FTT, a token linked to the now-defunct FTX crypto exchange, briefly went past $2 after Sam Bankman-Fried, also known as SBF, broke his two-year silence on X.

The disgraced former CEO, currently serving a 25-year prison sentence, sparked debate when he shared a ten-part thread on layoffs and employment issues.

Ranting About Layoffs

SBF’s tweets, posted Monday night, came as a surprise, given that he is incarcerated at the Metropolitan Detention Center in Brooklyn. It remains unclear who is managing his X account since prisoners in the United States do not have direct internet privileges. However, they can communicate using the Corrlinks system, which allows monitored messaging.

Whether SBF himself or an associate posted, the messages reflected on the former FTX head’s experience with layoffs, suggesting that firing employees is often necessary for business efficiency.

“I have a lot of sympathy for government employees: I, too, have not checked my email for the past few (hundred) days,” he quipped in the opening post. He then went on to elaborate that terminations are rarely the employee’s fault but often result from mismanagement or structural issues in an organization:

“I’d tell this to everyone we let go: that it was as much our fault for not having the right role for them, or the right person to manage them, or the right work environment for them.”

The thread seemed to align the convicted fraudster with recent government downsizing rhetoric. Over the weekend, billionaire businessman Elon Musk, who also heads the newly constituted Department of Government Efficiency (D.O.G.E), issued a directive demanding U.S. federal employees justify what they do each week via email or risk being considered to have resigned.

While the approach has largely drawn condemnation, SBF seemed to endorse it, suggesting that ineffective employees should not be kept on the payroll.

“My experience:

a) it is usually not the employee’s fault that they got fired

b) it is usually correct to let them go anyway,” stated SBF.

Some view it as an attempt to curry favor with the pro-crypto Trump administration, which recently pardoned Ross Ulbricht, who had been serving two life sentences for charges related to creating and operating the Silk Road darknet marketplace.

Last month, reports emerged that Bankman-Fried’s parents were engaging with members of President Donald Trump’s inner circle as they explore ways to get clemency for their son.

Market Reaction

While it is not yet known whether SBF’s X thread struck a chord with its intended target, if any, its effect was undoubtedly felt in the crypto market, at least briefly.

FTX’s FTT token saw a rapid spike in its price, climbing from $1.55 to a high of $2.07 within hours of the post. However, the surge was shortlived, with the token settling around $1.61. The current price reflects an 18% drop over the last seven days and a 20.2% loss across the past month.