Sam Bankman-Fried’s X account started following others: is a release or pardon coming?

The X account of Sam Bankman-Fried started mass-following other accounts. The sudden activity even revived the FTT token, which rallied beyond $1. 

The X account of Sam Bankman-Fried was activated after months of no posting. The account started following others, raising questions on whether Bankman-Fried was still interested in crypto from prison, or could be looking at an early release. 

So far, there is no official news of an eventual release. The FTX bankruptcy procedure is going according to plan, with another distribution to creditors on September 30. 

Based on suspected on-chain activity, Bankman-Fried has no dry powder for trades, as one of the meme trading wallets is now down to only 0.67 SOL. However, wallets linked to Alameda Research still receive SOL from their early allocation, though the funds are going toward bankruptcy settlements. 

Who did SBF follow?  

SBF followed a mix of accounts. Some looked automated, reposting the latest developments of American politics. Among the accounts followed was also a crypto user, Daniel Keller, who had made statements in support of a pardon for SBF. 

Other accounts included developers, a meme trench appreciator, and others seemingly connected to Web3. Previously, SBF has followed accounts in batches. This batch also shows he is still interested in crypto discourse. Most of the accounts were surprised by the following. The influence of SBF was shown once again on social media, as only a few follows put the account back in the spotlight. 

Previously, SBF has followed other accounts posting in favor of an early release or a full pardon. 

FTT token awakens with a rally to $1

The native token of the FTX exchange has gone through another irrational pump. FTT expanded from its usual range at $0.80 to $1.21, later dropping back below $1. 

Despite the exchange’s bankruptcy, FTT is still traded on Binance, and seemingly quickly reacts to news. However, the token has minimal market depth, and its trading is mostly a meme-like event. FTT sees no serious investments or liquidity.

In theory, Bankman-Fried is seen as a potential candidate for a Presidential pardon. The successful recovery of funds and compensation for creditors is in an advanced stage. For now, there is no consensus on whether Bankman-Fried will complete his sentence. Bankman-Fried was sentenced to 25 years without parole, starting in March 2024. In November, Bankman-Fried will have another appeal hearing, with the potential to alter the sentence.

Based on prediction markets, a pardon is seen as relatively low-probability. Only 9% of Polymarket traders bet on a pardon by the end of 2025. 

Get up to $30,050 in trading rewards when you join Bybit today