SBF-inspired Memecoin Experience Very High Volatility Following FTX Founder’s 25-Year Prison Sentence News
Prison sentence news around infamous crypto entrepreneur Sam Bankman-Fried (SBF) acted as a catalyst to dump the trade price of SBF-inspired meme token.
Sam Bankman-Fried (SBF) is the main co-founder & former CEO of the now-bankrupt crypto exchange FTX. In late 2022, the FTX exchange collapsed badly following a background report on the company’s financial position. All the evidence & investigation directed fingers toward SBF as the main responsible person behind the downfall of the FTX exchange. Allegedly he misused customers’ funds for personal benefits without the consent of customers.
On 28 March 2024, US court Judge Lewis Kaplan ruled that Bankman-Fried would spend 25 years in jail for committing fraud, facing seven counts in total.
Just before the court judgement on SBF’s involvement in the downfall of the FTX crypto exchange, an unknown person launched an SBF-inspired meme token called Sam Bankman-Fried ($FTX) on Coinbase’s Base blockchain network. In the initial phase of launch, token showed big rally.
But following this news, the trade price of this SBF meme token crashed badly.
Obviously, SBF prison sentence news will bring some better level of comfort in the hearts of those people who lost huge amounts of money on the FTX exchange but here we can’t deny the fact that meme tokens are still in a top-level trend.
In the last couple of weeks, we covered many reports around new meme tokens, were we saw many tokens which secured trade volume in billions of dollars.
Some bad actors are using meme token trend to steal people’s money via simple token pre-sale strategies.
FTX token price action
FTX token (FTT) is the native token of the FTX crypto exchange and there is no future for this token, as per available information by FTX bankruptcy leaders.
Following the SBF’s prison sentence news, the trade price of FTT crashed 8%.
Read also: Crypto new media Decrypt warns against $Decrypt token airdrop scam
