Sam Bankman-Fried returned to X publicly for the first time since January 2023 after FTX collapsed. When he returned to public view Bankman-Fried’s resurgence caused FTT prices to spike around 29% but they fell back to $1.77.
The imprisoned Bankman-Fried made his X comeback to discuss Trump’s government staff cuts with ten distinct posts. According to Reuters the Department of Government Efficiency (DOGE) under Elon Musk conducted employee layoffs affecting about 95,000 workers with plans to fire more staff. Bankman-Fried wrote.
“I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days. And I can confirm that being unemployed is a lot less relaxing than it looks.”
Bankman-Fried’s Bid for a Trump Pardon: A Long Shot?
At 32 he noticed that companies fire staff because their organization fails not because of underperformance. He explained his observation that every employee lost direction as their manager lost focus. Employees should not take responsibility for the damage that arises when department problems lead them astray.
The strategy of retaining employees who do not contribute value wastes valuable resources of the company. He expects the government will grant him a pardon even after the conviction. He holds talks with President Trump about getting a pardon because Trump appears interested in crypto through pardons he granted previously including Ross Ulbricht.
Through its decentralized network Polymarket currently sets his likelihood of a Trump presidential pardon in the first 100 days at only 3%.
FTT Token’s Rollercoaster Ride: Hype vs. Reality
Bankman-Fried has asked for an appeal because he believes the Biden administration prosecutors mismanaged his case. During his New York Sun interview Bankman-Fried showed his displeasure with Democratic Party after giving large donations to Joe Biden during his run against Trump.
Bankman-Fried’s return to the crypto space has elicited an immediate market reaction due to the sway he still has over the space. In the hours after his posts, the FTT token shot up in price from its collapse, but then quickly retraced most of the gains it recorded. However, analysts say traders may have been counting on a change in fortune for Bankman-Fried’s legal fate, but likely with diminished expectations.
The wider crypto community meanwhile continues to divide over whether to oppose Bankman-Fried’s newest campaign to clear his name. On one hand, some perceive HIM as being a scapegoat for the broader industry meltdown, others think that his conviction was somehow justified considering the size of the FTX catastrophe.
Although Bankman-Fried is fighting his legal battle from behind bars, it remains to be seen if his high profile connections and past political donations will get him another chance. For now, it remains highly unlikely that he will finish.
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