Following the sentencing of Sam Bankman-Fried to 25 years in prison, meme coin enthusiasts seized the opportunity to explore a humorous take with a knock-off FTX meme coin amusingly named Sam Baseman Fraud.

On Thursday, Judge Lewis Kaplan handed down a verdict of 300 months in prison for the disgraced FTX founder on charges including fraud, money laundering, and attempted witness tampering.

In light of the news, one developer saw a chance to capitalize on the attention. An anonymous developer swiftly launched Sam Baseman Fraud just hours before Bankman-Fried’s sentencing on Thursday, March 28. The token made its debut on the layer-2 network Base, trading under the ticker ‘FTX.’

Amidst the buzz surrounding Bankman-Fried’s legal outcome, the token experienced an astronomical surge of over 20,000% within a short span. However, it soon became apparent that Sam Baseman Fraud was a pump-and-dump scheme, as traders swiftly cashed out their gains once the token reached the 1-cent mark, resulting in a precipitous crash of over 90%.

On Thursday, the meme coin achieved a market cap of $1.5 million, but as of today, it has dwindled to less than $30,000. Nonetheless, some trading activities persist, as evidenced by a handful of buying activities recorded on GeckoTerminal in recent hours.