Cryptocurrency exchange FTX Sam Bankman-Fred announced on Twitter today that FTX has listed its GameStop (GME) futures and spot shares.

Bankman tweeted about it:

well, okay.

why not.

Good

why not

– SBF (SBF_Alameda) January 27 2021

In his tweet, Bankman posted a link to “GME-0326” which is the index under which “GameStop” futures contracts are actually traded.

Since the launch, the total trading volume of GME futures has already reached over $1.6 million.

Bankman explained that the “GameStop” shares, which became “exciting stocks” and turned into one of the “MEME” tokens, recently became in great demand.

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where stated to source By saying:

It’s probably the only product we’ve gotten the most requests for its listing, all in the last hours.

Additionally, the ability to list both spot and futures contracts means that we are able to offer a range of flexibility to our users.

Recently, the price of “GME” rose to $365, and the share price was estimated at $18.84 at the end of 2020.

According to analysts, the stock’s rise in this way came after a coordinated attack led by some editors on social media, most notably “Reddit” told these editors in a coordinated manner that Wall Street traders are selling the company’s shares amid the general decline caused by the Corona virus pandemic, to buy them later at lower prices.

But that backfired.

The method adopted above is called “short selling” as traders expect to take profits from an asset when its price falls.

For example, this can be done by borrowing some shares and selling them immediately.

Then, after the price drops, the trader buys back the assets at a lower price, and returns them to the lender, with the interest earned on the spreads.

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But if the price of the asset rises suddenly, then traders will have a problem, in the worst case scenario, they will have to buy it back at a much higher price than they initially sold to meet their obligations.

And this is exactly what the editors are trying to coordinate to attack these.

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Huge hedge fund Melvin Capital was one of the players selling GameStop.

But when the shares rose and reached record levels, the company incurred a “huge loss.”

Andrew Sorkin of “Squawk Box” said on “CNBC”:

I just got out of contact with whoever runs that company, they’ve had a rather heavy loss, I don’t have the full number of what that loss looks like.

With the addition of the FTX platform for GME futures and tokenized spot trading, it appears that these attackers have more ammunition to unleash on institutional investors on Wall Street.

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