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EVIDENCE LOCKER • SEPTEMBER 30, 2026
THE RECORDS BEHIND THE QUESTIONS
Three research reports, their preserved evidence and the exact records still needed. Prepared by Security James / The AMC Ape Cage.
Start with the updated AMC-specific FTX Lending Record. The testimony supplement preserves the earlier packet; the transaction hunt identifies additional court exhibits. Source dates and limits stay attached to each finding.
REPORT 01 • 11 PAGES • UPDATED SEPTEMBER 30
AMC-specific FTX Lending Record — updated findings
The recovered AMC platform data, the court records identifying where transaction evidence may be held, and the Series 191 lending terms in one updated record.
What the records establish
FTX’s archived records explicitly classify AMC as tokenized equity enabled for spot margin. November 3, 2022 hourly matched quantities are 22.13298303 and 22.13301267 token units; they are not a count of unique stock loans.
New court references identify IBKR statement targets, CM-Equity stock-inventory discovery and native Fills / Borrows / Lends / Transfers files. A separate claim entry lists 0.065656873389949 AMC.
A court schedule names Citadel Securities Americas LLC alongside FTX Trading and WRS Inc for a January 13, 2022 Confidential Global Settlement Agreement. Its contents remain unrecovered.
Series 191 terms identify Alpaca as broker/custodian and permit backing-share lending, onward lending and substitute collateral. No Prime Borrower was identified in the reviewed disclosures.
What remains unresolved
No recovered record identifies the borrower of a specific AMC loan, proves that Series 191 backing shares were lent, or links a token mint to an improper U.S. stock locate or delivery. The Citadel schedule entry alone does not establish a token partnership.
The filename retains September 28 for continuity. This is the expanded 11-page version with the September 30 update; it supersedes the four-page copy reproduced in the testimony supplement.
Original AMC asset register, lending rates, hourly matched activity and trailing daily average; source_manifest.json retains original endpoints, capture times and hashes. The F3 response contains 200 records covering two hourly cycles. APE means ApeCoin; APEAMC identifies AMC Entertainment Preferred and has zero activity in the recovered entries.
Filed May 15, 2024. Pages 10–11 request stock names, quantities, purchase dates and claim support under the Binance arrangement. Page 82 contains a May 6 offer of targeted records and a deposition. The actual stock inventory and AMC executions were not recovered.
February 3, 2023, page 2, paragraphs 2–4. Identifies Alameda Research Ltd account UXXXX1808 and Digital Assets DAAG accounts UXXX9483 and UXXX3401. The order does not disclose AMC positions or a Citadel counterparty.
Schedule D, pages 5 and 8, identifies FTX_3AC_000000002 (Fills), 000000008 (Spot Margin Borrows), 000000009 (Spot Margin Lends) and 000000011 (Transfers). The public schedule describes fields; the native rows were not recovered. This is 3AC-scoped production.
Filed September 18, 2025. Exhibit page 5 (combined filing page 9), claim 84137 against FTX Trading, lists 0.065656873389949 AMC. This is a claim entry, not a purchase confirmation or an identified borrower.
Entries 245 and 271, original exhibit pages 12–13 (combined pages 15–16), name Citadel Securities Americas LLC in connection with a January 13, 2022 Confidential Global Settlement Agreement involving FTX Trading and WRS Inc. The agreement body and subject were not recovered. This does not establish an AMC arrangement or tokenization partnership.
August 12, 2026. English pages 1–2 identify Series 191 and ISIN JE00BVY6Y421; page 4 names Alpaca; page 5 permits lending to a Prime Borrower, onward lending and substitute collateral. Permission does not prove an executed loan or identify a borrower.
Checked September 30, 2026. Identifies Bitstamp Global, Alpaca, J.P. Morgan London, RHJ and Security Agent Services AG in their stated roles. No Prime Borrower was identified on the reviewed page.
Page 5, paragraphs 8–10: October 27, 2020 CM-Equity/DAAG framework and April 1, 2021 Binance/CM-Equity tokenized-stock agreement. These are relationship records, not AMC inventories or Citadel executions.
Pages 191–195, Bates FTX_EU_000000136–140: proposed equity custody, lending/cash collateral, an unnamed common market maker and daily reporting. The draft is nonbinding and does not identify AMC or Citadel.
The public committee docket identifies the May 28 filing of the May 23 hearing transcript. The transcript itself was not recovered or reviewed; the index is not substantive testimony.
Sworn September 30, 2025, filed January 16, 2026. PDF pages 98, 100–101 contain relevant transcript pages 58–61, 78–81 and 90–93; errata appear at PDF pages 108–111. Preserve his qualifications about recollection and frequency.
The companion evidence packet to the 233-page report: sworn testimony, AMC mint and burn records, regulatory findings, and an exact list of broker and custody records to request.
What the records establish
Molina’s September 30, 2025 testimony describes transactions creating borrowing before a separate matching process he recalled as roughly hourly; his recollection about lender-availability controls is qualified.
Two September 18, 2026 mint samples identify the same caller and recipient, with successful mint-role checks: 16,700 units at 13:38:43 UTC and 7,000 at 15:00:08 UTC.
A separate 20,000-unit transfer precedes a burn from the receiving address by six minutes and 35 seconds. Both transaction hashes are preserved for an off-chain instruction match.
The SEC’s January 2025 order documents Robinhood Securities’ order-marking and locate failures. FINRA records identify additional reporting defects. Neither establishes misconduct in an AMC Series 191 transaction.
What remains unresolved
The sampled fresh traces come from one explorer; no fresh independent node trace was recovered. Blockchain timing and permissions do not identify legal wallet owners, backing-share inventories, a short-sale match or completed securities delivery.
The packet includes deposition excerpts and errata, three embedded ZIPs, and the earlier four-page Lending Record in Appendix B. All three ZIPs are available directly below; the updated 11-page Lending Record appears above.
Exhibit 3 and errata: transactions could create borrowing before separate pool matching, recalled as roughly hourly. He did not recall seeing lender-availability restrictions in the relevant code. This is platform-mechanics testimony, not an AMC-specific admission of missing shares.
January 16, 2026 filing identifies the supporting exhibits. The supplement reproduces selected testimony pages while retaining the source link to the complete filing.
13 preserved mint events total 52,965.040 token units; coverage is not established as exhaustive. Two sampled events of 16,700 and 7,000 units show the same caller and successful mint-role checks. Original HTML, extracted text, earlier RPC records, Stock source, retrieval notes and hashes are included.
20,000 units transferred at 15:53:15 UTC and burned from the receiving address at 15:59:50 UTC. The caller differs from the burned-balance address. No shared redemption instruction or legal wallet owner was established. Both full hashes and the broker-record matching test are included.
Condition 9.3 covers creation and collateral confirmation/receipt; Condition 9.8, printed pages 137–138, covers cash redemption. Generic Alpaca tokenization documentation must not be substituted for the applicable Series 191 contract.
September 21, 2026 notice, page 2: at least 30 calendar days and an approved supplement before effectiveness. The earliest stated date is October 21, 2026. Proposed terms do not establish the terms governing September 18 events.
January 13, 2025, paragraphs 37 and 41: locate noncompliance and over 15 million principal short sales mismarked as long, December 2019–December 2023. These settled Reg SHO findings concern Robinhood Securities, were not admitted or denied, and do not identify AMC or the Jersey issuer. Paragraph 107 describes a remediation certification not recovered here.
Accepted March 6, 2025. Pages 27–28 describe CAT reporting defects; page 34 requires certification. This is not an AMC or Citadel transaction finding. The certification was not recovered.
Page 64 describes January 16, 2024 work reconciling third-party tokenized-stock loan data to Q2 2022 balances; pages 110–111 identify source-list and OTC export work. Time entries establish work performed, not the contents of an AMC loan ledger.
August 4, 2026 guide: spot and futures export fields differ; exports have row and subaccount limits. A customer export is not a complete estate ledger.
Appendix B reproduces the earlier four-page Lending Record. Use the separate 11-page updated report above for the September 30 court-record additions. The raw API evidence remains unchanged.
A transaction-focused search through FTX court exhibits: AMC collateral settings, futures notices, native-file inventories and reconciliation records.
What the records establish
A May 23, 2022 exhibit expressly lists AMC collateral parameters. A May 13, 2022 notice includes AMC among tokenized futures subject to changed price bands.
The native-file inventory supplies exact production identifiers for fills, spot-margin borrowing, lending and transfers. Reconciliation billing entries identify additional record categories to pursue.
The reviewed Citadel / DTCC project concerns tokenized U.S. Treasuries used as collateral. It establishes participation in that project; it does not identify an AMC or FTX transaction.
What remains unresolved
No Citadel-attributed AMC hedge, share loan, collateral acceptance, false locate or missing delivery was established by this search. Sealed exhibits, native rows and private account statements cannot be inferred from public file descriptions.
Read with the September 30 Lending Record update for additional discovery and agreement references. The May 23, 2024 hearing transcript was located as a docket entry only; its text remains unrecovered.
Page 290, Bates Tackett_3AC_000000187, contains December 2021 GBTC instructions involving CM-Equity and IB transfer. Page 319, Bates 216, contains the May 13, 2022 price-band notice for tokenized futures including AMC. GBTC is not AMC; neither item establishes a 3AC AMC position or completed Citadel transaction.
November 3, 2022: nonzero AMC matched quantities are platform-reported activity. The response does not identify a borrower, U.S. stock locate or backing-share loan.
Pages 5 and 8 identify native 3AC production files. The public filing provides file descriptions, not the underlying rows needed to connect AMC obligations and counterparties.
Pages 59, 77 and 81–83 document reconciliation tasks, including March 31, 2022 materials. Billing entries do not reveal the reconciled AMC quantities or counterparties.
The schedule identifies a January 13, 2022 Confidential Global Settlement Agreement. It does not disclose its body, subject or any AMC obligation. See the updated Lending Record for the corrected entry-level treatment.
Published September 24, 2026, describing July 15, 2026 tokenized U.S. Treasury collateral transactions. This establishes participation in that Treasury project, not an AMC or FTX transaction.
The general locate requirement applies before a short sale, subject to exceptions. Delivery is a separate obligation. T+2 applied to ordinary U.S. stock trades in 2021–2022; T+1 began May 28, 2024.
The PDFs and three source ZIPs are unchanged from the research packets. Each archive includes its original evidence and provenance notes. The download manifest lists file sizes, SHA-256 hashes and archive contents. Hashes establish file integrity; they do not independently authenticate a blockchain transaction or prove an allegation.
The sampled mint traces identify authorized callers, not their legal owners. The 20,000-unit transfer and later burn are a candidate pairing, not proof of a common business instruction or erased AMC shares. No recovered record identifies Citadel as the counterparty to a particular AMC token loan, hedge, locate or delivery.
CASE FILE 005 • SOURCE LOCK UPDATED SEPTEMBER 6, 2026
The Same Plumbing Keeps Showing Up: AMC, Alpaca, and the FTX-Adjacent Network
Robinhood's AMC product is Series 191, a tokenised debt security issued by Robinhood Assets Jersey. Its terms name Alpaca Securities as both custodian and broker, permit lending to a Prime Borrower and further lending to End Borrowers, and give the token holder no AMC ownership or voting rights.
Confirmed finding: The legal structure, lending authority and Alpaca relationship are documented. Alpaca also publishes five available execution partners. The public record does not identify which partner handled any Series 191 trade, hedge, loan or redemption.
DOCUMENTS BEFORE DIAGRAMSFive possible doors. No Series 191 door receipt.
CONFIRMED
RHJ issued Series 191, not AMC Entertainment.
Bitstamp Global is the authorised offeror.
Alpaca is the named custodian and broker.
Lending and further lending are contractually permitted.
GameStop Series 45 used the same core architecture first.
NOT YET PROVEN
Which firm executed or hedged the first AMC mint.
That any Series 191 AMC share was actually lent.
That the token caused an AMC price movement.
That a prohibited United States sale occurred.
That the product or any transaction was fraudulent.
CONTRADICTIONS AND TENSIONS
Robinhood says every token is backed one for one and monitored daily, but the public chain cannot display the private custody ledger.
Token holders get no AMC rights while the referenced AMC shares may be lent and replaced by other eligible collateral.
AMC did not issue or approve the product, although its name and price supply the reference exposure.
These are audit tensions, not proof that the backing claim is false or that a law was violated.
RECORDS NEEDED
Series 191 Alpaca custody and position statements.
Hedge confirmations for the August 13 first mint.
Customer-specific Rule 606 routing.
Prime and End Borrower securities-loan tickets.
Daily collateral quantities, substitutions, marks, liens and reuse restrictions.
ALPACA'S PUBLISHED PANEL
Available execution partners
Virtu Americas NITE
Citadel Securities CDRG
Jane Street Capital JNST
ION Group through DASH DASH
Global Trading Systems GTSM
This list establishes available routes. It does not establish the executor or venue for any AMC Series 191 order.
FTX-ADJACENT RECORD
Jane StreetBankman-Fried and Ellison worked there before FTX and Alameda.Reuters source ↗
Citadel SecuritiesBrett Harrison moved from a senior technology role there to become FTX US president.FTX US announcement ↗
Pyth networkFTX, Virtu and GTS appeared as publishers; Jane Street joined later in 2021.Pyth history ↗
ION and DASHION acquired DASH in 2021. No comparable direct FTX link has been verified.ION release ↗
Personnel history and shared infrastructure prove proximity, not coordination, misconduct or an AMC transaction.
02
APE VOTE AND CONVERSION REPORT • 50 MIN 10 SEC
APE's Magical Voting Act: Retail Did Nothing. The Vote Still Passed.
The completed report reconstructs AMC's March 2023 vote, the treatment of uninstructed common shares and APE units, the outcome determining proportional APE block, and the August reverse split and conversion records that still require an independent reconciliation.
Finding: Before proportional APE votes were included, Proposal 1 was 60,752,666 affirmative votes short and Proposal 2 was 66,690,406 short. Both passed after the Depositary applied the disclosed proportional voting rule. That proves the mechanism was outcome determining. It does not prove counterfeit APE, naked shorting, vanished units or fraud.
Total voting interests
1.447B
Proportional APE votes
346.55M
Proposal 1 shortfall
60.75M
Proposal 2 shortfall
66.69M
Records still needed: Transfer agent and Depositary control totals, DTC participant positions, vote tabulator work papers, broker deliverable records, conversion issuance totals, fractional share accounting and settlement distribution totals.
Watch the complete report with its original picture and audio. The arithmetic is public; the institutional bridge still needs independent, anonymized control totals.
03
RECENT SHOW EVIDENCE • AUGUST 31, 2026
AMC: Apparently, T Plus Zero Audited the Debt Vessel and Forgot to Open the Vault
Robinhood's governing documents, the canonical AMC token, the reported overnight price divergence and the missing bridge between the public token ledger and the private broker, settlement, custody and lending records.
Finding: The public chain can show token supply and movement. It does not independently prove that every corresponding AMC share was purchased, settled, allocated, continuously held and unencumbered. The price event does not by itself prove missing collateral, manipulation or fraud.
VISIBLE VESSEL. PRIVATE CARGO.One claim requires two reconciled ledgers.
Lock the canonical token contract and supply
Match each creation to the authorized participant
Produce the broker trade and settlement identifier
Reconcile settled AMC custody to token liability
Disclose every loan, lien and collateral substitution
Robinhood describes the product as debt issued by Robinhood Assets Jersey, not stock issued by AMC.
Token holders receive economic exposure without direct AMC shareholder rights.
One for one backing remains an issuer representation until the token and custody records are reconciled.
04
RECENT SHOW EVIDENCE • AUGUST 31, 2026
Apparently, the Coincidence Filed Regulatory Paperwork
The governing FTX and CM Equity product documents, reported hedge activity, Interactive Brokers routing records, Citadel execution reporting and AMC settlement failures are assembled into one testable operational pathway.
Finding: The public record documents the pathway and the categories of activity. It does not identify a specific CM Equity AMC order, beneficial owner, executing actor or failed delivery without the customer level records.
The brief collects FOIA emails concerning the Next Bridge subscription rights filing, broker operational concerns, shares on loan and future reconciliation after the MMTLP trading halt.
Record boundary: The emails document that the concerns were raised. Conclusions in the brief about motive, violations or a cover up are analysis and are not adjudicated findings established by the emails alone.
Ten independently rehashed venue files produced 19,560,345 normalized market by order records and 103 reconstructed AMC displayed bid chains. Across two separate episodes, a maximum of 863,079 displayed shares was removed with zero executions and zero replacement chains inside the frozen evidence set.
Finding: Two June 2 bid side episodes passed the frozen structural, repetition, synchronization, directional response and control day gates at the 250,000 dollar threshold. The public data do not identify the actor, beneficial owner, purpose, related trade or intent.
RECONSTRUCTED EPISODESTwo events. One date. Exact limits.
12:10:12 P.M. CDT
Seven venue withdrawal
Duration
0.807 sec
Chains
74
Shares
472,579
Notional
$31.39M
Five component bursts across seven venues. Frozen downward response measured 17.84 basis points at 100 milliseconds, 10.69 at one second and 23.60 at five seconds.
12:55:30 P.M. CDT
Three venue withdrawal
Duration
3.895 sec
Chains
29
Shares
390,500
Notional
$24.54M
Four component bursts across BATS, EDGX and Nasdaq. Frozen downward response measured 11.00 basis points at 100 milliseconds, 6.47 at one second and 6.46 at five seconds.
FIXED DOLLAR CONTROL$250K
AMC 2 strict leads • GME, BB, CNK and Ford 0
FIXED DOLLAR CONTROL$500K
AMC 1 strict lead • GME, BB, CNK and Ford 0
All 990 symbol, date and venue classifications reconciled.
The follow up audit resolved 99.404% of initially unmatched Fill shares. The 0.337% residual was excluded from candidate screening.
Both leads occurred on one date, so they are not two independent statistical observations. The empirical limits remain one of 19 AMC dates and one of five tested securities.
07
SHOW 2 • CASE FILE 003 • AUGUST 13, 2026
AMC APE and the Court Case: The 41 Day Settlement and the Missing Ledger
The public record fixes the path from the February 20 complaint to the April 2 binding term sheet, the settlement economics, the ACERS account history and the records capable of identifying any executing broker, stock loan borrower or outside influence.
Finding: The settlement was rapid and early stage, but it was judicially approved after revision and affirmed on appeal. The Court did not find fraud, conspiracy, collusion, Citadel involvement or BNY Mellon control. Those specific attribution questions remain unproved.
THE 41 DAY RECORDThe timeline is proved. Attribution is not.
ACERS and Franchi or Munoz actions filed
Cases consolidated and lead counsel appointed
AMC stockholder special meeting
Mediation began approximately two weeks later
Binding settlement term sheet executed
Unopposed motion sought to lift the status quo order
ACERS AND CIM ACCOUNT MATCH
Nearly identical AMC reductions
ACERS62.51599%
2,345 shares to 879
CIM62.52301%
20,642 shares to 7,736
The difference is approximately 0.00702 percentage points. This strongly supports a pro rata managed account allocation. It does not identify the parent order or executing broker.
ACERS sold 1,173 AMC shares on May 27, 2021 and 293 shares on June 2, then retained 879 and received 879 APE units on August 22, 2022.
The Court awarded counsel 12% of the settlement consideration and approved 5,000 dollar incentives for each named plaintiff from the fee award.
The decisive records are CIM order memoranda, BNY Mellon transaction and stock loan ledgers, proxy and corporate action subledgers, and the litigation communication files.
08
CASE FILE 002 • AUGUST 7, 2026
Apparently, the Token Did Not Teleport: The 2021 Operational Pathway
FTX and CM Equity product documents, reported hedge activity, Interactive Brokers routing infrastructure, Citadel's June 2021 AMC covered order footprint and the settlement trail, mapped in one sourced investigation without pretending the missing customer level receipt has already been found.
Finding: The pathway existed and can be tested. A specific CM Equity AMC order executed by Citadel is not established by the public aggregate reports.
The public record maps the pathway. Customer level attribution still requires the receipts.09
EVIDENCE REPORT • JULY 29, 2026
AMC: The Half of June They Told Retail to Stop Studying
The 4.6 million contract June 2 options event, dealer hedging, short interest, FTDs, off exchange routing and the records still hidden from public view. Documented facts, supported inferences and open questions are separated throughout the 30 page report.
A forensic reconstruction of AMC's June 2021 price, settlement, threshold list, short interest and off exchange record, including the unnamed $385 million Apex trade and the participant ledgers still needed to identify the actors.
FTX bankruptcy table AMC/GME labels, claim estimation math and OCC intraday risk records. The report marks what is confirmed, what is not confirmed and which source level records remain missing.
Published findings only. Active investigations remain private until reviewed, sourced and approved for release. No price predictions. No final accusations without evidence.
DISCLAIMER
The AMC Ape Cage provides independent commentary, research, entertainment and satire. Nothing on this site is financial, investment, legal or tax advice. Always review original sources and consult a qualified professional before making decisions.
