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.