On Dec. 4, 2022, a report details that FTX-based synthetic stocks may have been used to manipulate the value of AMC shares.
In May 2021, FTX offered 36 tokenized stocks, but speculators believe it’s questionable whether or not the firm actually held the real stocks in the first place.
FTX has been under the microscope ever since the exchange collapsed during the first week of November 2022.
Since then, there’s been a lot of information to process, and new information released.
On Sunday, a report details that tokenized stocks listed on FTX may have been used to “manipulate the price of AMC shares.”
The publication thechainsaw.com and its report show that while FTX’s terms of service said the firm’s synthetic stocks were backed 1:1, that may not have been the case.
“FTX listed wrapped AMC token[s] for trading on its synthetic derivatives trading platform,” The Chainsaw said on Twitter.
Additionally, thechainsaw.com published another report that details that Gamestop and Tesla shares could have been manipulated as well.
Furthermore, the researchers note that the leaked FTX balance sheet disclosed by the Financial Times (FT) shows the company only holds Robinhood (HOOD) shares.
There’s no documentation (as of right now) that’s been made public that shows FTX actually owned any of the 36 tokenized stocks it listed.
No Proof of AMC Ownership
There are no signs of AMC Entertainment signing an agreement to the AMC FTX Token listed on the FTX crypto exchange.
When viewing the terms of service and terms of the tokenized stock product (AMC), users are prompted to error pages.
Now, there is no official FTX website as it has been changed to a ‘help concierge‘.
The sale of an AMC token was a scam.
But I’m curious to know your thoughts on this matter.
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