Sam Bankman-Fried on AMC Tokenized Shares Before Arrest
Sam Bankman-Fried addressed the AMC tokenized shares just moments before being placed under custody.
A Bahamian judge denied FTX founder Sam Bankman-Fried bail on Tuesday, hours after U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars and violating campaign laws in what has been described as one of America’s biggest financial frauds, per Reuters.
SBF is currently at a Bahamas correctional facility until February 8th and faces up to 115 years in prison.
Although federal prosecutors charged him with eight criminal counts, including conspiracy and wire fraud, Bloomberg says it’s unlikely he serves a sentence that long of a term.
One of Sam Bankman-Fried’s last interviews was with Unusual Whales in a Twitter space call prior to his arrest.
Sam Bankman-Fried was asked about the AMC tokenized shares to which he was able to share some information with the retail community.
Curious what AMC Entertainment has had to say about the fiasco?
Let’s discuss it below.
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Sam Bankman-Fried on AMC Tokenized Shares
Before Sam Bankman-Fried touched subject on AMC tokenized shares, The Chainsaw uncovered the harsh reality of the fraud that was taking place.
AMC’s FTX token was being used to manipulate its share price on its synthetic derivatives trading platform.
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.
Additionally, thechainsaw.com published another report that details that Gamestop and Tesla shares could have been manipulated as well.
But the AMC community is getting the 1:1 ratio part mixed up.
Faceless accounts on Twitter have blown up information even they’re not certain of what it means.
The 1:1 ratio ties the AMC tokenized share to an actual security (real shares) legally binded by AMC Entertainment Holdings, inc.
However, upon doing some research, I found that FTX’s website was no longer linking to AMC’s tokenized terms of service and agreement, nor AMC Entertainment’s signing of agreement.
Unusual Whales asked Sam Bankman-Fried to confirm whether tokenized shares of AMC and GME were backed one to one.
SBF answers, “to my knowledge they were. But I want to get you a better answer to that question.”
AMC Entertainment CEO Adam Aron on AMC Tokenized Shares
AMC Entertainment CEO Adam Aron has not responded to queries regarding the AMC tokenized shares.
However, a shareholder from the retail community was able to obtain a response from AMC Entertainment via email.
Here is the response:
“AMC is aware of public reports regarding FTX’s bankruptcy. AMC has no affiliation, whatsoever, with FTX. AMC has never authorized any tokenized AMC shares nor benefited in any way from any tokenized AMC shares.”
Email credit: @30Alexandre2019
Leave Your Thoughts Below
Sam Bankman-Fried was taken into custody after this interview with Unusual Whales on the Twitter space call.
We may never find out what his follow up to the topic on AMC tokenized shares is.
But the Vice President of Capital Markets and Investor Relations for AMC Entertainment has said the movie theatre chain was never involved.
AMC’s tokenized shares were never backed 1:1 between FTX and AMC Entertainment Holdings, inc. meaning it was all synthetic; a fraud.
I’d love to hear your thoughts on the matter.
Leave a comment down below.
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Show Comments@ E.T. I love your idea , How in the hell can something like that ever get organized.
I have often had the same thought.
Will somebody give my retarded ass a take on this question? What if retail investors decided to take a day off from executing any trades. Neither buying or selling for an entire day. Zero (0) activity! How would a boycott of this nature impact Wall Street?
Pleas stop calling them synthetics and call them by their real name. They are COUNTER
FEIT
Okay, Phil
Basically the entire country of the United States is reckless and unaccountable. I would just like to see this guy sit in jail minimum 30 years. I know teens spent years for jewelry returned or taking a bag of returnable cans that will probably do more time than this cockroach. White collar crime and they did not need the money has money in first place. While these kids maybe take to get some beer money or give girlfriend something. The system is broken look at that Russian arms dealer responsible for murder, torture, rape, scars for life on hundreds of thousands of people. Innocent human beings.. children. He is free
It’s not just FTX that have been tokenising amc shares. Nearly all the US banks/financial institutions now have links to shell companies set up in the UK and through these companies they trade Tokenised stocks through Crypto Dark Pools. They are using this loophole to claim locates allowing them infinite shares to dump short on the NYSE. This is being done off shore as regulated US institutions can’t trade tokenised assets in the US. They can also lose FTD’s through packaged crypto wallets which can be hidden for years! It’s a total circle jerk (infinite share liquidity)
Let’s start a discussion! Leave your thoughts below.