FTX, Bittrex 1.02B AMC shares where used for fuckery. Now 400m gone…
Almeda invested in Paradigm and Sequoia Capital, the same firms it had raised funds from. Interestingly, those two firms had earlier provide Citadel a cash infusion as it started looking into cypto markets.
The linkages are almost too incestuous. Two years ago, the chief AI equity programmer/trader at Citadel joined FTX as its CFO, before mysteriously stepping down a few months ago.
And go figure, FTX had a digital stock token business, where they claim to have 1 for 1 backing of 400 million AMC shares. The actual AMC float is 513mm and go figure, Bittrex another crypto exchange has 625mm digital AMC tokens, also supposedly backed 1 for 1. How this is possible is through total return swaps, but FTX claimed that the digital token was freely convertible with “real” AMC shares.