TLDR
- Sam Bankman-Fried’s X account posted “gm” despite his imprisonment
- FTX creditors to receive $1.6 billion payout starting September 30
- FTT token surged 32% following the tweet, with volume jumping to $59M
- FTX Recovery Trust filed $1.1 billion lawsuit against Genesis Digital
- U.S. customers will reach 95% total recovery after latest distribution
Sam Bankman-Fried’s X (formerly Twitter) account posted a cryptic “gm” message on September 23, 2025, despite the former FTX CEO currently serving a 25-year prison sentence. The post immediately triggered reactions across the crypto community, with many questioning who has access to the account.
gm
— SBF (@SBF_FTX) September 23, 2025
The account’s bio states it is “shared by a friend” and includes a monitored mailing address at FCI Terminal Island in California where Bankman-Fried is incarcerated. This isn’t the first time the account has been active since his imprisonment, having previously engaged in threads about management and responsibility.
Under Bureau of Prisons rules, federal inmates cannot directly access social media or the internet. They may only use TRULINCS, a secure messaging system for text-only communication with approved contacts. The system is monitored and doesn’t grant access to the wider web.
The post came as FTX’s bankruptcy proceedings continue to progress. Creditors are set to receive another $1.6 billion in repayments starting September 30, according to the FTX Recovery Trust. This marks the third major round of distributions since the exchange collapsed in November 2022.
The funds will be distributed through BitGo, Kraken, and Payoneer, with deposits expected to reach verified accounts within three business days. U.S. customers will receive 40% in this round, bringing their total recovery to 95%. International customers will see a 6% increase, pushing their cumulative payouts to 78%.
FTT Token Surges After Tweet
Following the unexpected “gm” post, FTX’s native token FTT surged approximately 32% over 24 hours. Daily trading volume jumped nearly sixfold, from about $10.4 million to nearly $59 million according to CoinGecko data.
Once used to cut fees and serve as collateral on FTX, the token lost its core utility after the exchange’s bankruptcy. However, it continues to attract speculative trading interest during the estate’s liquidation process.
The price movement highlights how even small signals connected to the FTX saga can still impact market sentiment around related assets, even though the exchange has been defunct for years.
Legal Developments Continue
In parallel to the upcoming creditor distribution, the FTX Recovery Trust has filed a lawsuit against Bitcoin mining firm Genesis Digital Assets. The suit seeks to recover $1.1 billion, alleging that the company received preferential payments in the months leading up to FTX’s collapse.
Bankman-Fried was convicted in 2023 on multiple counts of fraud and conspiracy. Prosecutors charged him with misusing billions in customer deposits to fund risky bets at Alameda Research, political donations, and a lavish lifestyle.
Once hailed as the “King of Crypto,” SBF’s fall was dramatic. The judge cited the scale of deception and harm caused to millions of customers when handing down one of the harshest sentences in crypto history.
In total, FTX’s bankruptcy estate has now returned more than $6 billion to creditors. The September distribution represents another step toward making victims whole, though billions remain tied up in ongoing asset recovery efforts.
The FTX case continues to be one of the most closely watched legal proceedings in the cryptocurrency industry, with implications for how regulators approach exchange oversight and customer fund protection.
Bankman-Fried was transferred to Federal Correctional Institution Terminal Island in Los Angeles in April, after 18 months at the Metropolitan Detention Center in Brooklyn, New York.
