Impersonating Account of Sam Bankman-Fried Releases Memecoin, Then Rugs

A fake account under the name Sam Bankman-Fried (SBF) has caused a stir online by claiming that the former FTX CEO was pardoned by President Donald Trump and had joined the Department of Government Efficiency (D.O.G.E). However, shortly after, the account released a smart contract for a memecoin, raising suspicions about the true motive behind this stunt.

Notably, the social media platform X verified the fake account as a “government or multilateral organization” with a gray checkmark, further deepening confusion within the community. This incident once again raises serious questions about the account verification process and the responsibility of social media platforms in preventing the spread of misinformation.

Related: Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges

Meanwhile, the official SBF account, which had been silent for two years, suddenly posted for the first time, addressing issues related to management and layoffs within his company. This unexpected move quickly captured public attention, especially as SBF remains entangled in legal troubles.

More alarmingly, just 12 minutes after the SBF-branded memecoin was launched, the individual behind the fake account executed a Rug Pull—a common scam in the crypto market.

The full extent of the damage remains unknown, but this incident serves as a critical warning to the community about increasingly sophisticated scams in the crypto space.