Sam Bankman-Fried’s long-dormant X account came back to life with a bang this week, posting support for Elon Musk’s DOGE alongside leadership advice on firing employees. His tweets sent FTX Token (FTT) into a 36% surge, rising from $1.55 to $2.11 before quickly retreating to $1.75. The posts also marked his first social media appearance since his 25-year prison sentence for his role in the FTX collapse. The sudden activity on his account has created waves, as his endorsement of Musk’s DOGE initiative coincides with major restructuring efforts in the U.S. federal workforce, which Musk is heavily involved in.
2) Firing people is one of the hardest things to do in the world. It sucks for everyone involved.
— SBF (@SBF_FTX) February 25, 2025
My experience:
a) it is usually not the employee’s fault that they got fired
b) it is usually correct to let them go anyway
Bankman-Fried's tweets about firing employees, including insights on cutting underperforming staff, stirred mixed reactions across the crypto community. His support for DOGE, particularly in light of Musk’s recent push to reduce government workers, raised eyebrows, especially given the turbulence surrounding FTX’s collapse. The question remains whether these posts were genuinely from Bankman-Fried or if his account was hacked, as no clarification has been offered by his legal team yet.
The unexpected surge in FTT’s price was short-lived, emphasizing the volatile nature of cryptocurrencies, particularly those tied to high-profile figures like Bankman-Fried. Despite the brief spike, the price quickly dropped back down, mirroring broader market weakness. This raises concerns about the sustainability of such price movements, especially given that FTT still struggles with a lack of utility post-FTX collapse and a clouded future.
As FTX continues its bankruptcy proceedings, many are questioning whether Bankman-Fried's social media return is part of a larger strategy to seek a pardon or garner public attention. His family's reported efforts to secure a pardon from Donald Trump have further fueled speculation. With FTX still facing creditor claims and the broader market feeling the effects of a global economic slowdown, FTT's volatile behavior underscores the uncertainty facing both the asset and the crypto world at large.