Memecoins based on Sam Bankman-Fried rocketed and then crashed as a U.S. court handed down more than two decades of jail time for the former FTX CEO.
Memecoin degenerates have once again put their money on a swathe of questionable tokens — this time amid the historic sentencing of Sam Bankman-Fried, which saw him wrapped with a 25-year prison sentence.
On March 28, Judge Lewis Kaplan sentenced Bankman-Fried to a total of 25 years in prison on seven counts of fraud, making the former CEO the first person from FTX to face prison for the collapse of the exchange in November 2022 — referred to as one of the biggest corporate collapses in United States history.
A few hours before Bankman-Fried’s sentence was handed down, however, a developer launched a memecoin dubbed Sam Baseman Fraud — humorously sporting the ticker FTX — on the Coinbase layer-2 network Base.
