William Banks Crypto Scandal
Did a man really escape jail, raise $50,000 for Palestine, and launch a meme coin? Not quite.
The Viral Story
William Banks, known on X (Twitter) as @williambanks_, claimed he was serving an 8-month jail sentence in Connecticut for stealing pro-Israel yard signs. However, his story took a bizarre turn when he posted:
🗨️ “Got out of jail”
The accompanying video showed Banks and other inmates crawling under a chain-link fence in what appeared to be a dramatic escape.
The Meme Coin & Crypto Fundraising
Shortly after, Banks made another post:
“William Banks is Robin Hood. Thank you to the crypto community for buying my pretend memecoin and helping me to raise $50,000 for the crisis in Gaza. Free Palestine.”
To back up his claim, he shared receipts of donations made to Palestinian organizations. But was the money real?
Blockchain analysts attempted to track the transactions, but no confirmed meme coin linked to Banks showed significant liquidity. The most promising token found on DexScreener only had $19K in liquidity, far less than the $50K he claimed to have raised. Additionally, Banks was also selling t-shirts featuring his mugshots on his website.
The Hoax Unraveled
As Banks’ story gained traction, The Westport Journal investigated and debunked the claims. According to a Connecticut Department of Corrections spokesperson:
“There is no record of Banks ever being imprisoned in Connecticut, and most definitely, there has been no mass ‘prison break’ as portrayed in his video last week.”
➡️ Source
While Banks was indeed arrested in 2024 for stealing pro-Israel yard signs, he was never sentenced to jail. The Westport Journal originally reported:
“William Banks, 27, of Brooklyn, N.Y., was charged Feb. 27 with sixth-degree larceny in connection with the case.”
➡️ Source
A Crypto Comedian’s Stunt?
It was later revealed that Banks is actually a comedian, making his entire jailbreak story an elaborate hoax.
This bizarre saga highlights just how far people will go to create viral narratives for meme coins. Whether Banks himself launched the token or opportunists did it in his name remains unknown but one thing is clear: the crypto space thrives on wild stories.
S Taylor is a professional crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.
S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.
