Sam Bankman‑Fried, the imprisoned founder of the collapsed crypto exchange FTX, has reignited controversy from his prison cell, alleging that his 2022 arrest under the Biden administration was politically motivated. His remarks resurfaced after a brief “gm” post appeared from his X account earlier this month, drawing attention from crypto circles and reigniting debate about the FTX bankruptcy process.
Political accusations from prison
In the post shared through a friend on the social platform GETTR, Bankman‑Fried claimed that he had shifted from being center-left in 2020 to a centrist in 2022 after observing what he described as anti‑crypto enforcement actions by then‑SEC Chair Gary Gensler and the Department of Justice.
He asserted that after privately donating “tens of millions” to Republican candidates, federal prosecutors and regulators moved swiftly against him. Bankman‑Fried suggested his arrest in December 2022 was timed to prevent him from testifying before Congress about a cryptocurrency regulation bill.
House Republicans at the time questioned the timing of the arrest, requesting internal SEC and DOJ communications. Earlier this year, the SEC’s Office of Inspector General reported that text messages from Gensler’s government‑issued phone were permanently deleted after an enterprise data wipe, covering October 2022 to September 2023, a period that included enforcement actions against major crypto firms.
Bankman‑Fried maintains that these lost records could have shed light on the agency’s decision process, but regulators have not commented directly on his latest statements.
The ongoing “gm” mystery
His latest posts followed renewed attention to his X profile, which briefly sent a one‑word message—“gm”—from prison. The same account had issued similar short greetings weeks earlier, with representatives claiming that a friend was managing the account on his behalf.
gm
— SBF (@SBF_FTX) September 23, 2025
Still, the simple post was enough to reignite public discussion around the 32‑year‑old’s situation and the FTX bankruptcy’s next phase of creditor payouts.
Creditors dispute repayment strategy
Parallel to Bankman-Fried’s political claims, FTX creditors continue to challenge the bankruptcy leadership’s repayment structure, led by John J. Ray III.
SBF argues that FTX had enough assets to repay customers “in kind,” meaning in the same digital assets they originally deposited, rather than cash valued at November 2022 prices, when Bitcoin traded near $16,500.
Critics of the current plan note that since BTC and other crypto assets have surged since then, creditors receiving dollar repayments may miss out on substantial gains.
Supporters of the bankruptcy team insist that dollar-denominated repayments ensure fairness and stability amid complex multi-jurisdictional claims.
What lies ahead
Bankman‑Fried is currently serving a 25-year sentence after being convicted of multiple fraud and conspiracy charges in 2023 for misappropriating billions in customer assets. He continues to appeal the verdict, maintaining that the exchange was solvent before the bankruptcy filing.
Legal analysts say that the ongoing disputes, over both repayment terms and the accusations of political interference, could shape how future crypto bankruptcies are handled and how regulators approach industry oversight in election‑year America.
Gunel Ismayilova
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