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 listed wrapped AMC token[s] for trading on its synthetic derivatives trading platform,” Chainsaw’s Twitter account details. “[Etherscan.io] currently shows that there are 545,000 synthetic AMC tokens on the Ethereum blockchain. FTX claimed that the underlying stocks were custodied with asset manager [CM Equity AG],” Chainsaw’s tweet adds. The publication’s Twitter account continued:

However, a recent rectification from CM Equity shows that the firm terminated its relationship with FTX in December 2021, which means that FTX lied about the custody of AMC tokens for the better part of 2022.