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Coin inspired by Sam Bankman-Fried hits 1 cent and crashes

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As Sam Bankman-Fried was sentenced to 25 years in prison, meme coin enthusiasts placed bets on a counterfeit FTX meme coin humorously named Sam Baseman Fraud.

On Thursday, Judge Lewis Kaplan sentenced the disgraced FTX founder to a total of 300 months in prison on multiple counts of fraud, money laundering and attempted witness tampering.

One developer saw the news as the perfect opportunity to capitalize on the buzz.

An anonymous developer launched Sam Baseman Fraud just hours before Bankman-Fried’s sentencing on Thursday, March 28. The token was launched based on the Layer 2 network under the symbol “FTX”.

Sam Bankman-Fried-inspired meme coin crashed 90% after hitting 1 cent - 1
Bankman-Fried Inspired Pump and Dump Token | Source: CoinMarketCap

With the buzz surrounding Bankman-Fried’s conviction, the token surged over 20,000% in just a few hours. However, it was evident that Sam Baseman Fraud was a pump and dump token as traders quickly liquidated their profits after the token hit 1 cent, causing it to crash by over 90%.

The meme coin reached a market cap of $1.5 million on Thursday, but is less than $30,000 short today. However, some traders still appear active, as GeckoTerminal shows a handful of buying activity over the past few hours.

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