Thread by @chainsawdotcom

BREAKING: Analysts say #FTX may have used synthetic stocks to short GameStop.

How (1/6)? 🧵 thechainsaw.com/defi/ftx-backd…

$GME

1. #FTX says its tokenised stocks are backed 1:1, according to its official Terms of Service (TOS) document.

$GME
$TSLA
@GameStop

2. FTX listed 10,000,000 @GameStop tokens for trading on its derivatives trading platform.

@etherscan shows that there are 10,000,000 synthetic GME tokens circulating on the Ethereum blockchain.

3. However, there is NO such listing of #FTX Switzerland as being an institutional holder of the 10,000,000 $GME tokens on the official NASDAQ, where major institutions are required to list their holdings. 👇

@GameStop
#SBF_FTX

4. There’s a strong possibility that if FTX is doing it with $GME, they may be doing it with $TSLA.

Chartered Financial Analyst Peter R Hann levelled criticism at #FTX’s synthetic tokens which suggested that they may not be findable by brokers.

https://twitter.com/PeterRHann1/status/1591796927288725504

5. Sanjeev Kale points out that hedge funds were actively using synthetic stocks to bring down the prices of major companies that were seeing large amounts of short-side activity.

https://twitter.com/sanjeevkale1963/status/1591805104818360321

6. Musk famously dislikes shorts, going as far as calling out Bill Gates for shorting $TSLA stock. 👇

@Tesla
#FTX
#SBF_FTX

https://twitter.com/elonmusk/status/1517702987359133696