SBF-Related Meme Coin Pumps and Spills After 25 Year Prison Sentence:

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#FTT $1.8059 -5.49%

TL;DR

Sam Bankman-Fried's 25-year prison sentence led to the creation of some memes, such as the "Sam Baseman Scam (FTX)".

This phenomenon underscores the crypto community's habit of launching meme coins tied to major news events, though this is a cautionary note about high volatility and investment risks.

Sam Bankman-Fried, founder and former CEO of the famous cryptocurrency exchange FTX, was sentenced to 25 years in prison earlier this week. He was found guilty of fraud and other criminal activities that were among the reasons that led to the company's collapse and subsequent billions of dollars in investor losses.

Interestingly, following Judge Kaplan's decision, a rather interesting meme coin called Sam Baseman-Fraud (FTX) emerged.

The price of the asset exploded by almost 5,000% following the decision and then fell significantly in the last few days. Its market cap briefly rose to $1.5 million, but now sits below $23,000, according to DexScreener.

FTX Price, Source: DexScreener

Another meme coin related to the 32-year-old American is Sam Bankman-Fraud (SBF). Its valuation skyrocketed 250% shortly after news of the fine, but then fell precipitously (similar to the price of FTX).

The emergence of said tokens is another example that shows the ingenuity of some members of the cryptocurrency community, who often use popular events as an opportunity to launch new meme coins.

Queen Elizabeth II This was also the case after Elizabeth's death in September 2022. At the time, "Queen Elizabeth Inu", "Queen Doge", "God Save the Queen", "London Bridge Fallen" and many more appeared on some coins. decentralized blockchain ecosystems.