 I said news are Dan for short. My name is Rob and today We're talking more about a little what's happening on with FTX So we're gonna talk about first I want to talk about the real reason the things that are going on and I just want you to remember what got us here They're gonna talk about Kevin O'Leary, Mr. Wonderful as he comes clean on his FTX holdings and things that are Happening behind the scenes also. We'll take a look at how FTX has recently been hacked and all the funds are being drained Allegedly, but good news Head of security at Kraken knows exactly who is hacking FTX and then lastly we're going to talk about how We need to expect more downside, especially with the contagion will go over all those things But first let's take about let's just talk about what the heck got us here and what got us here. Let's be honest It's greed and incompetence. It wasn't a crypto project it wasn't a Luna a Terra Luna collapse it was just straight-up greed and There's a lot of things that have been have come to light in the last 24 hours, which I think is pretty remarkable So the things we talked about today could drastically change tomorrow But so I'm just going to have a reserved approach, but I will tell you this the real winners here For everything that's happened this year. It's Celsius Voyager FTX is ledger ledger Cold storage wallet. I think everybody has been talking about that and they should they know they should have had it And you know you should add it, but now I think it's time to get one And of course the other persons or the people that actually are are going to benefit from this greatly is the lawyers So just remember everybody's in chapter 11 and usually who wins there not us. It's the lawyers and then Lastly before we move on is I know there's things gonna come out about Sam bacon free and all the things he's done And it's gonna be awful. He's gonna be the worst person He's gonna be the devil incarnate right, but I want you to remember something and this is a pretty important Is that the things that happened? with FTX and Sam Macman and and all the contagion It wasn't just him there was a lot of shady stuff going on behind the scenes There was a lot of things that no person and no entity should have done, but they did it So I don't want to hear anybody blaming FTX for this Particular catastrophe of whatever project or whatever exchange fell down. It wasn't just FTX Everybody's guilty, and that's just what I want to say before I move on. So having said that let's talk about Kevin O'Leary First of all, I like Kevin O'Leary. Mr. Wonderful. I think he's highly entertaining and of course, you know We take a look at him and say well, he's a pretty well accomplished business person And he has a limitless or unlimited resources potentially so he probably did a good amount of due diligence and Did his own research Into FTX but we can just see today that that is not the case So there's two snippets I want to play for you and the first one's just five seconds And this is him about a year ago I think just talking about how great FTX is and the reason I play these things because I don't want you to Beach yourself up if you're like I thought I should have done more research or should have done more this or don't want that You'll never know you'll never know especially if there is scam and fraud going on Don't sue me. This is just the tensions the things that are out there allegedly So just take a listen to this this first five seconds of Kevin If there's ever a place I could be that I'm not gonna get in trouble it's gonna be an FTX If there's ever a place I could be that I'm not It's gonna be an FTX if there's ever a place I could be that I'm not gonna get in trouble It's gonna be an FTX Okay, I had to play that three times because I couldn't get the volume right but that's just that's just him saying you know what? I'm very confident FTX. This is gonna this is gonna hit big. I know exactly what I've done. I've been this is not my first rodeo Kevin's pretty much on it, right? well This is Kevin yesterday and I got to tell you Sometimes it's it's pretty nice to eat a little humble pie It makes you full and it makes you just realize just just how much you think you know that you don't know and that's okay I again, I still like Kevin. I have to appreciate him coming on a live TV and going You know what and this is the great thing you just raise your hand go You know what I screwed up here. This did not work out for me This is my mistake and just move on but I just want you guys to remember this moving forward So just take a listen what Kevin's talking about here This is quite interesting and I think the bigger thing is take a listen to when he talks about regulation and what the institutions are going to do now Moving forward again. This FTX issue is gonna set us back a long time Quite a long time. So if you think that the crypto market is gonna go up I mean it could but It's not where I think things are going just take a listen International and US I got asked for your reaction today Obviously one of frustration there's no question about it. I'm still a huge advocate for the potential of Blockchain and cryptocurrencies. I'm disappointed like many other shareholders It sets in a way though, I always try and find What is the outcome of something like this? I mean, yes, I'm a shareholder in the international That's a zero. It's not the first time. I've made a bad investment probably not the last time But luckily I make more good ones than bad ones and I learned from my mistakes What's gonna happen now is there won't be another situation like this for institutional investors ever again We're simply not gonna put capital to work until this stuff gets regulated And what is occurring and I'm just one voice in it. What's what I'm going to be doing is I'm gonna fly to Washington And I want regulation. I want it now. No more delaying. I think this puts tremendous pressure on the SEC I think a bill like the Stablecoin transparency act which has been floating around forever not going to signature not going to mark up We got to stop doing this to ourselves as an industry It has to stop but also it's time to move forward with regulation And if that's that that's the this is the bottom of the crypto market a massive player goes to zero and Now you build from the ashes. That's the upside. I am still going to invest in crypto I lost money in the accounts there. They have a gate on them now. It doesn't stop me from buying more And I'm going to do just that I'm gonna take advantage of the fact that most of these currencies and tokens and coins Have absolutely been beaten into the grounds the results of this and probably a buying opportunity. That's what I look at So that's pretty much it there's a couple of things on Ravel here first of all when Kevin's here is talking about he's like, that's the bottom. Okay. Well, I gotta tell you I've been hearing about it's the bottom for I don't know how long now. I remember him. I mean everybody in their mother has been talking about how June was the bottom and There's very few people out there that was like no, I don't that's actually gonna be it and now here We are and you know Bitcoin went below 16k and hit 15 and that's just with the news right now I don't know what's gonna happen the future But again, I think there's some contagion and we're gonna talk about that in a bit But the one thing that Kevin did say and it makes a lot of sense and and hopefully you remember this is that he's like Look, he goes. This was not a good decision and we messed up and thankfully I make more I make better decisions or I make good decisions more often than not and this is just one of those things that I can Bypass because I've made better decisions on different projects and one is not gonna crush me Essentially, that's what he said and that's what you should impart that knowledge to yourself right now and just to yourself Well, okay, if I left my crypto on You know if I left it on FTX, I don't know why you did that if you watch the show I mean I I constantly and being in everybody's head about, you know, if you're gonna do that then I'll make sure that you do these things like follow the rules Everything's gone Meaning don't invest more you can afford to lose everything's a scam until pre-motherwise don't even in exchanges You know, I do this morning, you know, I do this morning. So I dollar-cost average every day well not all crypto some I do every week and On Coinbase and after so much time it gets freed up and I can transfer my ledger You know, I do almost every morning as I transfer that crypto that was on Coinbase and to my nano ledger Saves me a lot of heartache and also don't use leverage 1500 X is bad. It's like let me show you Munger Warren Buffett's partner. He says there's three ways that People get destroyed or men get destroyed the three L's ladies Liquor and leverage. I think leverage is probably the bigger one and then of course the last one is take profits along the way that's why I don't really worry so much because you know Buy some things and then things come along and take a little profits along the way and I'm dry powder So just remember that yeah, this kind of sucks right now. It's pretty awful I mean the feeling but welcome to crypto This is the majority of the time you're gonna feel this is where things are down but again There are things around the corner. There's a reason why people talk about the 10 best days You miss out on those 10 best days per year and you wipe away all your gains That's not a financial advice. You can do what you want to much your dad, but for me Just worked out pretty well Anyhow, let me show you that about that in the comment section And then there's one more piece someone to to bring up and that is that for some reason FTX seems to have been losing all its money from a hacker. So I Don't know if this hacker's name rhymes with Pam Stankman Free, I don't know. But anyhow, this was gone. I don't believe FTX. Well, no, excuse me. This is from Wu blockchain. This is of course Coin Wu change report important in Asia more channels And this has been going around you can find on YouTube and Twitter all the place the official FTX community administrator Not sure design spoke on the telegram community and pinned FTX has been hacked FTX apps are malware delete them That's amazing the FTX app So if you have your if you have FTX as an app, please delete that right now Don't open it up and delete it. Just delete it chat is open Don't go on FTX site as it might download Trojans So there's also been some some report about how Sam and the people that were working under him Let in a back door which would allow them to transfer funds out with nobody knowing and That is I think potentially what is going on. So I personally don't believe that this hacker Just just just came up Especially with the back door that we just learned about so in my personal opinion and I could be wrong. This is allegedly I think it's probably an inside job and it's not just me. So this is Mario not fell found in CEO of IBC group Says the hackers is very likely an experienced insider Kraken was also used for the hack to offload funds co-founder and CEO of hacking of hacking and then this is a Nick For cocoa, I think I said that right nailed it chief security officer or Kraken and a hacker and he says hey, we know that we know the identity of the user already and There's some that's all he alludes to it. It's exactly who it is But trust me if they're an inexperienced hacker and he knows who it is and it's tied to Sam and the FTX crew Then you're looking at jail time. You're looking at a lot of problems Coming down the pipe and that's I think is the most telling thing so a little PSA if you you know If you have the app, please delete it. That would help out a lot and also moving forward Just like we saw with Luna Tara Luna and dough Kwan and and three rows capital and I will say this I've been seeing that that the the two gents from three rows capital all of a sudden Re-emerged on Twitter and we're like see we told you who's FTX and there was a big problem again They're not the Saints Don't make a saint out of a sinner So if they're gonna tell me that it was all just them and that's it I'm sure now everybody can pin it on the Celsius or on the excuse me on to FTX Don't give me that song and dance you're just as guilty as all the rest of them and it's greed and mismanagements and Competence that's what it comes down to On varying degrees, but this is the contagion Little little graphic about how Sam bank and freed is really tied into everything and it's not looking good So Alameda investments, which if you haven't seen the video of the CEO of Alameda The head of Alameda investments you got to watch that. I will not play that here It's but it's very concerning So I'll mean investments. Sorry by SBF. You've got a hodl media and possible finance Lido misari oxygen. I don't know what that is polygon. That's not good refinance the Tory research. So Lana So Cal stock twits well voyager. Oh, oh, wonder fi That's from that's mr. Wonderful's and Zem link and of course with FTX he also got a block folio Which looks like they may they've stopped Withdrawals you've got ledger X. I need to make sure that everybody understands ledger X is not ledger Ledger X and I've gotten this this confused myself ledger X is I'm gonna like Some type of exchange. I want to say a defy exchange But it's had nothing to do with the ledger cold storage device. So I want to make sure that crystal clear everybody Acquisitions voyager. Oh, also, I got an email today on voyager. They've reached out to everybody who's got their funds stuck on They go, hey, guess what? We can't be acquired by FTX since it is Insolvent and in chapter 11 just like us so birds of a feather. So that deal just fell through that's a bummer but it was kind of gonna happen and then investments also circle and but The CEO a layer came out and said that they have nothing to do with FTX even though there may have been investment liquid global play up Again block fly ledge prime Aptos this was that was supposed to be the next big thing aptos. I didn't get into it But whatever Coral Dave Hopple Dora hacks coin feeds chill chat so a lot of these things like I don't know exactly what they are but It's amazing how like you have one project who feeds or one outside project that feeds into a crypto project That causes that to collapse which allows people to lose their money Those people lose their money they take it out and then of course they take it out of an exchange or another another project And then that starts to collapse. It's just like a just like Domino's falling and I again I don't think that's this is gonna totally annihilate the crypto market That's not I'm saying but I say like you expect some turbulence and expect some downside And the people think that it's gonna be like the best run of ever it could be I mean, I've been wrong before, you know, let's be honest, but I don't think that's where we're going And then also On top of that this was interesting There's alert from insider paper The most tracked flight right now is the founder and former CEO of FTX flight is en route to Argentina After the FTX collapse reports of hacks. So looks like Sam maybe he's going on vacation I don't know or maybe he's just avoiding the law and the potential law that's coming in right now And he's right next to me. I'm right here in Puerto Rico and of course he's in The Bahamas so good for him. He's originally something like that, but that's what's happening right now So I don't know if we're gonna see Sam anytime soon. Just so you know That's what's happening. So the question then becomes look There's things that we control things we can't control we can dwell on this and it's fun. I mean, it's it's It's interesting gossip she's made to talk about well, this is what's going on at the exit But you right now if you're if you've watched my show, I know you feel safe You feel safe because you have everything allegedly you've listened to me bombard you with the rules constantly and You're like no big deal. I mean, this is what it is and if you're like me you're Waiting for further downside so you can do what dollar-cost average because you know I still think the four-year cycles are intact, which means I got till 20 25 to accumulate I'm cool with that and I did the same thing in 2018 so if you're like me and you're and This is your attitude I think that might be a pretty good attitude to adopt just like well, you know these things this crap happens and These are the things that we have to learn from and now people understand the whole ramifications of non our custodial waltz first non custodial waltz and Cold storage and not doing those things. I think this was Unneeded this I hate to say this this was a needed process for people to go through just to understand just how How bad it was even I got sucked in with the centralized exchanges and saying well, it's you know reasonably safe and And off we go now. I realized moving forward for the next because I'll be here for the next 10 years But something happens to me health-wise So I'll be sharing the story with everybody who comes in that's new and I'll be directing them To remind them of hey, I got three reasons why you need to have cold storage device and Really take a hard look at Bitcoin and proof of work and those three things are Voyager Celsius FTX and that's it and then of course Off we go. I will not forget and I will try to lead people in the right direction Which leads my next point, which is this How do we get there? Because this just happened with FTX We all see with Celsius and I'll see with Voyager We don't if we don't self-correct or correct. We're doomed to repeat the same thing people who don't understand or remember history I do them to repeat it correct. So the question I have then is how do we get over this? This is from Jesse Powell and Jesse if you don't know as a former CEO of Kraken good guy, I like he's got you know great Twitter presence and he is really Really on the forefront of decentralization and really push the narrative and Jesse is if if you're looking for like that person That's you know pushes decentralization to the to the the forefront is Jesse Powell. I respect him and he's a good guy And he says this this industry is made up of so many smart people With Jenny humanitarian your start. I know you were gonna get past this true believers will not be deterred But this is a massive setback I'm really trying to control my anger Our good trusting nature makes us easy targets for con artists Some even tell us straight up they're here for profits not crypto and we praise them for their honesty Yet we're surprised may try to be who they said they are we need to raise our standards and really that makes sense when we start to think about and Then the question is you know, what do you? You're here for your reasons. I'm here for my reasons. My goals are not your goals, right? So if you're here to change your bank account, that's fine if you're here to change the world That's fine, too If you're here to do both more power to you, but the real question we have to ask for self is this whichever way you're here for How do we get there? Because if we keep doing this same nonsense, we're gonna be stuck at the kitty table forever That's not good. I like to see what Jesse said right here number 11 US lawmakers and regulators have some accountability to they do You drove this business offshore and that's where Sam's from, you know Sam had to go to the Virgin Islands The Bahamas outside of the US because he couldn't be he couldn't have his one place just in the US That's why he's got FTX US and FTX international. That's why finance has Binance International and Binance US Anyhow, you drove this business offshore because you refused to provide a workable regime Under which these services could be offered in a supervised manner. Let me say that again. You've messed up You didn't do your job to provide a workable regime under which these services could be offered in a supervised manner Now before I go forward, let me just say this how many times have we said Gary Gensler protect me harder Gary. We made fun of Gary, right? There's some things going on between Gary and Sam bacon-freed and and Sam's parents. I don't want to get to that It's that's just rumor and hearsay. I'm not for sure but We have said especially with what happened with with ripple and the lawsuit. I understand, right? However, when Jesse comes out and says, you know what? We need some type of a regime that we can fall under some type of guidelines and not just go all willy-nilly and go out there and For a super supervised manner because look it's hard enough to self-supervise So we just get just a couple of things and look, I mean, it's not like the government screwed up all the time I mean look, there's a reason why they have, you know, OSHA Occupational Safety and Health Administration, right? It's because the 1940s 50s and 60s people were hanging up sheetrock and Of course, it was asbestos written. They're like, well, maybe we shouldn't have everybody get cancer Then of course there's child labor laws and things like that. I mean, you know Children are quite inexpensive If you're gonna have them work, so wouldn't be great to have, you know, the 10-year-old kids working Non-stop and just saying just saying so that's just the one The one regiment here and I've been talking about Crypto regulation for a while if you want to say clarity fine. What's called clarity? I should call it clarity from now on just get clarity What do we got to do? Let's have open open books so you can see what's going on. You can enforce the laws There's that the government's still gonna mess up. There's a reason why all the banks collapsed in 2008 2009 Because they got lazy So there's that at there's that part of it or there's something like this This is from Alex Svodovic And he is from CEO of nansen.ai and he states several exchanges contacted us the last 24 hours of display Proof of reserves We're happy to help for free DME if you want your exchange to be more transparent Here's an example. We did it for Binance and it's a it's a beautiful interface And you can just kind of see we're like, okay Well, this is the proof of reserves. This is how much Binance has right now You can go right there instead of tagging every single cold storage or cold wallet that they have Well, here it is. This is what they have So interesting enough B usd the balance is uh 14 billion 594 so the value of that is uh 14 billion 637 million 831 000 234 that's the value that's their top Reserve that's what they have and they have a bowl of tether about 7 billion B usd again another 5 billion that's kind of concerning Bitcoin 4 billion eith 2 billion Now they got Binance. Okay, so Binance coin 2 billion. So it's not like the ftt token. Gotcha So that'll be their stable coin which As they say has been backed one to one per Hopefully the dollar and liquid assets. Hopefully it's not like Okay, the B usd is Is uh backed by bnb and not our other bnb because that's just made out of thin air. That's the problem with ftt but Not to go into the details, but uh Cz Binance came and said now it's not how it works. It's back one to one for the dollar Real liquid assets. Okay. So we have that so maybe that could Uh alleviate but I will remind you of one last thing before I do a little q&a And that is that even though they have the reserves. We know exactly what it is There's still shenanigans behind the scenes that you may never know about right I mean We could have some type of leverage play Naked shorts I mean we could have I mean loans could be a little bit different because of course we could see the loans if it was If they have us dollars and they say they have well If they say they have us dollars and it's not it's it's not going to be there They say well, we have a bunch of us dollars living alone and out and how would you know? Just saying and then of course things like this could happen This is keith I like keith I follow him on on twitter. He's a 13 year logistician Specializing in transportation analytic analysis business development financial strategy my hobbies are gaming tech and econ. You should follow him nice guy And uh, he's been falling a lot about the celsius thing and this is just one thing and he says look i'm looking at chris michinsky latest transactions of the estimated 2 million Plus and sell tokens. She's cleared during the 2000 into usdc and rap bitcoin or 18.5 of funds Taken days prior to the freeze movements started on november 7th Ladies transactions on 50 minutes ago. So again, like you never know What can actually happen in the background and of course someone will say well, that's not that much money Well, yeah, but extrapolate that to who knows how many different wallets are out there that are owned by said alex michinsky and co Same thing with voyager and same thing obviously with ftx if they have a back door and just multiple wallets And they can just kind of move things around and also do a mixer. How do you know? So again Where do we go from here? I'd like to hear that hear your comments In the live chat on the comment section, but that is it for today So everybody thanks for stopping by and hanging out with me on a saturday I uh right now we're gonna do a little q&a Obviously my voice a little bit rough still doesn't come back after that meetup I was doing so much talking over there But uh, anyhow, thanks so much for stopping by appreciate it on your way out if you hit the like button That'd be great also consider subscribing. I think it's how about time sensitive right now Let's do a little q&a and I'll answer all your best all your burning questions the best of my abilities And we'll go from there. All right then