FTT, the native token of the collapsed FTX exchange, skyrocketed by up to 32% on September 24, 2025, briefly hitting a four-month peak of $1.20 before retracing to around $1.02. The surge was ignited by a simple "gm" (good morning) post on Sam Bankman-Fried's verified X account, which amassed over 4.5 million views and sparked confusion given SBF's imprisonment. Trading volume exploded from $10.4 million to nearly $59 million within hours, highlighting the market's sensitivity to social media activity.
Hours later, the account clarified that a friend had posted on SBF's behalf, not the imprisoned founder himself. This incident mirrors a similar price pump earlier in 2025 when SBF's account shared a thread on employment issues. SBF is serving a 25-year sentence for fraud at Federal Correctional Institution Terminal Island, with federal inmates barred from direct social media access.
Amid the volatility, the FTX Recovery Trust continues bankruptcy proceedings, filing a $1.1 billion lawsuit against Genesis Digital Assets to recover preferential payments. The estate plans to distribute $1.6 billion to creditors starting September 30, 2025, with smaller claimants set to recover up to 120% of their claims, though institutional clients will receive less.