Trump administration.
For context, the U.S government’s department led by Elon Musk, DOGE, has primarily reduced its workforce through voluntary resignations and the dismissal of probationary employees, who lack the job security afforded to permanent staff. This approach has led to the elimination of approximately 95,000 positions.
The next phase of reductions may take a more aggressive approach, potentially affecting hundreds of thousands of additional employees.
Bankman-Fried Weighs in on Government Job Cuts
Bankman-Fried’s comments focused on the challenges of unemployment, stating that being without a job is often more difficult than anticipated. He acknowledged that dismissing employees is a tough decision, even when necessary.
He emphasized that job losses frequently stem from broader organizational issues rather than individual performance. Sometimes, businesses lack suitable positions for workers or fail to provide a compatible environment. Inefficient management can also leave entire departments without clear direction, impacting productivity.
SBF pointed out that some companies had overhired, leading to entire teams with little to do. This problem, he noted, was evident within FTX as well as among industry competitors. Ultimately, SBF noted;
“But there isn’t a point in keeping them, doing nothing.”
10) But there’s no point in keeping them around, doing nothing.
— SBF (@SBF_FTX) February 25, 2025
FTT Token Reacts to Bankman-Fried’s Online Presence
Following his social media return, the FTT token experienced a sharp price jump before retreating. Initially rising to $2.07, it later fell to $1.73, signaling a mix of speculative trading and short-term market reactions.
While his comments did not affect FTX’s legal matters, they drew significant interest from investors. His statements on employment and workplace challenges also fueled discussions about job security and economic conditions.
Notably, the quick reversal in FTT price follows the broader market downturn, with Bitcoin crashing to $90K early today.
FTX Legal Battles and Efforts for Pardon
Currently serving a 25-year prison sentence for defrauding investors of billions, Bankman-Fried’s case ranks among the most significant financial frauds in U.S. history.
Seeking clemency, he recently turned to President Donald Trump, who pardoned Silk Road founder Ross Ulbricht.
In addition to his pardon request, Bankman-Fried is appealing his conviction, arguing that his trial should be nullified due to alleged legal flaws. His legal team continues to push for a retrial.
Meanwhile, a fake social media account falsely claimed that Trump had granted SBF a pardon. The fraudulent account, which had obtained a gray verification badge on X, also attempted to launch new MEME coins and share a contract address. The incident raised concerns about misinformation and identity fraud on the platform.