 Apparently, there's been a hack on curve finance and before we get into the particulars about what exactly has happened, everybody know this is a breaking story and the data and the information that will come out will hit us pretty heavy. So we'll see what it is but this is the information that we have as it is right now. So I think we're going to do a video today but just rolling around checking the portfolio and just seeing how things were going as far as the basic crypto landscape and I saw that Curvedow which is ranked roughly 77th was down almost 14%. I found it odd because nothing really has been declining that fast and you can see that over the last seven days. So I'm pretty stable actually on 70 cents somewhere around there 72 and all of a sudden it just took a big nosedive and I'm like well that's quite interesting. And then a friend of the show sent me this article which just broke an hour and a half ago Curved Finance exploit puts a hundred million dollars worth of crypto at risk CRV token tumbles. I want you to be aware of what it says here at risk. However, apparently 41 million dollars is already gone so this is what we have. So Curved stablecoin exchange has been the victim of an exploit according to a tweet from the project itself so this isn't just some guy who knows a guy who heard from somebody this is what we have. So it says it states the number of stable pools using Viper 0.2.15 has been exploited as a result of a malfunctioning re-entrancy lock. We are assessing the situation we'll update the community as things develop. Other pools are safe which you know I I'm not going to say much about that but it is nice and reassuring when someone says you know but don't worry your funds are safe which is exactly I shouldn't laugh but it's exactly what a lot of these different places have said FTX Voyager Celsius don't worry but your funds are safe. So we'll take it with a grain of salt let's dig into the facts. So upwards of a hundred million dollars worth of crypto were at risk due to a re-entry to bug and Viper. Several stablecoin pools on the platform used for pricing liquidity on a number of different DeFi services have been drained by hackers so far. It's unclear how much has been drained from Curve totally but BlockSec, a blockchain auditing firm estimates a total loss above 42 million dollars in a preliminary analysis and where they got this you can see right here I had to take a this little dig here in a Twitter and they said look here's the updated sheets looks like hackers have already taken 41 million dollars. So again this is what we know will be an evolving story however going on this vein about what it talks about here which seems pretty bad let's be honest but if you scroll up into the into the Twitter history and it talks about please know what this rentries is associated with the use of use ETH which could potentially place the wrapped ETH related pools in jeopardy please DMS if you need help but then it said another 14 million has been lost but it states here this attacker a 14 million is funded from Binance and they ask is this a white hat procedure are they trying to recover funds please check it at CZ Binance and there's really been no response to this one but just because things have been moved or have been drained doesn't mean that it are actually gone perhaps it was Curve Finance or Binance working with Curve Finance to recover funds automatically I don't know this is just the information that I have. Finally the heist destabilized trading markets for Curve Dows Curve Dows native CRV tokens which was down 70% and this is the interesting part that price action threatened to compound the chaos by potentially forcing a liquidation on the founder of Curve's 70 million borrowing position on Ave. So again it seems like it's not just just one instance of where this could affect things there's always a domino effect and we'll see how it goes but if we dig even deeper here's the Curve website and I try to look back on Wayback Time Machine as far as like the currency reserves but it looks like these guys are always spending so I'm not for sure however if you go over here and check to see if they're if you can substitute die for USDC it looks like the pairs are are still stable in this situation USDT USDC but again I think this is wrapped ETH not having to do with stable coins itself here is the official Twitter account for Curve Finance and this is exactly what we took a look at and it states if you use these VIPER versions and I'm sure if you're affected contact this person right here I'll link this in the description if this is you to be clear that any combination was the effective VIPER version and using pure ETH in addition CRV USD contracts and they pull with it are also not affected again I think it's just wrapped ETH and then Bantag says we did a lookie-loo and it looks like CRV ETH pool drained a minutes before a white hack operation so apparently somebody knew about it and it wasn't just the hackers it looks like they got ahead of the people that were supposed to safeguard this and then it is as I said here use that to remove from ETH site if you're in a liquidity provider in CRV ETH pool you can withdraw the remaining ETH using command or remove liquidity one coin look I don't do any of this stuff I'll be honest with you I don't delve into the farming and putting on a curve and yielding I just don't do it but I understand it's a great project it's just right now you have to understand that we're in the early days and this is bound to happen again and again and again hopefully all gets worked out and maybe all this information that we have is will be updated let's say no no everything's fine I'm just getting the information that I have right now so that's what we have as far as the hack let me know what you think about that in the comment section never great when we hear these things but it is the price of admission to get to the bull run all right how about some good news today would you like some good news I sure would how about this this is from front of the show Simon Dixon and this is on the Celsius debacle which was a hell of a Ponzi scheme and he states okay we finally have the complete picture for Celsius chapter 11 exit plan so looks like they're going to be getting out of chapter 11 and going into something of some what would be called sustainable and what I like about this is liquidation I'll just be honest with you Simon states the new the numbers are now very similar to the bank the future modeling and later Celsius disclosure after a year of arguing we have what we need for the bitcoin mining valuation assumptions and results this is where Celsius got into crypto mining which they don't know what I I don't know I'm not going to say if they knew or didn't know what they were doing whatever mining valued at five hundred sixty five million to four and twenty five million with a wind down enterprise of eighty eight million so what this is is essentially this mining operation it was valued at five hundred sixty five million and now it's valued at eighty eight million I gotta tell you I know a couple miners and unless you know what you're doing don't get into mining it's a tough business now it was pretty cool back in 2012 2013 you know we can just have a graphics card you were good now you're competing against a lot of bigger people I mean you may be profitable in it I'm just telling you the everybody I know that's in bitcoin mining is losing their shirt that's just how I see it unless you're somebody big you know like marathon or something like that anyhow so this is the the three different types of plans again exiting from chapter 11 this looks good to me I mean not great it's not like it's gonna give us a hundred percent back of money but I want you to know that the the new co-plan the new company that they're they're supposed to bring about you can get into that and there's different there's there's different partitions of that if you are in in urn or if you're in custody or if you're in some other segments of of of Celsius so just be aware that it's different for everybody but most of the people here are were in urn where you stuck your crypto in there you hoped to gain yields that's where the people got screwed the most this is the one that'll help the most so the new co-plan is this is the gross liquid crypto this is in millions you're looking at 2.6 billion dollars all right not bad so for the new co you got 2.6 and orderly wind down well it is pretty much like you know sort of liquidating things but in it in a uh in a in a systemic way and then over on liquidation 2.6 me personally I know this is unpopular for some reason I mean I don't know some people like they're like no I'm gonna I'm gonna wait for the for the new cone you can do that I'm just like I don't care about your new company I don't I mean I'm sure they're great Michael Arrington and the boys but maybe I just want to liquidate but if I do that and the numbers honestly it means interesting but here's what you need to know total recovery percentage if you if you wait for the new co and you can get new co common stock recovery percentage 30 initial liquid crypto distribution 37% you're looking at total recovery of 68% it's almost 70% of what you had in Celsius that sounds awesome right but just remember you're putting your faith into this new co this new company that's coming out as I read it I could be wrong then the orderly wind down the initial liquid crypto distribution 44% pretty good wind down period 7% wind down period of the mining business because they have to sell that nonsense off 10% you're looking at 61% of total recovery all right now we're talking and then lastly we have liquidation which is the midpoint which is 47 point almost half I gotta tell you I'm quite shocked I'm quite shocked these numbers are there actually this this high uh they're way better than voyagers at the paltry 35% that they gave us so you know this orderly Ponzi that was Celsius looks like they had a good amount to actually make things whole and that's what I that's how I can see it from here I mean what you think about that I'll try to get uh uh Simon and other people on to the show to discuss I think it's very interesting and uh yeah looks like uh we're moving in the right direction lastly how about some more good news I'll take it this was a piece from Bitcoin archive I think this is an old story but I I'm not for sure but it is worth noting uh the former PayPal president states that they're building on bitcoin lightning or they're building they're building on bitcoin in the lightning for the for the second layers the two second layer solution because there's time for the world to have a universal open protocol for payments I thought it was interesting because I mean if anybody knows about payments it's the former president of PayPal especially electronic payments peer-to-peer and I just found it interesting that the former president of PayPal who just left not too long ago uh this is he says bitcoin is the answer for payments however we've seen and we talked about this in a video we did uh last week where I talked about actually this week I think it was Monday where we talked about how Elon Musk says that bitcoin is not for payments and he says because you know I was one of the founders of PayPal which a lot of people correct me they go he didn't found PayPal he was just part of it just like with Tesla he didn't found he wasn't a founder of Tesla he just moved in after some people needed help and he pretty much took it over I'm like well that's a pretty gangster move and that is actually true but he states yeah uh bitcoin's not the answer I know about payments I wasn't paying Pal and he says dogecoin is the way to go and look dogecoin we did this this this video in depth and we talked about how dogecoin over the years you know dogecoin's been around since 2014 and it's been the top the top 20 for almost its entire time that it's been out a couple years it's slipped to like in the 40s but usually it's been the top 20 since 2014 let that sink in it's a long time for a meme coin I know people dismiss it I think it's a joke and da da da which you know it's that's what was meant to be quite honestly and I still we did the numbers we looked like dollar cost averaging over the last two cycles and it's pretty impressive I'm not going to say that's what you should buy because it's not financial advice I can't tell you what to do but there is one thing that concerns me which is transaction fees so if Elon Musk is going to say that dogecoin is the answer for payments okay let's take a look at this so this is bit info charts dot com and you I'll link this and let me just do that I'll link it right now so you can see what I see there in the chats and the live chat then I'll put it in the description as well if you're watching the the repeat of this you can see that there's it's not a big deal when nobody's using dogecoin obviously the same thing in bitcoin in 20 early 2017 when I got in no one was using bitcoin for peer-to-peer transaction I was holding it it's very rare so the transaction fees are pretty low but as soon as people started using it transaction fees went through the roof now dogecoin is a fork of litecoin and litecoin has some severely low transaction fees so I can see the point for litecoin I definitely can but look at this so this is January 2021 the transaction fee are 23 cents not bad I'll take 23 cents hell a lot better than the theory and let's be honest 23 cents but then as we start to see peak action remember around May 2021 and everything was popping off now we're looking at $2.37 well think about it this way if Elon Musk which let's just do this the reason why everybody was so hyped up Elon Musk was because of just this he put the logo of of Twitter which is now X and then the dogecoin logo together and people thought he's going to use that for payments and he can but I'm telling you once you start doing that on the reach of X and how many people are going to use it you think they're going to want to pay the transaction fee this is just people messing around in May of 2021 it's $2.52 and you can see over time I don't know what this is an outlaw I don't know what this is $8 I have no idea but you can see that you know things go up and if you want to think that you know dogecoin can be used for that I don't know if that's going to happen unless dogecoin gets a layer two solution doge two or something I don't know so when I see these things I'm like I don't know if that's going to work out and I mean Elon's a smart guy but who knows but I don't know let me know what you think about that in the comment section it's a gamble just like this whole entire industry for almost all of it and that's what we have for today so look that's the information we have sorry I couldn't give you more it's the developing story like today's video give it a thumbs up consider subscribing now we'll go into the Q&A and I'll answer all your questions the best of my abilities I'm sure people are gonna hate on me for the dogecoin comments that's okay that's what I'm here for everybody's a punching bag let's get into it