FTX Token has seen a major pump and dump on Sept. 24, as the X handle of Sam Bankman-Fried (SBF), the founder of crypto exchange FTX, made a tweet that contained just “gm”. The tweet stirred market reactions as SBF is currently serving a 25-year jail term.
Ftx token sees major pump and dump
Soon after Sam Bankman-Fried’s tweet, the FTX token surged 60%, within minutes, shooting all the way to $1.2. However, it has faced strong selling pressure as it once again dropped under $1.0, as of press time.
For months, SBF’s X account has been inactive. The latest post stirred market sentiment about whether the FTX founder is tweeting from prison. However, an hour later, another tweet from SBF’s official account appeared.
Apart from the upside in FTT price, the daily trading volume for the FTX token has surged by a massive 660% to nearly $70 million. Market experts have been calling out the speculative nature of crypto, while asking retail players to avoid the trap. Tobby Cunningham, the co-host of Crypto Tips podcast wrote:
“The fact that over 6 thousand people liked this shows that very few learned their lesson. The next bear market disaster will be far greater than that of FTX. Not your keys not your coins”.
Earlier in 2025, in May, rumors circulated that Sam Bankman-Fried (SBF) is unlikely to serve his full 25-year prison sentence. Some reports stated that he could see his term reduced by as much as four years through good behavior and participation in prison rehabilitation programs.
Ftx to inject $1.6 billion in crypto market next week
The FTX bankruptcy estate will release another $1.6 billion to creditors starting Sept. 30. This marks the third major distribution since the exchange’s collapse in November 2022.
The payouts are part of the ongoing Chapter 11 reorganization process and will be allocated across four creditor groups. In August, the bankrupt exchange unstaked 190K SOL, sparking speculations that it was for fund distribution.
Distribution amounts range from 78% to 120% of original account balances, funded by more than $15 billion in recovered assets. Convenience class creditors, mostly retail traders who make up 99% of the creditor base, will continue receiving repayments of roughly 120% of their original balances.
