 Great. Welcome to digital asset news. Take a top stories and crypto break them down into bite-sized pieces. So today this is the big story and We've been talking about this for a while and finally it's going to happen We've got Simon Dixon here from Bank of the Future and he's gonna help us understand what this is as far as a Celsius recovery plans We're gonna go over a lot of things today. So just stick with us The first thing we're talking about is who is Simon Dixon? Why is Bank of the Future his company even taking part in this and a little disclaimer? Also the big question, how do we get Celsius and users money back? I think that's what everybody's here for Also when talking about what have you done so far to try to help Simon and the company? Then we'll talk about what's a bad result. What would you consider a win? And then what's the next step because we can talk how we want to what we got to take action We're gonna take action fast And that's what the plan is and then we'll finish up a little final thoughts mental health And we're gonna take your questions that you submitted to Slido, which we have over 260 or 300 upvoted to the top one so first one Simon First of all, thanks for being here, and I recently lost a family member. I know it's a very tough time So thanks for taking the time out to do this. This is gonna help a lot of people. I really appreciate it Okay, yeah, obviously I really wanted to give this interview to you because I think you know We did some interview about three months ago Firstly, I've just got to say I've got like a loz injured in my mouth if that makes an annoying noise My throat is dead I'm this is not ideal conditions. I've been you know mourning the loss of my father But the DM's just got so heartbreaking The I just needed to do something because I knew I could so You know, that's really the situation right now. This is less than ideal I haven't so, you know, that's that's really the precursor to this but many people are asking for interviews, but I wanted to give it to you Rob because I think you've been doing the Most for the community And and I think it's deserved Well, I'm trying my man I'm trying and then also I just want to say it to everybody that we've got three screens up here We had a little issue technical So you're gonna see the video of Simon as he's hanging out in the nice background and then the audio is coming from a better source So Simon, let's get down to it Your time is valuable my times everybody's times valuable. Who are you? Who is Simon Dixon and why is bank the future taking part in this any disclaimers you want to throw out there before we get going? Yeah, sure. Okay, so I Gave really an overview of me the past present and future of Bitcoin I was involved in Bitcoin from speaking at the very first Bitcoin conference in the world Writing the first published book in the world to include Bitcoin over a decade ago bank to the future And before my life kind of went into turmoil recently I was writing my next book on the future of finance and the surviving the Great Depression of the 2020s and so the reason that I'm here and talking about this right now is because I Am a shareholder in Celsius And the company that I co-founded bank to the future.com is the longest standing company in Bitcoin And it's the world's first crypto securities business We funded over a hundred different companies from Kraken the Phoenix bit stamp Coinbase blockchain.com circle and some of the largest names in the industry and We also did a funding round for Celsius the series a and so that was really my first involvement and What I do want to say in Everything that I talked about today. Firstly, I'm not actually a lawyer, but I paid tens of millions of lawyers over the years surviving Every single, you know, regulatory crackdown that we've had so far in crypto over the last decade So but I'm not actually a lawyer. So you can't take anything as legal advice, right? I'm not I'm not a financial and investment advisor. I have done all my qualifications. I used to work in investment banking I was actually a qualified financial advisor, but I'm no longer registered to give investment or financial advice So nothing that I say in my opinions about What I'm saying it's about purely what do I want for my deposits at Celsius and my shareholding that Celsius There is going to be tax consequences in what what happens here. I'm not a tax advisor So I just got to say that right and I don't work for Celsius I was offered a role on the board of Celsius, but I am not a director of Celsius. I'm not an employee of Celsius I am I believe from my understanding one of the top depositors at Celsius I've always taught diversification Approximately three years ago. I released a video series on retirement plan B.com where I shared Life how I'm investing because I was forecasting a great depression Everyone thought I was crazy back then because the market didn't go into a depression But I was trying to prepare everybody for inflation deflation economic decline economic growth bank failure wars pandemics And how to be okay, whatever happens including crypto and Bitcoin bear markets So part of how I invest is diversify And so I try to prepare for all outcomes and one of my strategies is yield So I had a percentage of my wealth on Celsius as part of my yield strategy And I published, you know, the rewards that I was receiving to be transparent about that And I was so in shares in Celsius. So When this disaster happened, I was forecasting a yield and defy crackdown And letting people know that the net's boom market from this after a yield and defy crackdown and would probably be a securities boom And that happened sooner than I thought it would happen and obviously my deposits are on the line And my shareholder value was on the line and I knew that I could try and do something about it and the all of a sudden The direct messages just started coming through and they were heartbreaking I started to realize that people had actually put their entire life savings in Celsius And people were dependent upon Celsius for their retirement and their financial future and While I cannot do anything about that, you know by the end of this I'd like to really give some tips from Someone that's been completely broke Somebody that's lost their life savings and retirement in the past And I'd like to cover some of that as well But really the main topic I'd like to cover is what can we do about Celsius? So who I am? I'm a depositor I'm a shareholder. I've involved in the industry. I deeply care about this industry I do believe that Bitcoin Is going to play a huge role in the future of finance? And I do believe we need an exit from the traditional financial system. I lean more to Bitcoin than Alternatives to Bitcoin But I also diversify in order to prepare for any outcome and one of the outcomes that I need to prepare for is Bitcoin failure And so that's one of the outcomes I prepare for even though I don't believe it will happen I always invest in maybe me being wrong Gotcha. Okay. So that covers the big stories or the big parts of it who's Simon Why are you guys involved and a little disclaimer? So now let's get to The bigger question How do we get the Celsius users the money back? You got a bunch of DMs. I got a bunch of DMs messages heartbreaking and we talk about Only investing what you can afford to lose never leaving too much on your anyone exchange We have the rules right there, but people get ahead of themselves. We're human, right? So now we got a lot of people stuck Simon, how do we do that? What's the plan going forward? So how does this all work out for Celsius users depending if you got three percent like me on the portfolio of their portfolio on Celsius Or like a hundred percent like some people Yeah, okay. So the first thing is we can look back in history having been involved in this industry for over a decade We've been here before So the first time I experienced this was when I spoke at that first Bitcoin conference It was sponsored by a company called Mt. Gox And Mt. Gox had pretty much 70% of all the the tradable bitcoins on their exchange In they tried to get out of they created a bull market And they created a bot to try and trade their way out of a hole because Mt. Gox purchased an exchange from the creator of ripple and that exchange was missing 80,000 bitcoins when Marco Pella sported They then got hacked and they were missing a lot of bitcoins. So essentially They became inadvertently a fractional reserve bank without having a license to do so And so we've got that experience to go by What we do know is that they did a few things right and a few things wrong Some of the things they did right is that they didn't sell the Bitcoin they kept the Bitcoin And it moved into bankruptcy and liquidation and eight years later There is billion dollars of Bitcoin. So it went from being bankrupt to having hugely valuable assets and dollar terms and It's still at this moment being resolved eight years later And a company that I invested into was a small startup at the time called Kraken And Kraken was the company that put together a plan with the liquidators in order to try and Unwind and support all of the depositors in seeing what they could recover and what the financial situation was So that was wave one that took us from Bitcoin, you know up to 1,300 dollars and crashed us right down again to 250 dollars Then we had a sideways market where we tried to reconcile that And we moved into another one The other situation that I was directly involved with was we were in a sideways market in 2016 and Bitfinex lost a hundred and nineteen thousand bitcoins as a result of a hack that was recently recovered from the crocodile of Wall Street. You can follow that story and And The situation there was that they didn't want to follow Mt. Gox. They learned from Mt. Gox and They put together a plan that we were involved with that we can go a little bit deeper in yeah where they haircut users They gave them a token and that token represented a debt. They traded their way out of the issue They repaid some of the debt and people converted it into equity Which is later went 16 and times up on bank to the future dot-com And paid out hundreds of millions of dividends and they got a right to all of the billions and dollars of bitcoins It was later recovered many years later in this year actually 2022 So Bitfinex used financial innovation And really it was comparing those two different stories And people get this confused as well because Bitfinex had two disaster recoveries We did the equity part of that The second one was when 815 million dollars was seized by the government from one of their banking partners by the tether And they had to issue a billion dollars of a token in order to recover the funds that the government had seized As a result of that and that was the Leo token so people get confused The first recovery for Bitfinex was called the BFX token and we can go a bit deeper into that The second one was called the Leo token. They both worked and they both recovered Yes, perfect. So yeah, let's dive deeper next. There's a big distinction between what happened with Mount Gox They kind of want to try to fly away at a bunch of lawyers involved and now we're eight years out 2014 hack I believe right in 1911 12 so we're I mean we're coming up on a decade and we're still in flux But now we're talking about Bitfinex and how it works. So walk us through that those distinctions. You just talked about Okay, so Mount Gox went into bankruptcy went into you know years and years and years of lawyers paying lawyers millions trade by route And eventually the price of Bitcoin went up because there was one very fortunate thing Which is the the the way that the the proceedings worked in Japan meant that they didn't have to sell the Bitcoin Bitcoin went on the bull market for years and years and years. It was a force huddle There was hard forks with Bitcoin cash and Bitcoin SV and all these other ones And so they were able to sell off some of the hard forks and they kept the valuable asset, which was Bitcoin Now the liquidators played it very well um The but you know that went if you move into bankruptcy proceeding is essentially You're relying upon Tradfy's belief in Bitcoin Right and traditionally they are very risk adverse now Japan was The only country in the world that was supporting Bitcoin regulations It was a the the highest level of merchant adoption in Bitcoin And it had a very different mindset, you know Without being stereotypical, but you know, they have 100 year games plans versus three to five year game plans And that was a stroke of luck that made that work, but it still took eight years to get the funds back Okay, so that was number one um with Bitfinex They had to move really fast and this is my original approach to Celsius and I'll go through what we actually did and how we approached them Okay You have to move really fast because the longer you go on The more fud comes out the more bad pr comes out. Yes Predatory offers comes out the more the community stopped believing in what they originally believed in um, so to give you context from the moment that Bitfinex was hacked Um, they were immediately the enemy of the world Everyone was giving me my money back. They were scammers You know take them to prison all of that stuff Um, and but they got they said about releasing after two weeks some press around what they were going to do um within a couple of weeks after that they executed it and essentially Every advisor would never have advised them to do what they did, but they decided We have to find a way or make a way. Um, and they did it Um, so here's what they did Okay, they were they realized that so they took the value of the bitcoin 119 000 bitcoin at the time was valued at 72 million dollars now 72 million dollars compared to hacks that happen today Is a reasonably small number, but back then it was a disaster number True 72 million in our industry back in 2016 was this is before the ico boom You know this was a big hole a really big hole um And what they said is that 72 million dollars is the value of what we can't repay so they opened up They allowed for trading they allowed a bunch of people to withdraw Um and get the rest of their money and they were haircutted by about 33 percent of their deposits um What they did is they then issued a token And that token was called the bfx token The bfx token was essentially a security. It was a promise to repay one dollar and there were 72 million tokens And those 72 million tokens you could either sell them on the market if you thought I went out with this ship I don't believe bitfinex. I think there are a bunch of scammers I'm out and so you could sell it and immediately it started trading at about 30 cents on the dollar But somebody else said I believe bitfinex can recover. I'll buy that one dollar a debt for 30 cents Um, and so immediately that's what happened. This is very different to just issuing a token like luna or something like that You know, this is a security. It represents a debt Um, and in accepting that token you had to agree not to sue bitfinex so if you wanted the recovery then you had to give up your right to see Um, and uh, you know and most people accepted the token and decided that that was the route forward Speculators came along and said well, I'll buy it up I believe the bitfinex has a future and it became a prediction market For the likelihood of bitfinex recovering Now as this 2017 bull market came along a stroke a lot came along Tether tether started to get traction Binance was launched And binance didn't have any banking facilities and it used tether as it's pretty much a crypto to crypto exchange Right and binance became huge because it didn't need to get banking and essentially used bitfinex and tether as their bank account Which led to the later issue that arose the second time round But anyway, binance grew because of that that you know, they they didn't need a banking and bitfinex and tether took on that responsibility The market recovered. They started paying down the debt They also said if you want to convert your Your token No matter what the price of the token is even if it's trading at 30 cents We'll give you a dollar of equity at a set valuation in the company And so we launched a pitch on bank to the future and bank to the future is a securities company and so people were buying tokens at 30 cents And converting them to a dollar of equity. So they were getting a 70 discount on the valuation Wow bitfinex Now as more and more people did this they were buying it for 30 cents and then converting it to equity at a dollar The price of the token started to come up. It went to 40 cents. It went to 50 cents. It went to 60 cents And more and more people realized and then they started repaying more of the debt And then approximately 50 million dollars about 55 million. I think the final number was Was converted into bitfinex equity At a dollar and people could either you know buy that at a discount and they got a deep deep deep discount in the valuation of bitfinex Gotcha This created that prediction market allowed people to make their choice between a token debt or equity And then the 55 million that was converted to equity Went on the bank to the future secondary market The one dollar went up to a price of 16 dollars when it hit at this peak on bank to the future So there was a 16x upside on the equity And there was also they took all of their profits from the whole Ball market that happened in 2017 and 2018 and paid it out in dividends, which was you know to the tune of hundreds of millions Um throughout that time and they also gave people the right To if the hack funds were ever recovered You would get your piece of that and uh, and that was really the first Uh recovery story. Um, it worked well because people acted fast People were given choice And the market recovered Gotcha. Okay. So that's a good lesson as far as like the history of what's happening so then that leads me to Actually, we'll have to back up and kind of talk about that So are these the ideas that you guys are having to move forward potentially with celsius? And not that this is actually happening right now, of course There's a lot of things and talks are in flux But is that some of the some of the of the Rationals of what you're trying to do here or you would just put out a celsius recovery plan and it was uh all about The three proposals So do you want to get into that now or do you want to just give like a brief overview of how the bitfinex Is or is not some of the proposal you're trying to do now with celsius Yeah, so um When we were putting proposals forward, um, we knew that so there was a few things firstly We thought traditional finance are going to take it down to mac boxery But they might take it even worse. They might sell the bitcoin Um, they might sell a lot of the cryptocurrency causing a further crash in the market Yeah, um, they also Would take a risk adverse approach. So There's three issues with celsius that we were trying to find solutions for The first is disclosures. So um, the challenge that that I was putting forward Is that celsius was sold in the wrong way from my perspective Um, it is my belief that the the guild product is a security We know that because block fi Just settled 100 million with the sec And you know, all of the yield platforms as nice Were in challenges around whether you know, there was publicly disclosed things. Here's the challenge of this We were working on their funding round. NDAs have been signed I'm trying to make sure I give as much information as possible represent The right solutions without breaching some of those NDAs and creating legal trouble for myself But sometimes you just got to go for it because The the consequences are too disastrous if you don't go for it. All right, so that's the situation. So disclosures I believe that the yield product is not a low risk savings account It is a high risk security And that became apparent when the bull market ended um, and so Many people took money out of their bank bought stable coins Thinking it was the a different type of risk So it's not a low risk saving account from my perspective. So I believe that that was sold in the correct way And instead it is a higher risk security And that means that when you invest in a higher risk security You need to comply with securities laws now people hate compliance. They hate laws They claim me are being a lover of regulations and all sorts of stuff There's only a reason why banks of the future survive the decade is because I personally believe there are good regulations and bad regulations Good regulations are investor protections And so when you're dealing with a centralized company, it's good to have checks and controls on that company Because there's all sorts of things we have to do liquidity requirements, you know, audit Transparency all sorts of things that are involved in investor protections other things are suitability We anyone that signs up a bank to the future we have to test that they understand the product They have to actually pass an online quiz I'm showing what happens if they issue more shares What happens if I lose my money should I be investing in all my money in one thing? So you do a suitability None of this was how people invested. So I believe that they had a deep misunderstanding of the product And so disclosures transparency All of those things need to be addressed Because is this a security or is this a savings product? That's a that's a question that needs to be answered and addressed and if there is a recovery The second one is regulations. So So Celsius was originally started as a peer-to-peer system And they said you put your bitcoin in and then we'll take that bitcoin And we'll lend it out to somebody else and we'll pay you the yield Um, and uh, you know, that was a peer-to-peer model In having that model There was a reason why it was a peer-to-peer system because it's treated differently from a regulatory perspective when you do peer-to-peer If you then start making investment decisions It's more like a security at that stage because you're investing in the ability for a fund manager to make investment decisions But every piece of every bit of money or crypto that goes into Celsius If it's back one to one, then there's more of security at that stage if however, it's not back one to one And someone you got hacked for example, that's the mount gox scenario At that stage you're engaging in fractional reserve banking Right you need to have a banking license In order to be able to you know lend out more deposits than you have Um, so, you know it evolved as it were what it seems from a peer-to-peer model to a securities model To what looks like a banking model now and therefore there is regulatory consequences now What we saw with block fi is that they settled with the sec And they said we're going to turn this into a security which would imply That it's back one to one and it's not engaging in any kind of fractional reserve If there were month funds missing and then it's an liquidity issue. So Sorry if i'm dumb enough on you, but there's a lot to cover. Yeah, we got to go over all of it Yeah, so really there's three ways of solving that right Either it's in liquid if it's in liquid Then the my perspective again not financial advice is just wait it out HODL Wait for the system to unwrap itself Um, you know s eave converts to eave when it moves to improve the stake and you just simply wait it out and unfortunately There's reputational damage right There's anxiety financial anxiety in the time that you haven't got your deposits. There's lots of lessons learned But if it's illiquid If nothing major happens with those investments Then eventually you should be in a position where you can slowly withdraw withdraw some now more funds come in withdraw more more funds come in withdraw more And that's really the illiquid solution There's a difference between illiquid and insolvent Insolvent is when you actually don't have enough deposits to meet all of the demands in which case everyone is demanding for Celsius Give me my money back Um, there isn't the money there And so you really have two ways of dealing with it when you're in an insolvent situation Mt. Gox or Bitfinex Right and those are your two choices You either say i'm out we move to bankruptcy And then trad fi lawyers advisors all take over and the board no longer have any decision making in that process Bankruptcy is that solution Insolvency is where you say I believe we still got something that we could do as a board And so my job was to try and get those solutions in front of the board while they could still make that my belief Speculation i'm not a board member of Celsius Um, I'm not privy to the inside conversations I believe that the board wanted to do recovery. I believe trad fi wanted to take the conservative route And I believe that's all based upon You know not buying into the ethos of the crypto industry not buying into the future of bitcoin Trying to protect From certain issues and challenges Um, I'm really not the right thing So when we launched the the web page, which I think you'll be sharing in a bit We tried to articulate some of these thoughts around belief systems become important here Um, I did not want my deposits to be put in the hands of trad fi and bankruptcy proceedings I thought it was best for my deposits Um to actually do a combination Of an illiquid solution for the assets of the liquid And a financial innovation solution so that we can benefit in a very high risk way Like the bitfinex from any upside of what's left over in order to do that It required regulatory transparency financial transparency a willingness to move fast to act fast And to communicate and put pr there about the actual recovery plan So this is when I came out. So what did I actually do? Um, I was mourning my father's loss. I was I publicly said I'm no longer creating videos Um, I've got other things I need to deal with Um, and so I when I realized that this was happening Um, I silently said Right, you've engaged these advisors. I'll tell the advisors what I think they should do Um, and so that was my first approach and I hope that that was going to lead to something When I realized that that was not leading to something I then said we can do it engage us to do it. We've done this before we got the experience We'll take our entire team And put all of our efforts into doing what we think would be the best solution that we can come up with We had a belief That our shares were worthless If depositors were not given a good solution So our solution was focused on depositors And then there'll be shareholder value. And if there's shareholder value, I don't own the tokens Then there may be token value, you know, but my priority was depositors first shareholder second And then if there is a company Then the token might have something to do But there that wasn't really my priority Gotcha And so yeah, that that was I wanted to avoid bankruptcy for that reason. So that was my advice Now when I realized that We weren't really getting anywhere. I started to detect speculation again That there was a bit of a power play between what the board wanted and what the advisors wanted and what tradfire wanted and At that stage I decided that the only thing I could do here is go on to twitter And when I went on to twitter, I wanted to harness the community to let them know that there are solutions and That we need to unite and put more influence and pressure Because we have over five percent share in the company And we can call a shareholder meeting and force a vote again, not legal advice We just believe I've been moving as fast as we can That we could use our shareholding in order to force this And this is when I started to get an offer to become an internal member And then I took the opinion that me being an internal member meant that I'd have to go silent I wouldn't be able to support the community in the way that I'd like to support it And it would give me less influence to do What I thought would be right For depositors would then retain some shareholder value So that was the point when I decided to go public and go on twitter And everybody was asking me who the hell is Simon Dixon? You know, um, what axis he got to grind? Is he, you know a troll and inside I'm okay with all of that stuff Um, you know, but I then decided I've got to go on digital asset news. I didn't want to do any videos Um, I wanted to use this time as downtime But the community called And the dms just broke my heart quite frankly. There is a human element to this. Yes People were contacting me saying that they're suicidal They don't want to tell their partner that they've lost all their life savings Um, and then really at that stage it kicked into me Um, I have to push to the final hour and do everything within my power and influence in order to try and come up with a better solution Um, and that's where we are right now. I'll push to the final hour Um, we have certain tools. We have certain influence. We have a team of people Um, we've completed a year of due diligence because we're about to launch the series b funding round for celsius It didn't get quite past the due diligence because of this You know insolvency or stroke Regulatory stroke Yeah, the community issue and that started to happen Um, and so, you know and people are asking us why is this taking so long to do the next round? Well, you know, there were these challenges and they uh, and The stars and the moons all lined up and um, and now everybody I think gets a bit clearer I do also want to say that it's a very very challenging thing for the board It's not my job to judge here. My job is to come up with solutions There's many things that the board did that I wouldn't do Um, but you know, that's not for me to judge. I'm just here to try and get the best result that I can give Um, and use my experience to do what I think is best and why do I care? I've got tens of millions on the line and deposits If I lose those tens of millions, honestly, it won't make any difference in my financial position because I prepared for that But there are people that have all of their savings and that breaks my heart They need to learn the lesson and at the end of this, hopefully they can come out a wiser investor Um, but however, if we could do something to prevent that and that's why we're on this call right now And so it was a human element that kicked in Um that made me want to come out. Yeah, and that's and that's that's huge And then the big thing right here is I will just say this for me move on the next part is the experience So because you've had that experience with the mount gox with the biff index You can say look I can tell you what doesn't work And I can tell you what can work and I can tell you we can do a hybrid or we can take a look at a new approach And we're going to talk about that in a little bit as far as the three proposals So to me it makes a lot of sense and that will kind of answer You know, how do we get the users the money back? We'll talk about that And then what are you doing so far to try to help the human factor makes a lot of sense So here's the next question before we get to you know, the proposals and what we can actually do What's a bad result here? And what would you consider a win and that would be a win for like you talked about The depositors the shareholders the people involved in Celsius and also crypto in general So what would be something to be positive? What would be like or what would be just a big bad negative? Yes, so from my perspective and again, I'm talking from my deposits and not from your deposits You have to make your own decision about what's right Um, and we'll have a way where you can express your opinion about what you think is right for you And but from my perspective the worst result from my deposits would be that bankruptcy takes over They sell all the the my bitcoin And they sell it at the bottom of the market. They create further pressure down with pressure on prices from people that have no belief in Bitcoin And then they take Whatever whatever decent assets Celsius has left And sell it to Goldman Sachs That would be my idea of a worse nightmare Now I I did do some again. Um, I I know many people at Goldman Sachs When the Goldman Sachs rumor came out I asked all my contacts at Goldman Sachs and the people from the relevant departments and I tried to bust that as just misinformation Because all of the people that I spoke to at Goldman Sachs that will remain Unnamed and said that it was just fired. It was just there was nothing to it So I take that for what it is. It doesn't mean that there's not a secret team working on this or you know I just take that for what it is. I try to bust that fud But I do believe that traditional finance want to get into this industry and those that have banking licenses Are them perfectly positioned to take all of the decent assets And as somebody that's been on the other side of many of the conversations that are happening with deals related to You know, gotta be careful what I'm saying here But there's many companies that have challenges right now And I've been on the phone non-stop and my team has been on the phone non-stop with all those companies and all those investors And all those people that putting in solutions There are really predatory solutions that being offered right now and I don't like them at all And you know, so I I want the the reason we put this whole hashtag depositors first I'm a karma guy. That's how I operate. Um, I believe, you know, Alex said some good things I mean, he always used to say, you know, do good or something like that Don't quote me on what he used to say But I actually do believe in that philosophy and That it does what goes around comes around so and that's the worst result traditional finance assets strip it And depositors get less with all the shit Um, and they sell crypto at the bottom of the market and create more downward pressure Um, it doesn't mean that they're going to do that. There is a scenario as we saw where man gots where they don't sell the crypto And I hope that that's I'll use my influence if it goes into bankruptcy to try and push for that Um, but that would be the worst result. Yeah, the best the best result is that we transparently say Okay, this is not illiquid. This is insolvent Um, it's insolvent. Here's the whole Okay, and we put together a way for people through time um An illiquid solution for people to gradually and slowly withdraw their deposits as investments online And then a solution a high risk a speculative solution using securities Is put together um for the whole to try and see if you can recover those funds Um, and there is still a company at the end of this um, and the company at the end of this is either Celsius is a tarnish brand And a tarnish board And therefore they hand over to another board and a brand that can take this on that can deal with um, the regulatory challenges securities banking Whatever this is at the end And there is an upside in that business opportunity That takes care of the whole Um, and some kind of mergers some kind of acquisition and those types of solutions are put together to try and make deposits as whole With the best effort You know team that can do that Gotcha Well, you know what so this would just let's just get down to brass tacks and talk about what that entails So that's going to be the next step. This is where we take action talk is great But talk is cheap. We need to action. So here's what has been given to me So there is this website. There's a link in the description It's bank to the future bnk to the future doc co forward slash Celsius again You don't have to remember that just go in the description click the right one and there's three proposals This is what the team has come up with from bank to the future And sonam needs you to walk me through this as we talk about each one. So here's the first proposal This is a restructuring to relaunch Celsius and allow depositors to benefit from any recovery Through financial engineering. This involves risks and full recovery of funds is not guaranteed I'll go to the all three a pool of the most influential wells in bitcoin to co-invest with the community that'd be pool number two This is see the previous series a fundraise when we can when we completed for Celsius here And proposal number three is an operational plan that allows a new entity Which we just talked about and team to rebuild and make depositors whole this again involves risks and full recovery of funds So let's talk about this very first one here a restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering What does that look like? What is a time frame and what kind of risks are we talking about? Yeah, so um in terms of time frame Let me check. I've got 20 percent battery. Hopefully that's okay. We should be good. Yeah, um In terms of time frame, that's 100 percent dependent upon the board and the advisors and the internal flights that i'm not privy to at the moment um So that's the first solution which has been phoenix the brand survived The brand's had a lot of damage The brand recovered And financial engineering was used in order to make depositors whole um My fear is that we've come too far for that solution That was my first solution of at fast communicate put out press Tell people the whole Read the haircut Suck it up and put together a plan and act fast So that was proposed to one Gotcha So let's move down to pros and it sounds good get in front of it put out the fire move forward FUDs coming make sure you stamp that out. Here's the number to the second one a pool of the most influential whales in bitcoin to co-invest with the community previous era series everyone And you talked about biffin x in 2016. So talk to us about that time frames those types of things Yeah, so you take the same approach in part one But immediately I got on the phone to i've spent the last 11 years Being a shareholder in many of the most influential companies in the bitcoin and crypto space I got on to the phone to as many of those as I could and said would you be interested in participating in their recovery? Is not going to be a predatory one It's going to be one that gives upside reasonable valuation Um, and if you start investing Then we could see what we could do. So with the big phinex one when there was 55 million Initially, it was the big whales that came along and said, okay, we'll convert junk And that gave confidence and then the smaller people came along and we gave them the solution We had a pitch on bank to the future. You could spend those tokens convert them to equity Um, so immediately we had a bunch of people that wanted to participate in that What I did find is that a lot of There were some that were Interested if we had more Financial information and the regulatory plan that worked right And there were others that were like what we're already putting together a predatory offer And so there were a bunch of those out there. Gotcha. Okay. So that moves us to pros number three This is what we just talked about operational plan Board gets reshuffled put something in there with trust that allows a new entity and team to Rebuild and make depositors whole just they also involves risks. What does that look like time frames if you got them? Yeah, um, so again, this is somebody so let's take Firstly, I don't give a shit if it's us doing the solutions or someone else doing the solutions Um, if somebody else can come up with a better solution for us that makes my depositors whole and my shareholding More valuable. Um, then I'd back that Um, however, I do believe that bank to the futures are in a unique position in that we already have a securities business And for the last two years Um, we were working on how to do Celsius's business in compliance with securities laws and we beta tested it with Celsius Uh, and that was our retirement plan B portfolio builder solution that we were beta testing um, so, um If it turns out that there is no faith in the board I know that there are a lot of people that still have faith in the board solution one proposal one then great If that's the solution But if it turns out that somebody else needs to come along and try and get the shareholder value for their haircut Um, then we've been working on investment banking licenses. Um, we've been working on a security solution Um, we have a competent team that survived every single market like this. Um And uh, we would be interested in supporting Some kind of structuring that allowed the haircut shareholder value to try and get some kind of upside Um with the business that we've built Or somebody else's business Um, this capable of doing that Gotcha. All right. So those are three proposals make sense We break them down into the easy pieces that they can be So now it comes up to you for everybody watching this video live and of course the replay This is where you come in it's time for you to make your voice heard. So if we scroll down a little bit more A little more and more This is where you can vote And talk to us or talk to bank of the future about what you would like to see happen You can submit it right here the link again bank to the future.co forward slash celsius You don't remember that all's you got to do is click on the link in the description And let your voice be heard and that is the next step to take action