 Welcome to Jalassette News to get top stories in cryptocurrency and Jalassette's and break it down to bite-sized pieces today. We've got some interesting stuff to cover. First up, Tether recovers 1 million USDT sent to the wrong DeFi address by Chinese traders. So the question is, should this have actually happened and what's in store for the future when other people make mistakes? On the flip side of that same token, someone accidentally sent $20,000 worth of BNB to a smart contract address on the Binance Smart Chain and I'm going to show you exactly what happened and how I think things should actually happen in the future. Also I sent a post out yesterday which talked about UMA and Wi-Fi were being put on Coinbase and Coinbase Pro and the question I had was why do these two projects leapfrog every other project out there and able to get essentially special treatment and we're going to go over some responses. And finally DeFi lender BZX loses 8 million and a third attack this year which will lead us into Q of the day where I tell you exactly what I would invest in if I was in my 20s. Before we do that, let's jump in the market and see what's going on. So it is September 14th Monday and it is roughly 10.30 AM so let's see what's happening. Hey, Bitcoin looking pretty good, almost 10.7, up 4% in 24 hours and for the week 4%. That's bullish news. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. I'd like to see that. And it's been up 24 and 7 days. Ted is Ted there. Nobody cares. XRP 24 cents. Wow. Hoka Dot 8% for 24 hours and 13 for a week. I'll take that for sure. And Binance Coin rocking up the charts thanks to their foray into DeFi. We'll see how that goes. Is it really DeFi or is it C-Fi? Chainlink 2.2% over 24 hours. But down 5% almost for the week. And then Bitcoin Cash 2.3% we'll see what happens. encrypted.com also rocketing up because of their little venture into DeFi. Again, same question. Like going 3%, let's see if there's any major movers. Ooh, 10% for Neo. There's a lot of interesting things going on with Neo, which was I remember it being called the Ethereum killer from China. See how that works out. But if you're a Neo holder, congratulations. I slipped. I sold mine a long time ago. What else we got? Urandot Finance hitting that 40,000 magic number. Wow, that is huge. And then UMA 1764 up 9% or almost 12% for the week. Thanks to that fantastic Coinbase listing. Unbelievable. And that's the big stuff. Abe also up 17% for the week and looking pretty stable all the way down here. Ontology, which is on top of the Neo. They're always connected it seems like. The Nexus Mutual, I don't know who's got that. I don't know what that project is up 42% for the day, 65% for the week. So if you know why that's up, let me know. Let's jump in a day's top story. So first up, this is kind of concerning to me because I thought decentralization, the whole thing was that you're your own bank and it's all in your shoulders. And if you mess up, well, sorry, too bad, Charlie. But this story tells a different side of that. So Tether Recovers won a million, sent the wrong DeFi address by Chinese traders. So the question really is, well, if you have a lot of money, maybe you get special treatment. Just asking the question. What happened? Well, Tether has recovered and returned one million worth of USDT to a group of Chinese traders who in error sent the funds to a wrong decentralized finance address. On September 8th, the group transferred the money to a Swerve token contract and could not retrieve it. The OTC trader sent an SOS on Twitter and hope for the best. And they got it because Violo, Ardoño, Chief Technology or CTO at Biffenex and Tether, issuers of the centralized stablecoin USDT responded and requested the traders open a support ticket. And it said, if it's USDT, ERC20, and this is the big thing, the crux is, was it stuck in an address? We should be able to recover it. But in order to be sure, please contact Customs Support and we'll try our best, he said. On September 11th, good news came through, hey, it says, use D5 products at your own risk. But if you do, at least make sure to use Tether, because it sounds like we can reverse anything. One million USDT recovered and returned to a general owner. And I think this comes down to the stuck part here. If it goes to an address and it is stuck, nobody's claimed it, nobody's moved it, nobody's done anything with it, and just there, then they would potentially reverse the whole transaction. Although I got to tell you, I don't, what we've always been preached to is this. If you screw up, it is on you. So make sure that you are responsible for your keys, for the addresses, for where you are sending it, for everything that is a, that what you are doing cryptocurrency and this indicates that. I got to tell you a million dollars is a lot of money. I will be honest with that. But my question is this, why the hell did you send a million dollars in one transaction? Why wouldn't you just do it in a couple of transactions? Why don't you do a tester transaction? Like I always do. Like I, listen, I get nervous when I'm sending more than a hundred bucks. I'll just be honest with you. So when I'm sending like 500, a thousand, like, I don't know. So what I'll do, I'll do a test transaction, make sure everything's correct, then I'll check it. And if I have to wait, I got to wait and I'm okay with that. Because I remember last week I sent over 25% of my entire portfolio to Celsius. Full nerve racking because it's, I'll just be honest with you, it tens of thousands of dollars. And I'm not sending that much in a one click transaction. Are you out of your mind? So I guess it's just a, it's just a cautionary tale. If you're going to send something, do a test transaction first, make sure everything's legit and it's all working out for you, then send some bigger transactions. I'm not saying, you know, send $20 of Bitcoin until you hit 10,000. So I'm saying, I'm saying just do a small test transaction then tell you when you get your feet wet, then move up a little bit. Just a little, little advice. That's it. And then lastly it states, Tether was able to recover the lost funds because it's a centralized financial network, which gives it some control over users funds. A non custodial DeFi platform would not debatable debatable. So here's the thing, a few of you as DT looks like you're covered, but it may, it begs the question, is Tether really decentralized? All right. Obviously not. Let's move on to the next part. Next up, this is the exact flip side of that same coin. And what the article states is there was a costly mistake, not like a million dollar costly, but 20,000 costly. So an unknown user sent BNB coins worth a staggering 20,000 to a smart contract address on Binance's smart contract enabled blockchain or BSC. Zao, we're coming known as CZ indicated that the coins were completely burned and therefore lost. The CEO noted that the unnamed user who made this huge mistake had reached out to the exchange asking for help. CZ said they could actually, there's the thing, CZ said they could actually compensate the individual by deducting the amount lost from the next BNB token burn. And what he did is he sent out a tweet to everybody in the Twitter verse and said, Hey, should we do it? And this is what, this actually gets kind of funny. The Twitter did not disappoint. Many of the responses seem to indicate that compensating the user would compromise the concept of decentralization and that for a truly decentralized network, the community has limited power and control. And this is from somebody from Twitter. They said, absolutely not. It's his mistake. Problem is, if you do it now, then you will need to do it in the future as well. What if another 10 to 20 people make the same mistake? Will you help them too? Okay, here's another question. How about 100 people make a mistake? A thousand, 10,000, 100,000. Because they're just not well versed in how to do it. It's like, ah, it can just be reversed. Who cares? I have autonomy over everything, but I have no consequences. So no big deal. And not to get out of line here, but this is the whole point, right? This is the whole excitement of being your own bank. Like I'm my own bank. I'm my own vault. It's all on me. I have to make sure this is correct. And I take accountability for my actions. Me personally, you're not getting that money back because you made the mistake. Now I could be wrong, but let me know what you think in the comment section. That's just how I seize it. All right, let's move on. Next up, other thing that makes me angry. Well, and I said, well, well, well, looks like UMA made the coin base. Funny how a ton of other projects got leapfrogged in favor of this as well as Wi-Fi. So if you're not familiar, UMA got listed a couple, I think it's like three, four days ago now. And it's just amazing how that got listed. And then Wi-Fi got listed on Coinbase Pro and all the different projects, like, oh, I don't know, like the chain's been around for a while. Like Cardano, which said that, hey, we couldn't list it because it didn't have a mainnet. Well, guess what, Jack? It's got its own mainnet now. So what's going on? And a bunch of other projects, which I'm sure you will put in the comment section yourself of all the different things that got leapfrogged, which could be potentially much better than UMA and Wi-finance. I could be wrong, but I'm just saying that it just seems very suspicious that everything just kind of falls the wayside. And that's just how society works, it seems like. Or it is. I'm not going to sugarcoat it. That's just how it works. There are specialty treatment for some and not so much for others. It's like the star of your favorite sports team. Do you think they don't get coddled as opposed to like the walk-on who's just coming in who's like, hey, I hope I make it? You better believe it. That's just how it goes. Is it right? No, it's not right, but it is what it is. So there was a couple of great comments. This one was pretty good. I, Trevor, he says, Cardano market cap, 10th rank, 9th, 8th, 7th, 9th, 6th, we'll consider it. 5th, Custodia but listed, but not listed. 4th, not yet. 3rd, not yet. Surpasses Ethereum. Surpasses Bitcoin. OK, we filled up our bags. Let's list it. Fantastic work, I, Trevor. I like that one. So let me know what you think of the comment section. Was this legitimate listing? Did, was all the due diligence done? Do you think Coinbase is just like, hey, this is a fantastic project. It's going to be, it's going to really change the world. We think that we really believe it. We should be behind it. Or do you think it's one of those things where it's like, hold on, wait, Binance is doing DeFi? Crypto.com is doing DeFi. Guess what Coinbase is doing? DeFi, you bet your bottom dollar we're going to do it. Let me know what you think of the comment section. I could be wrong. Let's move on. Next up, another hack. DeFi lender, BZX loses 8 million in third attack this year, just like they're in classic, excuse me. So decentralized finance protocol, BZX has fallen victim to yet another attack after a bug in its code allowed someone to mint tokens. They redeemed for crypto on the protocol. And every time I see these house of articles, I always think, oh, those poor people got ripped off. And, you know, they put the money in, but that's not the case here. So co-founder of Kyle Kistner told Coinbase, the company noticed something was wrong on Sunday when a single link withdrawal led to a 2.6 million drop in the protocol's total value block. That's pretty big. That's much more than the 630,000 and 350,000 hacks the protocol suffered in February, which both manipulated Oracle price feeds in order to pay back BZX loans for far less than the actual amount. And this is where it gets interesting. Kistner said the decision was taken in consultation with their security experts who had not instructed the company to shut down. So essentially the security expert said, you know what, no big deal, open it back up baby and we'll roll with it. And this is what happened. He added the 8 million loss had already been deputed by the protocol's insurance fund and will be paid out once the BZX community had ratified it. The bug managed to remain undetected in two extensive code audits from cybersecurity firms, SirTech and Peck Shield, which I believe are the ones that notified them and said, nope, open it all back up, no big deal, we got you. So here's a couple of things. First of all, I don't even know what the heck this place is, BZX. I never use them, never even heard of them. Maybe they're fantastic, I have no idea. But if it was me as an investor and I would follow this very closely and I'd be like, you know what, if you don't fire these guys, SirTech and Peck Shield, because they gave you, first of all, they gave you wrong information. Second of all, they didn't audit and they screwed that up. And third of all, they told you to open up, even though there was a bunch of bugs, either you get rid of those guys and get somebody in here who actually do an audit or I'm gone. That would be the best case scenario for me or just pull your money out. I don't know. But I'm not a big fan of DeFi right yet, as you may have known on this channel. I'm just an investor and I don't have a ton of time to look at what is going to be the most fantastic thing out there because it seems like there's a lot of shady things going on. There are some winners out there, I guarantee that. There's winners out there. But the question is, which one is it? And I mean, I don't have a ton of time, but I will tell you this, I'm going to start looking into the projects and pick my one to three, which I think are going to actually make it and I'll post those as an addition to my portfolio. I do like AVE, I've been looking at that pretty well. And I'd like to get the founder on to ask him some questions, but we'll see. And then Compound perhaps, and then let me know what you think is a winner in the comment section. And that's it for that part. Let's jump into the office because there was a great question, it was from a younger subscriber who said, hey, if you were 20 years old like I am, what would you invest in? So let's jump over there and answer that. All right, buddy, welcome back to the office. So for Q of the day, this is a comment that we got in the comment section. And this is from Lead Sali. And they state, good day, bro, huge fan. Thank you. I'm 20 right now and 100%. My strategy is 80% alts and 20% in Bitcoin. You don't understand how hard it is not to fomo in. So there's two things here. So first of all, he's talking about a video that we did yesterday that was about Dan Moorhead and Pintera Capital and their price prediction as far as Bitcoin going to 100,000 in 2022 or 2021, depending on who you ask in the company. And I just talked about in the very end is don't fomo in anything, just stick with your plan. And he's talking about, well, it's hard not to fomo in. I can understand that. There's a lot of great projects, defies all over the place, people are making huge amounts of money. You got to get into every inch you can get your grubby hands on, but just calm down. Not my first rodeo. I got to tell you, in 2017, everything was going to the moon, everything. All the ICOs were going to blow up. I was going to totally transform. The banks were going to disappear tomorrow. It was a magical time. Well, guess what? Well, we all know what happened actually. Very few of those products are still around and things collapsed. So here we are right now. So just be careful, that's all I'll tell you. So the next party says, not asking for a financial advice. However, if you were in the space around your early 20s, what is your main altcoin and you'd be most bullish on? Mine is ADA or Cardano, fingers crossed. Yeah, fingers crossed. So Cardano's a good project. And I would probably talk and say, you know what, Ethereum is my main choice here. But after reading this fantastic book called The Infinite Machine, it goes over the history of how Ethereum was created and all the different founders and how they got into it and how it all just exploded. And it goes from the very beginning when Vitalik was only 17 years old and to all the people that came through, like Gavin Woods. So after reading that book, and only seven a couple of days, it's a fast reading, it's a thick book, but I mean, it's very interesting. The architect there, of course, is Vitalik. But the main technical officer, the one who got it all together in that very first show and was able to make actually Ethereum work so it could be presented in a test mainframe, was Dr. Gavin Woods. So all the things that he's done, as far as technically, that guy is really on top of things. Now, if he can pull all together, as far as marketing and audits and infrastructure and the people around him, Polkadot will be huge, interoperability. And we've talked about it before. I actually passed on the very beginning, but I got into it because I think it's gonna be huge. And if I was 20 and I had to put a big chunk of money down, it would probably be 60, 40 Polkadot Ethereum. So that's it. Let me know what you think in the comment section and that is it for Q of the Day. All right, so hope that answered the question. I thought it was a great question and needed to have a response. So we will see. To finish it all off, I don't know if you know this, but I have a little join now button underneath. It's not like you get anything special if you join. It's just like a tip. It's a buck 99. And what I do is I give random shout outs. So the first one I wanna say is, hey, dominance logistics, Steven Besinger, Mark, Mr. Toad, thanks. Who else we got? Tommy Maples, David A., Steven, Lincoln Echo. It's a good one. Jess Zadra, Chuxi, Chuxi. Crypto Swords and Azrael's Passage. So thanks so much for joining, everybody. I really appreciate it. If you like these types of videos, it gives me two months gonna pop up on your left and right. YouTube usually controls all that stuff. And that is it for today. So thanks for sticking with me till the end of the video. Very nice, I appreciate it. And I'll see you on the next one.