BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

The Fall of Sam Bankman-Fried and the Rise of His Memecoins

by Drop Gorn
March 29, 2024
in Crypto
A A
The Fall of Sam Bankman-Fried and the Rise of His Memecoins
1
SHARES
Share on TwitterShare on Reddit
  • New memecoins “Sam Baseman Fraud” and “Som Bonkmon Fraud” launched around Sam Bankman-Fried’s sentencing, quickly pumping over 18,000% before crashing over 85-95%.
  • FTX Token (FTT) plunged over 16% on news of Bankman-Fried’s historic 25-year prison sentence, the first for the FTX collapse.
  • The memecoin mania demonstrated the speculative nature of these assets often lacking underlying value or utility.

Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, was handed a historic 25-year prison sentence on March 28 for fraud. In the hours surrounding his sentencing, some opportunistic developers launched memecoins in Bankman-Fried’s name, leading to a pump and dump in the tokens.

The Launch of the Memecoins

Just a few hours before Bankman-Fried was sentenced, a memecoin called “Sam Baseman Fraud” with the ticker symbol FTX launched on the Coinbase layer-2 network Base. The token quickly rallied over 23,300% to a market capitalization of $15 million before crashing more than 85% within three hours.

ICYMI: SBF's 25-year sentence sparked the launch of memecoins bearing his name

Gains from launch 👇

– Sam Baseman Fraud $FTX: +27,000%

– Som Bonkmon Fraud $SBF: +16,000% pic.twitter.com/zIrfNHje4D

— BlockNews.com (@blocknewsdotcom) March 29, 2024

Around two hours after the sentencing, another SBF-themed memecoin called “Som Bonkmon Fraud” launched on Solana. This token initially surged to around $20 million market cap, rallying over 18,000% from its launch value of $30,000. However, it soon plunged more than 95% from its high.

The Aftermath

At the time of writing, the two Bankman-Fried memecoins are trading slightly above their initial listed prices after the pumps and dumps. The launches of these tokens represent the latest in a string of memecoins inspired by current events and prominent figures.

Meanwhile, the price of FTX Token (FTT), the native token of FTX, plunged more than 16% on the news of Bankman-Fried’s sentencing. The memecoin mania and subsequent crashes underscore the highly speculative nature of these assets that often offer no underlying value or utility.

Conclusion

The sentencing of Sam Bankman-Fried marked a historic moment, with the disgraced FTX founder becoming the first person to face prison time for the exchange’s collapse. However, some opportunistic developers distracted from the significance of the event by launching memecoins in Bankman-Fried’s name. The pump and dump of the tokens served as just the latest example of how memecoins thrive on hype rather than fundamentals.

Tags: CoinbaseFTXSam Bankman FriedSam Baseman FraudSolana
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

XRP at a Crossroads: Only Two Ways This Can Go
Crypto

XRP at a Crossroads: Only Two Ways This Can Go

June 20, 2025
Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?
Crypto

Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

June 20, 2025
Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire
Bitcoin

Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

June 19, 2025
SHIB Slides to Two-Month Low as Bears Eye Key Support Level
Crypto

SHIB Slides to Two-Month Low as Bears Eye Key Support Level

June 19, 2025
XRP at a Tipping Point: Breakout or Breakdown?
Crypto

XRP at a Tipping Point: Breakout or Breakdown?

June 19, 2025
Who Will Win the Layer 1 Crypto War? These Are the Chains to Watch Right Now
Cardano

Who Will Win the Layer 1 Crypto War? These Are the Chains to Watch Right Now

June 19, 2025
Load More

Related News

XRP at a Crossroads: Only Two Ways This Can Go

XRP at a Crossroads: Only Two Ways This Can Go

June 20, 2025
Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

June 20, 2025
Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

June 19, 2025
SHIB Slides to Two-Month Low as Bears Eye Key Support Level

SHIB Slides to Two-Month Low as Bears Eye Key Support Level

June 19, 2025
XRP at a Tipping Point: Breakout or Breakdown?

XRP at a Tipping Point: Breakout or Breakdown?

June 19, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.