 Great. Welcome to Digital Asset News. Take your top stories in crypto and break them down into bite-sized pieces. So today, as the thumbnail and title suggests, there is more contagion going on and looks like it's spread to blockchain.com. Also, a nice little lawsuit that Grayscale has administered to the SEC. It's going to take quite a long time. We'll look exactly about how long that could potentially be. We'll also take a look at how Celsius and Voyager looks like they are teaming up legally to take care of their destruction in the face of all the contagion that's going on. And lastly, we'll do that $3,000 giveaway for the winners from the unstoppabledomains.com, which we talked about last week. So let's just get into it because time is short. So first up, the markets are down. What a shocker. And I've decided that for any time I use sarcasm, I'm just going to use the hashtag sarcasm because it's kind of hard for people to figure that out sometimes when I'm talking or when my Twitter feeds. So that's sarcasm. The markets are down. It is not a shocker. It's just how it is. So Bitcoin down 2%, everything's down. Ending up and yeah, Cosmos Hub 4.2. Congratulations Cosmos. Monero. Maybe people don't want to be tracked and they want to do some private transactions. Good for that. ICP for some ungodful reason is up. Who knows? But that's all we have. And we are down 1.8%. And we are down below a trillion yet again at $950 billion. So the question then is, well, how correlated are we? Well, funny you should ask because we're down 1.8% and NASDAQ is down 1.94%. So pretty darn close to a little bit of correlation. I don't think it's as much as the S&P. Yeah, because the S&P is only down a percentage point. So that's what the market's doing and no surprise there. Let's get into the good stuff, which is grayscale and the lawsuit. And there's a lot of lawsuits going around, a lot of different things going on. So I had to lump them all together and this is what is happening. So grayscale legal officer says the Bitcoin ETF litigation could take years, could take two years. I think that's a very conservative number. And if you were unaware, grayscale has been trying forever to get a spot ETF and it just hasn't gone through because of the SEC. Fine. And on this channel, I have made it abundantly clear that the Bitcoin ETF won't be approved anytime soon. Maybe in my lifetime. And I know people are really bullish on that one, on that narrative. I'm just not because the SEC, that's not what they're here for. They're here to disapprove that spot ETF futures and short ETFs. Sure, go right ahead. But for the spot ETF, no. So this is what we have. What's going on? Craig Somme, chief legal officer at grayscale discussed the firm's lawsuit with the United States SEC regarding the conversion of the grayscale Bitcoin trust into a spot Bitcoin ETF. I know they wanted this to happen quite badly because they were giving quite a discount for the fund itself because they were pretty sure it was going to actually get turned into an ETF. And I was like, it's not happening. But I mean, what am I now? That's just pure history. According to legal officer, the SEC's denial of the spot Bitcoin ETF separates futures and spot trading for Bitcoin ETFs and draws a distinction between the two. And they argue that the differences have no correlation with Bitcoin ETF approvals as both futures and spot Bitcoin ETF prices are based on the same spot Bitcoin markets. So they may say, well, there's a bunch of manipulation going on and so on and so forth. Well, so is the same thing that happens in stocks. So is the same thing that happens into precious metals. And that is why JP Morgan is going through that big lawsuit for the spoofing of precious metals and so on and so forth. So if they think that it's just us, it's not just us, it's everywhere. And they think they can't control it. Well, they did a pretty good job with the futures ETFs. So I don't know. Thus, the grayscale legal team believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin features that ETFs can be considered unfair discrimination. That's pretty much it. I just want to do a little side note. First of all, if anybody comes to you and says, yeah, this ETF is right on the corner, just guide them back to this video or to this article. Because I'm pretty sure I'm fairly certain again, I have no crystal ball, but it'd be very tough for the SEC to grant a spot Bitcoin ETF when there is active litigation going on with another company. So if they're saying this is going to take years to go through, the chances that this actually happens, that an ETF comes about from somebody else, I just don't see it happening. Tell me where I'm wrong in the comment section. And let's move on from this contagion. So first of all, let's talk about three arrows capital and the things that you can get away with when you're filthy rich. So three arrows creditors get emergency hearing as founders failed to cooperate. Creditors say the funds remaining assets could be transferred otherwise disposed of before creditors get their share. So creditors, people who invested a lot into 3AC are like, hey, bring these people in. We need to get paid and we needed to have it happen now. Unfortunately, the lawyers that are representing who is it? Suzu and Kyle Davies are like, we don't know where they're at. They were in Singapore at one time, but now they're not. So founders have not been cooperating the proceedings so far and their current location is unknown. Lawyers for the creditors that visited three arrows Singapore office found it abandoned according to court documents. And these were documents that were just filed last Friday in the U.S. Bankruptcy Court of the Southern District of New York. And then of course, as this is going on already NFTs belonging to three arrows NFT funds starting night have been transferred to a new wallet for unexplained reasons and the creditors are seeking to freeze three arrows assets, but first they're requesting the court to compel three hours founders to list out the funds assets. And that's kind of like the good part of going through chapter 11. You got to pretty much lay that out. But in this situation, they're barely cooperating. They have their legal team answering for them. And I think it's going to be very hard to bring these guys to justice, but we will see. Anyhow, there is that part on top of this. Crypto contagion spreads the blockchain.com. And I always thought blockchain.com was was not a exchange, but if you go to let's just bring it up. It's actually an exchange. Blockchain.com. I thought it was just an explorer rules the most popular way to buy, sell and trade crypto trusted by millions since 2011 with over a trillion in crypto trend. It's pretty good. So here's what's going on in this situation. So blockchain.com is at risk of losing 270 million loan to crypto hedge fund, three arrows capital, another one. So again, good luck finding this guy in Davies, but here we go. Three arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of crypto and US dollar loans from blockchain.com said Peter Smith, chief of the crypto exchange. Smith added that blockchain.com remains liquid and solvent assuring customers won't be impacted by the three AC contagion. Let me read that one more time to you. Smith, chief of the crypto exchange added that blockchain.com remains liquid and solvent assuring customers won't be impacted by the three AC contagion. Who believes any anything that anybody says anymore? Who is like that makes sense. I know you give a pretty big loan and you're missing you know, quarter of a billion dollars. Sure, you're okay. They might be. I have no idea. Neither do you. And the only ones that actually really 100% know that would probably be Peter Smith. So when I hear these exchanges talk about don't worry. Solve it. Your funds are safe. We've implemented a very risk averse strategy and you should have no problems. Your funds will be available. Your funds are safe. Your funds are safe with your funds safe. When I hear that the first thing that I think of these days is take everything off the exchange. So there's these rules be underneath me. I think everybody knows them. Don't invest more than you can afford to lose because just kind of think of like it's all gone. You'd be okay. Everything's a scam. Don't leave anything on exchanges. Don't use leverage. 25 50 X is not good unless you're like some super pro but I get cry stories all the time on my email and DMs and lastly take profits along the way. If you're going to DC and take profits along the way because nobody ever went broke taking profit. So again, number three. If I had anything on blockchain.com or any exchange right now, I would be rushing to take it off and putting into cold storage at the very minimum metamask wallet. But again, I'm not your dad. I can't tell you what to do. And this isn't financial advice. These are the things that I do. These are my rules. So moving forward 3 a C has barred and were paid over 700 million worth of crypto from blockchain.com and said, yeah, over time. I believe that's true. Blockchain.com and crypto derivatives exchange. Dairy bit reported for Bloomberg that the two creditors are cooperating with investigations into Singapore founded 3 a C. So there's the story and it's up to you to decide what is best for you. Then what you're going to do in the comment section that's always interesting. And then next to last. Celsius and Voyager are teaming up kind of legally and what I mean here is that there was an article. Celsius crypto bankruptcy saga means new restructuring lawyers. So crypto lender Celsius has hired the new restructure lorries from Kirkland and LS LLP. Kirkland LS is also advising Voyager Digital, which is filed for chapter 11 bankruptcy on July 5th. So it makes me wonder, is that the next step for Celsius to come into bankruptcy? I got to tell you, we did a long video yesterday about Voyager and the documents that were presented in court recently. And it's eye-opening to see just how transparent everything is and how much they have and how much debt they have and how much they loaned out and everything else. It's good. And I think if Celsius goes this way. I mean, at the very minimum, you get to see more. There's more transparency about how much is lost and how much is actually available. But the question then is becomes how long is this going to take? Anyhow, but it is interesting that they teamed up with the same team. Celsius is reportedly resisted filing for bankruptcy as recommended by its lawyers. Let me say that again. Celsius has reportedly resisted filing for bankruptcy as recommended by its lawyers, despite freezing user withdrawals and transfers for almost a month. In June, Celsius hired another group, Ackend, Gump, Strauss, Auer, and Feld, and they fired them apparently. Celsius restructured its board of directors in late June, terminating John Stephen Dubell, the founder of restructuring services provider, Dubell & Associates after eight days of service. So they went through that and they went through Ackend, Gump, Strauss, Auer, and Feld. And now they're with somebody else, Kirkland & Ellis. So that could be good. I'm not going to hold my breath. But on top of Celsius news, here's some Voyager news. This was an email I got this morning. And if you're a Voyager customer, you probably got it yourself. But I just found it not earth shattering information. I mean, it's like, it's the same thing. Hey, we went on our first day's motion, Chapter 11, the bankruptcy court, they granted us relief. Everything is good. How does the reorganization process impact my cash? We are working to restore access to USD deposits. Customer USD belongs to customers and will return to those same customers subject to a reconciliation and fraud prevention process. By who? Well, that's by Metropolitan Bank, which holds your money. Is the USD in my account FDIC insured? We've gone back and forth about this. And here's what they say. Yes. Yes. That's what they said. It is FDIC insured. However, USD in your Voyager account is held at Metro Commercial Bank of New York and is FDIC insured. That means you are covered in the event of Metropolitan Commercial Bank's failure up to a maximum of 250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager. Let me say that again. FDIC insurance does not protect against the failure of Voyager, but to be clear, Voyager does not hold customers cash. That cash is held at Metropolitan Commercial Bank. So here's my question. If my money, I could say I had a little bit of money left over, is being held there and your money is being held over there at Metropolitan Commercial Bank, then, and it's not with Voyager, why can't we just go to Metropolitan Commercial Bank to give them the money? It's my money. That's the question. Well, it's because they have to do a reconciliation and fraud prevention process. That's just what it said here. We'll get to that a little bit. What will happen to crypto in my account? That's a great question. Voyager currently has approximately 1.3 billion of crypto assets on this platform, 1.3 billion. That's quite a bit. Plus claims about three arrows capital of more than 650 million. And of course it fluctuates. Okay, got you. Under Voyager's proposed reorganization plan, which is subject to change, this is what they want to do. Shares of crypto, pro rata, pro rated, meaning you're going to take a haircut. You're not going to get all of it. Probably that could be wrong. I'm not a lawyer. And then shares of proceeds from the 3AC recovery, which good luck with that. I think these guys are gone. I don't know how they're going to find them. And they could be in a plethora of places. Nobody really knows. Even their lawyers don't even know or they're not saying. So just keep that in mind. Share of common shares and newly reorganized company, meaning you're going to get shares in Voyager as a public trading company. And shares of existing Voyager tokens are BGX. Let me ask you, is that what you want? Sound off in the comment section. Can you tell me how much of the crypto I'll get back? We are proposing that customers will see the crypto as described above. However, the exact numbers will depend on what happens in the restructuring process. Again, I think you're going to take a haircut. We're all going to take a haircut. What's next? Our next court hearing is August 4th. That's like, what, two weeks, three weeks away? We will see for the relief to stabilize operations. This nose-recognizing part, and that's about it. So again, apparently, from what it looks like to me, the USD is not held in Voyager. And Voyager does not hold customer cash. That cash is held in. The question then is, well, whose cash is that? When we deposit, is that legally Voyagers? Or is that legally still ours? And they are just holding it. And of course, that's metropolitan. That would be the big question I'd want to know. But we won't know unless we try. I wonder who's out there who's just going to metropolitan and going, give me my money, see what they say. Any other thing out of that in the comment section? Let's get into some good, one good piece of news. And I know it sucks that, you know, I'm not too bullish all the time or any time lately. But I will say this, I got a friend. His name's Alex. We call him Negatron. Because he's always negative. And we always run ideas by him. And he's 99% of the time. So that's a dumb idea. But the one time that we do have an idea, we run it by him. He's like, that's a pretty good idea. We know we hit a winner. So the day that I turn really bullish, you'll know that it really is bullish and not the kind of trash that you see every place else, a bunch of hopeium. Just saying, just saying. And that's all for today. Now let's get into a little giveaway. So this was a contest we did, I think it was last week where I said, hey, Unstoppable Domains has given away $500 to six people who have a, is it a block? It's funny, has a dot blockchain domain. And we got about 50, 30 some responses from people and they fill out this form and they put it in. And really what it was supposed to be, it was supposed to, you know, Unstoppable Domains says, hey, we want to do this giveaway. You know, how much would it be for the thing? I'm like, look, I'm not hurting, but other people are hurting. So just don't pay me and just give it all to them. So 500 bucks to everybody who has this blockchain URL. And again, you can find all these things on Unstoppable Domains. I don't have an affiliate link. It's just linked at the very top called Unstoppable Domains.com. You can go there yourself, it doesn't matter. But let's give some stuff away. So, oh, we have 38 entries. Okay, so here we go. There's the first one. Sweet. Ooh, EduGamer. EduGamer.blockchain, congratulations, won 500 bucks. And what I'm going to do is, I'll just go back and get them. So what they're going to do is Unstoppable Domains will reach out to you because they have your information. I don't have the information, they have it. So they'll reach out to you via however they usually contact you and they'll settle up with you that $500. Okay, close. Let's do this again. Oh, I should have removed it. Shoot. So if you went again, you can't, I can't give you half a thousand bucks. All good media. Congratulations, 500 bucks. And it looks like CryptoDevop.blockchain. Congratulations. Let me remove that. I should have done that before. My bad. Space Monk. Congratulations. I think that's four. Do you want me to do this one already? All good media. All good media. 500 bucks. Dr. Dan, that is not me. I'm just letting you know. So that is the six. So what I'll do is I'll go back and I'll write those and I'll get those in and I'll give those Unstoppable Domains. So those are the winners. That was, correct me if I'm wrong. Is that six? Or is Vanna White? Hilarie S. Congrats, Dr. Dan. Oh, that's a good one. Okay. Neil Diamond. Congrats all. That's six. Okay. Thank you. Someone can count. I can't count. So look, that's it for today.