Tag: AMC Token

Was The AMC FTX Token a Scam to Launder Money?

Sam Bankman-Fried | Crypto News: AMC FTX Token a scam?
Sam Bankman-Fried | Crypto News: AMC FTX Token a scam?

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.

Leave a comment down below.

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

Adam Aron on AMC token
Adam Aron on AMC Token – CEO fights back

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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Yahoo Pumps Fake AMC Token Created by Scammers

Yahoo Pumps Fake AMC Token Created by Scammers

Recently we’ve seen an AMC token surface in the ‘ape’ community known as TAMC, or $xAMC.

Do not fall for this scam.

This is in no way, shape, or form from the community or by the community.

Does it come as a surprise that Yahoo is pumping this fake AMC token?

Not at all.

Yahoo Finance has been attacking AMC, GameStop, and the community for over a year now since the short squeeze topic has created a movement in the retail community.

This is a different type of low.

Let’s break it down together.

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Yahoo promotes fake AMC token created by grifters

AMC Token

The AMC Token, aiming to be the next 1000xgem in the crypto space, is starting its adventure with a unique fair launch event held on April 30, 2022, on Pink Sale Finance official link attached below; the invitation is for all the interested Apes/Investors to this extraordinary event.” – Yahoo Finance

Yahoo is promoting a fake AMC token that has the potential to destroy investors’ finances.

The mere pump of such a scam by a mainstream platform such as Yahoo is quite disturbing.

We’ve seen corporate media deteriorate their reputation amongst the retail community in the past year and months.

Agendas such as this one is not uncommon as the media has been trying derail investors from buying AMC stock; hoping to extinguish any chance of a short squeeze.

Who started xAMC token?

Grifters is the account promoting the fake AMC token on Twitter.

The user recently joined the social media platform only one month ago, no surprise there.

The definition of a grifter on its own is already a con-artist, or a dishonest gambler.

Here we see a puppet on social media promoting this page’s scam within the ‘ape’ community.

Grifters scammer

This account joined Twitter in April of 2022, this month.

They ‘like’ and retweet comments from retail investors in the ‘ape’ community but only promote this fake AMC token.

xAMC token

Yahoo says the AMC Token fair launch aims to craft a wider distribution and an effective price discovery.

“The project will not set a dollar price for the tokens; demand and supply in the fair launch event will. No Pre-Sale, Initial Coin Offering, Seed Round, or Whitelist before fair launch is completed; everyone has the same opportunity to acquire The AMC Token (TAMC) from day one.”

Why is Yahoo pumping this token from grifters?

I’d love to hear your thoughts in the comment section.

Just please keep it clean for Google.

Grifters helps scammers with their technical and marketing needs while helping them rug pull at ease.

A rug pull is essentially when a token is pumped and then the creators dump all the tokens cashing in from the pump while everyone else loses all their money.

Similar to what we saw with dogecoin influencer Matt Wallace on his own token earlier this month.

Yahoo and scammers promote Ethereum network on fake token ‘by apes’

Both Yahoo and scammers are promoting the fact that this AMC token is using the Ethereum network.

The excerpt above is from Yahoo.

This image of the token pumping has been promoted on Twitter to get retail investors in the ‘ape’ community interested in this scam.

As you can tell from the image, the AMC token is displayed as xAMC/ETH since it is indeed based on the Ethereum network.

The screenshot is from the grifter community, also being promoted by Yahoo.

Here is Yahoo’s article touching topic on this scam.

What’s curious is that Yahoo has never spoken out against malpractices in the system but hits it on the nail as they promote this scam.

The image is embedded for record purposes.

Don’t get scammed by Yahoo and Grifters

Community, campaigns such as this one will happen in order to divert retail from maintaining focus on a short squeeze play.

What does this tell you?

The suits behind these campaigns are in a world full of pain.

Retail investors have caused hedge funds to lose billions of dollars on heavily shorted stock such as AMC and GameStop.

Should this tactic be illegal?

Absolutely.

But it isn’t.

The best thing you can do for you and your family is to do your research first before jumping in on a scam such as this AMC token being pumped by Yahoo and social media grfiters.

Share this article to raise awareness in the community.

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