Sam Bankman-Fried’s Prison Tweets Shake Crypto Market, FTT Price Spikes

Former FTX CEO now serving a 25-year prison sentence, has somehow managed to shake up the internet again! This time, it’s through a series of unexpected tweets from behind bars. But how is he tweeting from prison? And why did his comments cause a sudden spike in FTT’s price?

His tweets seemed to reference Elon Musk’s recent remarks about federal employees needing to report their work activities – or be considered as having resigned. But SBF took it in a completely different direction, sharing an unusual take on government jobs, corporate layoffs, and the struggles of losing work.

What exactly did he say, and how did it impact the crypto market? Let’s dive in.

The Reality of Unemployment

Bankman-Fried’s thread began with a surprising remark, that “I have a lot of sympathy for government employees: I, too, have not checked my email for the past few (hundred) days.”

He then spoke about how difficult it is for companies to fire employees, calling it one of the hardest decisions a business has to make. He explained that in most cases, layoffs aren’t the employee’s fault but rather a result of the company’s failure to provide the right job, manager, or work environment.

The Hiring Problem No One Talks About

SBF pointed out a common issue in business—poor workforce planning. Companies sometimes hire employees for roles that later become unnecessary, leading to layoffs even when workers have done nothing wrong.

He also noted that fast-growing companies tend to overhire, eventually forcing them to cut staff when they can’t manage their workforce effectively. His words hinted at his own struggles after his dramatic fall from the crypto industry.

The Connection to Musk’s Federal Workforce Debate

Bankman-Fried’s comments came as Musk suggested that federal employees who don’t respond to work-related emails should be considered as having resigned. While some agencies pushed back against this idea, others told their employees to comply.

Who’s Posting on SBF’s Behalf?

Since SBF doesn’t have direct access to social media or email, it’s unclear who posted the tweets for him. However, he can communicate through Corrlinks, a system that allows U.S. prisoners to send messages.

FTT Token Jumps

Even though Bankman-Fried’s tweets had nothing to do with FTX, they quickly grabbed attention and briefly boosted the price of FTT, the token linked to the failed exchange.

FTT spiked from $1.55 to $2.07 after his comments but lost momentum within 30 minutes, dropping back to around $1.70. Despite this short-lived rally, FTT remains down over 96% from its all-time high of $85 before FTX collapsed in November 2022.

Prison bars may hold Sam Bankman-Fried, but they clearly don’t silence his market-moving influence.