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As Sam Bankman-Fried was sentenced to 25 years in prison, meme coin enthusiasts placed their bets on a knock-off FTX meme coin humorously named <a href="https://coinmarketcap.com/dexscan/base/0x93ac4b6bd679c30f2867de89c0813a5bbf9baf96/" target="_blank" rel="noopener">Sam Baseman Fraud</a>. 
On Thursday, Judge Lewis Kaplan <a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/">sentenced</a> the disgraced FTX founder to a total of 300 months in prison on several counts of fraud, money laundering, and attempted witness tampering. 
One developer saw the <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" data-type="link" data-id="https://crypto.news/ftx-saga-what-happened-to-ftx/">news</a> as the perfect opportunity to cash in on the buzz.&nbsp; 
 You might also like: <a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/"> FTX founder Sam Bankman-Fried sentenced to 25 years in prison </a> 
An anonymous developer launched Sam Baseman Fraud just a few hours before Bankman-Fried’s sentencing on Thursday, March 28. The token was launched on the layer-2 network Base under the ticker ‘FTX.’&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="443" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-30-152023-1024x443.png" alt="Sam Bankman-Fried inspired meme coin crashed 90% after reaching 1 cent - 8" class="wp-image-14262153" style="width: 100%;height:auto">
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 Bankman-Fried inspired pump and dump token | Source: <a href="https://coinmarketcap.com/dexscan/base/0x93ac4b6bd679c30f2867de89c0813a5bbf9baf96/" target="_blank" rel="noopener">CoinMarketCap</a>
 </figcaption>
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With the buzz surrounding Bankman-Fried’s sentencing, 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 reached 1 cent, causing it to crash over 90%.&nbsp; 
The <a href="https://crypto.news/meme-coin-cat-mew/">meme coin</a> reached a market cap of $1.5 million on Thursday, but it’s left with less than $30,000 today. However, some traders still seem to be active, as <a href="https://www.geckoterminal.com/base/pools/0x93ac4b6bd679c30f2867de89c0813a5bbf9baf96" target="_blank" rel="noopener">GeckoTerminal</a> shows a handful of buying activities in the past few hours.&nbsp; 
 Read more: <a href="https://crypto.news/prisma-finance-hacker-demands-apology-after-11m-breach/"> Prisma Finance hacker demands live conference, apology after $11m breach </a>

Sam Bankman-Fried inspired meme coin crashed 90% after reaching 1 cent

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