Tag: AMC Token (Page 1 of 2)

Sam Bankman-Fried on AMC Tokenized Shares Before Arrest

Market News: SBF address AMC tokenized shares before being taken into custody.
Market News: SBF address AMC tokenized shares before being taken into custody.

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

Market News: Sam Bankman-Fried responds to AMC tokenized shares.
Market News: Sam Bankman-Fried responds to 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.”

AMC Tokenized AMC shares response from AMC Entertainment Holdings, Inc.
AMC Tokenized AMC shares response from AMC Entertainment Holdings, Inc.

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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AMC FTX Token Was Used to Manipulate Real Stock Prices

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.

Source(s): Bitcoin.com.

No Proof of AMC Ownership

Market News: AMC Token was used to manipulate stock price.
Market News: AMC Token was used to manipulate stock price.

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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Was The AMC FTX Token a Scam to Launder Money?

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.

The AMC FTX token is also showing as an ‘invalid symbol’ on the platform with no live chart as we’ve seen in the past.

The tokenized stock was trading at $4 (USD) but has lost all its value since the company collapsed and filed for bankruptcy.

Retail investors are digging deep and are concluding that the crypto exchange could have potentially been using these tokens to launder money.

The FTX scandal only goes deeper into the rabbit hole.

Let’s discuss what happened.

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FTX Scandal: What Went Wrong?

What happened to FTX? FTX Scandal
What happened to FTX? FTX scandal | Crypto News.

Cryptocurrency exchange FTX filed for Chapter 11 bankruptcy on November 11, 2022, after the company’s valuation dropped from $32 billion to bankruptcy in only a matter of days.

The collapse of the cryptocurrency exchange dragged founder and CEO Sam Bankman-Fried’s $16 billion net worth to near-zero.

FTX was responsible for dropping the crypto industry below $1 trillion.

On November 16, a class-action lawsuit was filed in a Florida federal court, alleging that Sam Bankman-Fried created a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors from across the country.

Which celebrities were affected by FTX?

Steph Curry FTX
Steph Curry FTX promotion | Celebrities affected by FTX crypto scandal.

Celebrities named in the lawsuit include Steph Curry, Shaquille O’Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O’Leary who allegedly helped Bankman-Fried promote the exchange.

FTX became one of the largest crypto exchanges in just three years with a valuation of $32 billion.

Bankman-Fried used aggressive marketing, including a Super Bowl ad campaign, and the purchase of naming rights to the home of the Miami Heat basketball team.

He became known for his political lobbying and donations as well as for working to support the cryptocurrency industry more broadly.

As values plunged in early 2022, he facilitated deals totaling about $1 billion to bail out cryptocurrency companies struggling as a result of the declines in token prices.

Conflict of Interest Created Mass Selloff in FTX

How did Binance play a role in FTX collapse? Binance FTX news.
How did Binance play a role in FTX collapse? Binance FTX news.

FTX’s collapse took place over a 10-day period in Nov. 2022.

The catalyst for the crisis was a Nov. 2 scoop by CoinDesk that revealed that Alameda Research, the quant trading firm also run by Bankman-Fried, held a position worth $5 billion in FTT, the native token of FTX.

The report revealed that Alameda’s investment foundation was also in FTT, the token that its sister company had invented, not a fiat currency or other cryptocurrency.

That prompted concern across the cryptocurrency industry regarding SBF’s companies’ undisclosed leverage and possession of assets.

Here’s when things really started going downhill for FTX.

Binance, the world’s biggest crypto exchange, announced on Nov. 6 that it would sell its entire position in FTT tokens, roughly 23 million FTT tokens worth about $529 million.

Binance CEO Changpeng “CZ” Zhao said the decision to liquidate the exchange’s FTT position was based on risk management, following the collapse of the Terra (LUNA) crypto token earlier in 2022.

By the next day, FTX was experiencing a liquidity crisis.

Bankman-Fried attempted to reassure FTX investors that its assets were stable, but customers demanded withdrawals worth $6 billion in the days immediately following the CoinDesk report.

Bankman-Fried searched for additional money from venture capitalists before turning to Binance.

The value of FTT fell by 80% in two days.

Sources: Investopedia.

FTX: A Pyramid Scheme Created from Mass Marketing?

FTX Pyramid Scheme
Was FTX a pyramid scheme? Crypto news and more.

Within hours of filing for bankruptcy, FTX was hacked.

The exchange noted that ‘unauthorized transactions’ close to half a billion dollars in total were stollen from several wallets during a period of days.

Since the incident, regulators of the Bahamas have frozen FTX’s assets, and the company has strongly advised against customer deposits.

What’s occurred with FTX is an ongoing investigation and lawsuit against now ex-CEO Sam Bankman-Fried.

So, was FTX just a scam to laundering money through the use of unauthorized stock tokens and covered by the hack that occurred?

Or was this just a poorly managed incident that occurred without motive?

I’d love to hear your thoughts on this.

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Adam Aron Fights Fake AMC Token: Calls it a “Sham”

Scammers on social media have been pumping a fake AMC token by the name of xAMC.

Fake indeed because the pumpers claim to be part of the ‘ape community’.

However, the community can spot a grifter from miles away – big mistake.

The project’s name has been changed from “The AMC Token” to “The Apes Movement Community Token”.

These scammers are targeting the ‘ape’ community and AMC President and CEO Adam Aron has called them out stating, “we are fighting them hard.”

I was threatened to get sued by their ringleader after a voicemail was left on my business phone number, but more on that later.

I won’t release their name or voicemail, for now.

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Adam Aron says they are fighting AMC token scammers

For over a month now the AMC token scammers continuously commented on various Twitter posts where AMC shareholders would engage in.

The scammers began to hype this AMC token in efforts to get AMC shareholders to buy the cryptocurrency.

So, who are these scammers?

I published an article weeks ago exposing them here.

A day later these scammers began to harass me on social media and the ringleader exposed himself entirely when he left a voicemail on my business number.

I was threatened to get sued if I did not take down my article exposing the grifters.

That was a big mistake because I now have their personal contact information and Adam Aron could be taking legal matters into his own hands.

Adam Aron said on Twitter:

“The AMC Token” (after our vigorous protest: “The Apes Movement Community Token”) is a total sham.”

“AMC Entertainment has nothing to do with this blatant violation of our registered trademark, and attempted theft of our name/reputation. We are fighting them hard. Don’t be fooled!

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