Emma Nelson 
Scammers Exploit Sam Bankman-Fried’s Return with Fake Account and Meme Coin Launch. As FTX founder Sam Bankman-Fried resurfaced after two years of silence, scammers quickly capitalized on the moment by creating a fake account on X, launching meme coins under his name. Impersonating SBF, the fraudsters falsely claimed that he had received a presidential pardon from Donald Trump and was set to join Elon Musk’s Department of Government Efficiency (DOGE).
Following SBF’s unexpected posts on his official X account, the FTT token surged by nearly 29% before experiencing a sharp decline. Despite the dip, the token continues to attract increased investor interest, suggesting heightened anticipation about FTX’s future.
Fake SBF Account Sparks Meme Coin Frenzy
In a surprising twist, a fraudulent account posing as Sam Bankman-Fried released meme coins along with their contract addresses. The impersonators further fabricated a story that Donald Trump had pardoned SBF, who has been serving a 25-year prison sentence on multiple fraud and conspiracy charges.
This fraudulent activity followed SBF’s recent comments on the Department of Government Efficiency’s (DOGE) workforce reductions. Capitalizing on the buzz, the scammers launched a fake X account, alleging that SBF was joining DOGE.
FTX
Alert users quickly identified the account’s suspicious activity, noting the gray verification checkmark—a badge usually reserved for government or multinational organization accounts. The community widely condemned the incident as identity theft and warned investors to be vigilant against potential scams. The fraudulent posts were swiftly deleted, leaving no evidence of the scammers’ intentions or future schemes.
The fake SBF account’s meme coin launch comes at a time when meme coin mania is sweeping the market, following the popularity of Donald Trump’s TRUMP token.
Sam Bankman-Fried Breaks Silence After Two Years
Earlier today, Sam Bankman-Fried took to X to discuss recent U.S. government layoffs under the Trump administration. He particularly highlighted the Elon Musk-led Department of Government Efficiency’s decision to cut approximately 95,000 federal jobs, primarily through voluntary resignations and probationary dismissals.
Reflecting on the economic implications, SBF pointed out the harsh realities of unemployment, noting that the issue stemmed from systemic organizational challenges rather than individual performance failures. His comments sparked widespread debate about economic policies and market conditions.
FTT Token Volatility: Surge and Sudden Drop
Following SBF’s unexpected social media activity, the FTX token (FTT) saw a sharp increase of over 29%, reaching a high of $2.1 before quickly retracing to $1.6. Over the last 24 hours, FTT has declined by 3.54%, with more substantial drops of 19% over the past week and 21% over the last month.
Despite the volatility, investor interest in FTT remains high, driven by ongoing FTX repayment updates and SBF’s return to public discourse. The token’s daily trading volume surged by 175% to $84.67 million, signaling increased market activity.
What’s Next for FTT and Investor Sentiment?
The sudden market movements reflect growing curiosity about SBF’s next steps and the future of FTX. With heightened trading volume and ongoing speculation about SBF’s legal situation, investors are keeping a close eye on FTT’s price action.
However, the incident also serves as a cautionary tale about the risks of impersonation and misinformation in the cryptocurrency space. As scammers continue to exploit high-profile figures and market trends, investors are urged to verify sources carefully and remain vigilant against potential fraud.
With FTT experiencing heightened volatility and the meme coin mania showing no signs of slowing down, the market is bracing for more dramatic shifts in the days to come.
