Sam Bankman-Fried, the disgraced FTX founder, was recently sentenced to 25 years in prison on charges of fraud, money laundering, and witness tampering. In response to this news, meme coin enthusiasts quickly jumped on the opportunity to launch a knock-off FTX meme coin called Sam Baseman Fraud.

The anonymous developer behind Sam Baseman Fraud launched the token on the layer-2 network Base under the ticker ‘FTX’ just hours before Bankman-Fried’s sentencing on Thursday, March 28. The token saw a massive surge of over 20,000% in value in a short period, fueled by the buzz surrounding the founder’s legal troubles.

However, it soon became apparent that Sam Baseman Fraud was a pump-and-dump token, as traders cashed out their profits once the token hit 1 cent, causing its value to plummet by over 90%. Despite reaching a market cap of $1.5 million on Thursday, the token’s value has since dropped to less than $30,000.

Despite the crash, there are still some active traders involved in Sam Baseman Fraud, with buying activities being recorded on platforms like GeckoTerminal in the past few hours. The volatile nature of meme coins like this serves as a reminder of the risks associated with investing in cryptocurrencies.

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