- A single “gm” post on X from an account linked to SBF triggered a 60% surge in FTT’s price, underscoring market volatility.
- A $1.6 billion payout to FTX creditors is imminent, which could pressure FTT as liquidation risks rise.
- Despite lacking utility, FTT’s rebound highlights investors’ lingering fascination with FTX’s legacy.
FTX Token (FTT), the native token of the now-defunct exchange FTX, saw a dramatic 60% price surge within hours early Wednesday.
The token rallied after a post appeared on the X account associated with Sam Bankman-Fried (SBF).
SBF is the former CEO of FTX and is currently incarcerated.
The intraday peak of $1.21 occurred as FTX Recovery Trust filed a $1.15 billion lawsuit against Genesis Digital, adding to market uncertainty.
FTX token spikes after SBF’s brief post
FTT had already climbed above $1 on Monday and Tuesday amid this week’s crypto turbulence.
On Wednesday, the token exploded well past that psychological level.
The apparent catalyst was a two-letter post, “gm” (short for “good morning”), published by Sam Bankman-Fried on September 24, 2025.
Though incarcerated for his role in FTX’s collapse, SBF still casts a large shadow over the market: the post quickly attracted nearly 4 million views.
That attention fueled a frenzied speculative rally, sending FTT sharply higher.
Some market participants interpreted the post as a hint of possible developments in the FTX bankruptcy process, while others treated it as a nostalgic nod to SBF’s former influence in the crypto space.
The 60% surge to $1.21 separated FTT’s performance from a broader market pullback.
Prices trimmed gains after the same X account re-posted hours later.
Despite that retracement, FTT remained close to $1 and was up 19% over the previous 24 hours at the time of writing.
Notably, this price move coincided with FTX Recovery Trust’s legal action against Bitcoin miner Genesis Digital over a $1.15 billion asset transfer tied to SBF.
In a filing submitted Monday to the U.S. Bankruptcy Court for the District of Delaware, the FTX Recovery Trust sued Genesis Digital Assets (GDA), its affiliates and two co-founders as part of efforts to recover $1.15 billion in what the trust described as “mixed and misappropriated” funds.
The complaint alleges those funds were directly connected to the “fraud on customers and other creditors” by FTX’s former leader, Sam Bankman-Fried, during 2021 and 2022.
What’s the outlook for FTT’s price?
FTT was trading around $0.9704, with a 24-hour volume near $17.64 million.
The token’s market capitalization stood at approximately $272.9 million, based on a circulating supply of 328.89 million FTT.
Long-term viability for FTT remains questionable: it no longer serves the original functional role it once did and could face liquidation to satisfy creditor claims in the ongoing FTX bankruptcy, which plans to distribute $1.6 billion to creditors.
Given the volatile trajectory typical of altcoins, FTT could retest and surpass $1.21 and potentially target $2 in the short term.
However, that outlook contrasts sharply with the token’s all-time high of $85.02.
FTT is down roughly 98.8% from its peak, and its bearish prospects remain tied to the exchange’s turbulent history.