Something really weird happened on Tuesday night that had crypto traders scratching their heads. Sam Bankman-Fried’s verified Twitter account suddenly posted “gm” – that’s crypto speak for “good morning” – and it immediately sent the FTT token on a wild ride.
The problem is, SBF is supposed to be sitting in federal prison serving a 25-year sentence for fraud. Inmates aren’t exactly allowed to hop on social media whenever they feel like it. So when his account started posting, people naturally freaked out and wondered what the hell was going on.
Turns out it wasn’t actually SBF posting. The account later clarified that a friend was tweeting on his behalf, which honestly raises its own set of questions about whether that’s even allowed. But crypto markets don’t really care about the technicalities – they just saw SBF’s name and went nuts.
FTT, which used to be FTX’s native token before everything went to hell, shot up 32% after that single tweet. Trading volume exploded from about $10 million to nearly $59 million in a day. Keep in mind this is a token from a completely bankrupt exchange that has zero actual utility anymore.
The timing is pretty bizarre too because the FTX estate just filed a massive $1.1 billion lawsuit against Genesis Digital Assets, claiming they got special treatment before the exchange collapsed. Plus they’re about to hand out $1.6 billion to creditors at the end of the month. So there’s a lot of FTX-related news swirling around right now.
Conclusion
One innocent-looking “gm” sparked chaos, reviving a dead token and exposing crypto’s fragile sentiment. With lawsuits, payouts, and market drama colliding, FTX’s ghost continues haunting traders, reminding everyone how unpredictable this space truly is.
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