As Sam Bankman-Fried was sentenced to 25 years in jail, meme coin fanatics positioned their bets on a knock-off FTX meme coin humorously named Sam Baseman Fraud.
On Thursday, Choose Lewis Kaplan sentenced the disgraced FTX founder to a complete of 300 months in jail on a number of counts of fraud, cash laundering, and tried witness tampering.
One developer noticed the news as the proper alternative to money in on the excitement.
An nameless developer launched Sam Baseman Fraud just some hours earlier than Bankman-Fried’s sentencing on Thursday, March 28. The token was launched on the layer-2 community Base beneath the ticker ‘FTX.’
With the excitement surrounding Bankman-Fried’s sentencing, the token surged over 20,000% in just some hours. Nevertheless, it was evident that Sam Baseman Fraud was a pump-and-dump token, as merchants rapidly liquidated their earnings after the token reached 1 cent, inflicting it to crash over 90%.
The meme coin reached a market cap of $1.5 million on Thursday, however it’s left with lower than $30,000 in the present day. Nevertheless, some merchants nonetheless appear to be lively, as GeckoTerminal reveals a handful of shopping for actions up to now few hours.