$6.3B THEFT?! Biggest Heist In History As Binance Funds Vanish — Transcript

Full transcript

1. 0:00It's no joke. This this could be the
2. 0:02biggest
3. 0:04theft ever, not just cryptocurrency
4. 0:07theft,
5. 0:08right? And it doesn't help that some of
6. 0:10the other macro things or earnings is
7. 0:14bringing things down as well. But,
8. 0:17uh, today we're starting out, oh, NASDAQ
9. 0:20was minus 700, minus 600 for NASDAQ. I
10. 0:23I'll get to that in a little bit. Let's
11. 0:25jump right into this, though. All right.
12. 0:28So yesterday in the middle of the
13. 0:30afternoon, I I saw an X, you know, this
14. 0:33this site I never seen before or this
15. 0:35account I never seen before, reported
16. 0:37that, hey, according to our AI,
17. 0:39something's fishy
18. 0:41with all these hot wallets from Binance,
19. 0:44which are I guess the deposit wallets.
20. 0:47They're transferring all their crypto
21. 0:49somewhere.
22. 0:50Now, they didn't know if this was
23. 0:52malicious or Binance just moving some
24. 0:54funds. And then after $2 billion was
25. 0:59moved, then everyone else started paying
26. 1:01attention and Binance said, "Yeah, we're
27. 1:03we're getting hacked." Um, and that
28. 1:06number kept going higher and higher and
29. 1:09higher. It went to 5 billion and now the
30. 1:12overall number is 6.3
31. 1:16billion.
32. 1:18This is no joke. This this could be the
33. 1:22biggest
34. 1:24theft ever. Not just cryptocurrency
35. 1:26theft, but like in terms of just theft
36. 1:29overall, could be the biggest
37. 1:32ever in history.
38. 1:34Um,
39. 1:36now Binance, now CZ is is so funny about
40. 1:40CZ because he's no longer the leader.
41. 1:43He's not the CEO. He's not the leader of
42. 1:45Binance supposedly, okay? but he's the
43. 1:48one that everyone looks at. Um, you
44. 1:51know, he was tweeting yesterday about,
45. 1:53"Yeah, don't worry. You know, we Binance
46. 1:56will get covered even though I don't
47. 1:57work for Binance." Like, okay. Um, I
48. 2:01guess he has insight for information or
49. 2:03he's still the chairman. I don't know.
50. 2:05But he's definitely still with Binance.
51. 2:09And I was wondering how high does the
52. 2:11number have to go before they say don't
53. 2:13worry about it. Uh probably they will
54. 2:15never say that until they go bankrupt.
55. 2:18But they said their safe food money
56. 2:21which is secure asset fund for users
57. 2:23will fully cover this. So there's no
58. 2:26problems. Okay. They I don't know how
59. 2:28much they have in there could be tens of
60. 2:30billions of dollars
61. 2:32but still losing 6.3 billion is no joke.
62. 2:36Now, Tether and Circle have frozen a lot
63. 2:41of the USDT.
64. 2:44So, some of it will be recovered, but a
65. 2:47lot of it will not.
66. 2:51Um, and in terms of who did it, of
67. 2:55course, everyone's pointing to North
68. 2:56Korea, their Lazarus group, very
69. 2:59sophisticated hacking group, right? They
70. 3:02were the ones behind some of the largest
71. 3:04crypto hacks in the past.
72. 3:06um obviously that doesn't help with a
73. 3:10lot of things like inflation and prices
74. 3:13and all that stuff right so this is
75. 3:16still ongoing and more importantly
76. 3:18people want to know whether or not we
77. 3:21will as a nation strike Iran last week
78. 3:26it was reported that it was imminent
79. 3:28that something big was going to happen
80. 3:31right and then now you know again we're
81. 3:34talking about is there going to be a
82. 3:35deal or is this going to be done? Part
83. 3:39of negotiations, I guess, right before
84. 3:42midterms. We got Trump originally said
85. 3:45that no tax before midterm, but then
86. 3:47last week it seemed like he was about to
87. 3:49attack. Now seems [snorts] like there's
88. 3:52more
89. 3:53more decision- making, right? So, we'll
90. 3:57have to see. Traditionally speaking,
91. 4:00after midterms,
92. 4:02markets blow up. Okay. in a good way. Uh
93. 4:07usually after midterms you see not only
94. 4:10Bitcoin starts going up tremendously but
95. 4:12all markets go up tremendously. That's
96. 4:15normally what happens with the midterm.
97. 4:17But this year we'll see if that happens
98. 4:20especially if the war continues or
99. 4:23escalates afterwards then that may
100. 4:25change things. But see and also we got
101. 4:29unfortunately the FOMC meeting. Totally
102. 4:32forgot about that. Yeah, we have the
103. 4:34FOMC meeting this week, too, and that
104. 4:37could affect things. But you know what?
105. 4:40Like right now,
106. 4:43uh
107. 4:45right now it's it's pretty much a lock.
108. 4:47So, if we go to markets, let's let's
109. 4:49look at it real quick. Let's bring up
110. 4:52the calendar.
111. 4:54Yeah, it's a 90% lock, meaning we're not
112. 4:58going to get a rate hike. Okay. Um, but
113. 5:01there is a possibility that Worsh may
114. 5:04say something that people don't like.
115. 5:08Okay, that there's a possibility with
116. 5:10POW is always like that. Pow always make
117. 5:12these comments that make you feel
118. 5:14bearish and hawkish even though nothing
119. 5:18is really being said or or there's no
120. 5:21plans of hiking or anything like that.
121. 5:23So, we'll see. This is also coming up
122. 5:26this week.
123. 5:29Uh, but the next one in December
124. 5:32could be
125. 5:35could be bad if we go if we get a rate
126. 5:37hike. But I think that's already priced
127. 5:39in. Honestly, markets already know that.
128. 5:41Markets already know that we're not
129. 5:43going to get a hike this week and then
130. 5:45we're go get one next week, next month,
131. 5:47two months from now, end of the year.
132. 5:50Uh, but we'll see if he says something
133. 5:53that really spooks or encourages the
134. 5:56market.
135. 5:58You never know, maybe he says something
136. 6:00good came out. Microsoft
137. 6:03is offering buyouts to 60,000
138. 6:07employees. So this is a huge thing. This
139. 6:10is not 6,000
140. 6:1160,000.
141. 6:16And they say this is because AI is
142. 6:20leading
143. 6:23the push to efficiency and they don't
144. 6:25need as many people anymore. So we've
145. 6:27been hearing about this. Okay. So this
146. 6:30definitely helps their bottom line. All
147. 6:32companies that have figured it out how
148. 6:34to integrate AI fully or partially and
149. 6:39have figured out how to increase their
150. 6:41bottom line or save their bottom line by
151. 6:44improving efficiency, right? It the
152. 6:47companies themselves are going to do
153. 6:48better. They're going to grow and make
154. 6:51more money and so forth. But we're
155. 6:54seeing a lot of people now getting
156. 6:58canned or bought out, right? This is
157. 7:01actually I read the details. It's very
158. 7:03very generous. A 39month severance and
159. 7:07two stock offerings or something. And I
160. 7:11mean they're they're going to be well
161. 7:13compensated, but still um most likely.
162. 7:18Okay. It's almost guaranteed that there
163. 7:21will be no rate hike today.
164. 7:24But during Q&A, that's where it gets
165. 7:26interesting. These reporters, they press
166. 7:29him, you know, on what's to come. What
167. 7:32about December? But more importantly,
168. 7:35what about 2027?
169. 7:39Are we going to get a lot of hikes? I
170. 7:42doubt he's going to have any guidance
171. 7:44for 2027.
172. 7:45It's probably prefable. Obviously, if he
173. 7:48doesn't say anything, he doesn't say
174. 7:49like, "Oh, we anticipate we're going to
175. 7:51have four rate hikes in 2027." He should
176. 7:54just say, "You know what? It's too
177. 7:56early. We will determine that in
178. 7:58December. Then we are good until the
179. 8:01December FOMC meeting, right? But the
180. 8:04reporters, they will press. They will
181. 8:06keep pressing him. Right now, this is
182. 8:10why I said there's almost no chance
183. 8:12we're going to get a rate hike today.
184. 8:1491% for hold but we're at a 86% chance
185. 8:20for hike in December
186. 8:22and you know who knows maybe the war
187. 8:25comes to an end and oil drops down
188. 8:28drastically
189. 8:30then that number can go down to maybe
190. 8:325050 you know who knows but yeah that is
191. 8:37what to expect today there will probably
192. 8:39be some volatility but for the most part
193. 8:43markets are pricing in that at a Ripple
194. 8:47conference.
195. 8:49He says the CFTC and SEC will both
196. 8:54implement rules and basically fill the
197. 8:56gap left by clarity act not passing.
198. 8:59Basically saying we don't need clarity
199. 9:01act and this is what I said before you
200. 9:03don't need clarity act. The two top
201. 9:06agencies could take care of it. Whatever
202. 9:09needs to be taken care of they can
203. 9:12implement it. new frameworks, new
204. 9:14regulations,
205. 9:16new [clears throat] laws. Maybe not new
206. 9:18laws that needs Congress approval, but
207. 9:20you know, they could create new rules.
208. 9:24So, and overall, we know they're all
209. 9:26very, very bullish, very pro- innovation
210. 9:29right now. So, that in a little bit. But
211. 9:33yesterday, we had, of course, the FOMC
212. 9:36press conference. Okay. And no surprise,
213. 9:40no rate hike.
214. 9:44uh Worsh was very adamant about not
215. 9:46giving any
216. 9:49uh you know decision on on future hikes
217. 9:53or not any future moves. He did not want
218. 9:56to comment on it. Okay. But then he also
219. 10:00made some comments about
220. 10:03[sighs]
221. 10:03how you know things weren't tight
222. 10:06enough. I guess
223. 10:08I don't know if he said that. I mean, it
224. 10:10was a little cryptic, too. But
225. 10:15overall, it was just, let's just say, he
226. 10:18didn't get a lot of information. All
227. 10:20right. He didn't want to give it on
228. 10:22purpose, and I think that was the right
229. 10:24move. I said that before the press
230. 10:26conference. Um, you know, the the
231. 10:29reporters are going to press
232. 10:33about, you know, upcoming rate uh rate
233. 10:35hikes and how many there will be. and
234. 10:39and he was pretty tight lipped about it.
235. 10:41So that was good. Uh but I think
236. 10:43everyone knows, including him,
237. 10:46um knows that inflation is still high.
238. 10:49They need to do something about it. They
239. 10:52can't just let it go out of control. So
240. 10:56that is something that he and other
241. 10:58governors are looking at. So that that's
242. 11:01really what it comes down to, right? and
243. 11:04the next FOMC meeting
244. 11:07right now
245. 11:10it's looking like there's a 83% chance
246. 11:12of a hike and he has said that before
247. 11:15where he anticipates there will be one
248. 11:17more hike this year and that is December
249. 11:22unless something happens drastically
250. 11:24between now and then obviously we have
251. 11:26midterms coming up in a week
252. 11:29okay and that could change things but
253. 11:33right Now,
254. 11:35that's what it's looking like. What else
255. 11:37is going on? Well, this is good, I
256. 11:42guess. I don't know if this is good or
257. 11:43bad, but Michael Sailor said the
258. 11:46shareholders approved that all four of
259. 11:49his preferred stocks, including Stretch,
260. 11:53will now begin
261. 11:55paying dividends daily.
262. 11:58Daily. Stretch was the the most
263. 12:00aggressive one where it was paying every
264. 12:04week. The other ones,
265. 12:06I think they were monthly and some are
266. 12:08yearly because it was one after another
267. 12:11after. Some didn't have to pay for like
268. 12:13a year. Some didn't pay for like
269. 12:16quarters and months and and stretches
270. 12:19the new one didn't have to pay for until
271. 12:21every week. It was longer before. Now
272. 12:24he's making it so all of them pay daily
273. 12:28dividend.
274. 12:32I don't know how he's going to do it,
275. 12:33but he's doing it [laughter] and he's
276. 12:35been buying back a lot of Stretch. So I
277. 12:37guess he's been preparing for this. So
278. 12:39Stretch will start daily dividend
279. 12:41payments in November while the other
280. 12:43ones will switch uh in the new year
281. 12:462027. So interesting. Sailor keeps
282. 12:49conventing. He keeps chatting with CHBT
283. 12:53on new ideas,
284. 12:56I'm pretty sure. And uh this is the
285. 12:59newest one. Pretty soon we're going to
286. 13:02move to hourly dividends.