Business

FTX’s SBF Impersonator Releases Meme Coin Amid Claims Of Joining Elon Musk’s DOGE – Crypto News

Published

8 hours ago

February 25, 2025

Dripp

As FTX founder Sam Bankman-Fried breaks his two-year silence, scammers have seized the opportunity to create a fake account on X, unleashing meme coins. Posing as SBF, the impostors falsely claimed that Donald Trump had pardoned him and that he was joining the Elon Musk-led Department of Government Efficiency.

Following SBF’s appearance on his X account, the FTT token surged by about 29% only to fall soon. Despite the recent dip, investors show growing interest in the token.

SBF Fake Account Releases Meme Coin

In a shocking turn of events, a fake account impersonating Sam Bankman-Fried issued meme coins and their contract addresses. The scammers also claimed that President Donald Trump has pardoned SBF who has been serving out a 25-year prison sentence on seven counts of fraud and conspiracy.

This development comes after SBF’s recent X post on the Department of Government Efficiency’s (DOGE) layoffs. Subsequently, the scammers created a fake account, claiming that SBF was joining DOGE.

Multiple users flagged the account for suspicious activity, noting the gray verification checkmark on X, typically reserved for government or multinational organization accounts. Several X users condemned this as identity theft and fraud, warning investors to be cautious of such scams. The SBF fake account message was quickly removed, leaving no trail of the scammers’ intentions or their planned next steps.

It is noteworthy that the SBF fake account’s release of meme tokens comes amidst the broader meme coin mania initiated by Donald Trump’s TRUMP.

Sam Bankman-Fried Breaks Silence after Two Years

Earlier today, Sam Bankman-Fried shared a series of X posts, reflecting on the US government layoffs implemented by the Trump administration. Notably, Elon Musk’s DOGE agency has reduced its federal workforce by approximately 95,000 positions, mainly through voluntary resignations and the dismissal of probationary employees.

1) 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

— SBF (@SBF_FTX) February 25, 2025

Addressing the issue, SBF highlighted the harsh realities of unemployment. He posited that unemployment is more challenging than expected. He also emphasized that the case arises from broader organizational issues rather than individual performance.

FTT Token Surges: Will It Sustain?

Triggered by SBF’s post, FTX’s FTT token saw an uptick of more than 29%, reaching a high of $2.1. However, the token soon plummeted and is now trading at $1.6, marking a loss of 3.54% over the last 24 hours. FTT has experienced deeper declines of 19% and 21% over the past week and month, respectively.

Significantly, FTX repayment updates and SBF’s surprise return has fueled investor sentiment. This is evident in FTT’s increasing daily trading volume, which reached $84.67 million, up by 175%.