Stock-Tracking Tokens Debut With Price Chaos, Amazon Token Spikes 100x

Digital tokens designed to track popular stocks have suffered extreme price deviations since launching two weeks ago, with an Amazon-tracking token briefly spiking to more than 100 times the underlying stock's closing price. The token AMZNX hit $23,781.22 on crypto trading platform Jupiter on July 3, while Amazon shares had closed the previous day around $200. A similar Apple-tracking token jumped to $236.72 on July 3, representing a 12% premium to the actual stock price. Companies including Robinhood, Kraken, Gemini and Bybit launched these blockchain-based versions of U.S. stocks in late June for non-U.S. customers. Robinhood is facing scrutiny from Lithuania's central bank after launching tokens tied to OpenAI and SpaceX without permission from either company, prompting OpenAI to disavow the tokens on social media.

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