As the gavel slammed down, locking Sam Bankman-Fried behind bars for the next quarter-century, a new game of chance emerged among the meme coin community. With a clever play on words, they christened their latest creation “Sam Baseman Fraud,” a cheeky nod to the infamous founder of FTX.
The notorious FTX founder has been handed a hefty sentence of 300 months by Judge Lewis Kaplan for his involvement in fraud, money laundering, and attempted witness tampering.
But amidst the chaos, one daring developer saw an opportunity to capitalize on the frenzy. Seizing the moment, an anonymous developer launched the intriguingly named “Sam Baseman Fraud” token on the Base layer-2 network, just hours before Bankman-Fried’s sentencing on March 28th.
The token, cleverly using the ticker ‘FTX,’ has already sparked curiosity and intrigue in the crypto world.
The cryptocurrency world was abuzz with the news of Bankman-Fried’s sentencing, and the frenzy was reflected in the skyrocketing value of the token, which shot up a staggering 20,000% in a matter of hours.
But amidst all the excitement, it became clear that the token, known as Sam Baseman Fraud, was nothing more than a pump-and-dump scheme. As soon as it hit the 1 cent mark, traders wasted no time in cashing out their profits, resulting in a devastating crash of over 90%.
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The meme coin was soaring high on Thursday, reaching an impressive market cap of $1.5 million. But alas, today it has plummeted down to a mere $30,000. Despite this downfall, there are still some brave traders who refuse to give up. According to GeckoTerminal, there have been several buying frenzies in the past few hours, keeping the coin alive and kicking.