Collapse Crypto Exchange FTX Co-Founder SBF Soon to Release from Jail: FTX Token Pumps 20%

Reportedly, Sam Bankman-Fried (SBF) will be released from prison in mid-September of this year.

Sam Bankman-Fried (SBF) was a popular crypto entrepreneur. He gained significant popularity because of his crypto empire built under the FTX crypto exchange and the crypto hedge firm Alameda Research. In November 2022, FTX collapsed badly, the FTX leadership filed for bankruptcy, along with more than 100 FTX subsidiaries.

Later investigations found that SBF misused customers’ funds for personal benefits without their consent. Under multiple charges of fraud, he was sentenced to 25 years in prison in March of this year, capping an extraordinary saga that upended the crypto industry and became a cautionary tale of greed and hubris.

According to the latest reports from a popular Crypto X account, SBF will be released from jail on 15 Sep 2024. That crypto X user reported this information based on information collected from multiple media sources.

However, no major media has covered this report, and some crypto enthusiasts stated that we should not trust such news that is not backed by trusted sources. Some people speculated that he might get out of prison for a short period for family or other reasons.

FTX (FTT) Price

Following this news, the trading price of FTT, the native token of the FTX crypto exchange, surged by 2%. Notably, the trading price of this token surged 16.76% in the last 7 days, which is itself a significant rise for this token, as this crypto token is considered useless. The FTX bankruptcy leadership has already confirmed that they are not going to re-establish the FTX exchange and also have no plans to support any crypto token, including FTT.

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