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The Binance & FTX Collapse | Crypto Bankruptcy & Crash. — Transcript

by Meet Kevin · 4,896 words · 714 segments · language en · Watch on YouTube

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0:00this video is not brought to you by FTX
0:02who's a Founder just lost a 94 of his
0:05net worth in the crazy crypto Wipeout
0:08happening today it's maddening instead
0:11this video is brought to you by the
0:13brand new course that I am releasing on
0:15Black Friday that's on pre-sale linked
0:17down below use that coupon code and
0:19consider joining the new program Elite
0:21Hustlers University also check out the
0:24other programs on building your wealth
0:25the crypto Market is in utter collapse
0:27mode with big
0:29time this recording down over 10 10
0:31percent revisiting briefly the lows we
0:34have not seen in Bitcoin since a June
0:3720th and 19th so where Bitcoin traded
0:40around 17
0:42596 dollars today thanks to liquidations
0:45a falling to 17
0:48147
0:50rebounding to about
0:5218.3 thousand dollars folks all of this
0:56because of the collapse the unexpected
1:00collapse of FTX and now folks are
1:04wondering if there's only one Jerome
1:07Powell style figure left in crypto how
1:10is something that's supposed to be
1:11decentralized going to survive if that
1:14one person turns out to be Shady a scam
1:18or also bankrupt well in this video I'm
1:21going to catch you up with absolutely
1:23everything that happened today in the
1:25crypto market then we'll also look at
1:28coinbase CEOs response wants to what's
1:31going on in the market and we'll analyze
1:34who's this remaining person whom without
1:39crypto might collapse now don't get me
1:43wrong I want to be crystal clear I'm a
1:45big fan of blockchain technology I think
1:48the underlying technology will at some
1:50point in the future be as common in our
1:53daily lives as water and electricity in
1:56other words I think blockchain will
1:58become a utility a standardized utility
2:02of which there will be a value and that
2:05value could be denoted in the value of
2:08Bitcoin or ethereum depending on which
2:11blockchain ultimately ends up being used
2:13if it ends up being one of those at all
2:15we'll see who knows maybe every
2:18corporation themselves will have their
2:19own blockchain and they'll intermingle
2:21with others that's all speculation the
2:23point is there's unfortunately a
2:25difference between blockchain's
2:27fundamental value and markets and
2:31markets react to liquidity problems and
2:34when greedy institutional investors try
2:37to create leveraged products and then
2:41some kind kind of underlying Panic
2:43happens you get liquidations and
2:46liquidations lead to force selling of
2:48cryptocurrencies that are unfortunately
2:51caught in the mix
2:53so what happened today well the first
2:56thing that happened is we found out that
2:58FTX is basically going
3:01basically going bankrupt and their FTX
3:05token is now down over 70 percent on the
3:10day the FTX token is a ticker symbol ftt
3:14when you go to coin at market cap you
3:16can see it's down
3:1875.3 at the time of this recording down
3:21to five dollars and 46 cents the plummet
3:26took it from about 22 this morning uh
3:28all the way down to 5.46 do also keep in
3:32mind though this trend or the trend for
3:35ftt hasn't been great at the beginning
3:38of the year we were sitting around 45
3:40ran up to about 50 bucks by March and
3:44trended down throughout the summer when
3:46Bitcoin hit its lows ftt was trading for
3:50about twenty three dollars actually
3:52slightly more more than where it was
3:54trading this morning when we were at
3:55about twenty two dollars and that's
3:57because there were a lot of rumors
3:58circulating that some pain was coming to
4:01FTX and even though Sam bankman freed
4:05said the rumors about problems at FTX
4:07are fake news
4:10unfortunately FTX needed a bailout and
4:15that's where this person CZ comes in
4:17that's to catch you up to speed where CZ
4:20comes out and says this afternoon FTX
4:23asked for our help there is a
4:25significant liquidity crunch to protect
4:27users we signed a non-buying letter of
4:30intent intending to fully acquire
4:32ftx.com and helping cover the liquidity
4:35crunch we will be conducting a full due
4:38diligence in the coming days things to
4:40know about that first FTX is the
4:42international branch however that
4:44International fear that's happening at
4:47FTX which is going to lead more
4:49International FTX users to demand
4:51withdrawals could end up spreading to
4:53the FTX us version even though
4:56technically they're separate I think a
4:58lot of customers at the FTX us version
5:00are going to think oh I better get my
5:02money out and unfortunately when a lot
5:04of people get fearful and take their
5:06money out what ends up happening well
5:08you end up creating exactly what
5:10companies try to avoid a bank run
5:13essentially but because there's no audit
5:15of these companies there's no federal
5:17reserve FDIC SEC uh you know
5:21um finra none of that actually auditing
5:24these companies we don't know if they
5:26have sufficient liquidity to actually
5:28cover the withdrawals that are being
5:30demanded of them some rumors suggest
5:33that FTX is seeing withdrawal requests
5:36of anywhere between one to three billion
5:39dollars in just the last week and unless
5:41they have all that cash available
5:43unfortunately they've got to go figure
5:46out where to get cash from somewhere
5:47else all of this stress is starting to
5:49impact other companies as well coinbase
5:52was reporting outages this morning and
5:54now the CEO of coinbase has the
5:56following to say first off I have a lot
5:59of sympathy for everyone involved in the
6:01current situation with FTX it's
6:03stressful anytime there is a potential
6:05for customer loss yeah customer loss is
6:08the most important thing you want to
6:09avoid because that's what leads to
6:11bankruptcy remember when Voyager digital
6:13started having liquidity issues and they
6:15started limiting withdrawals that was a
6:17big red flag to get your money out of
6:20Voyager because it ended up leading to
6:22their complete collapse and bankruptcy
6:24the only thing people were able to even
6:27have a claim of or on in the bankruptcy
6:30proceedings for Voyager digital was cash
6:34and I'm not talking about stable coins
6:36uh like a usdc I'm talking about
6:40straight up US dollars so if you didn't
6:43move your coins to cash at these
6:47centralized exchanges your claims in
6:49bankruptcy court were basically
6:51eradicated that's because there is no
6:54lender of Last Resort to bail out these
6:56sort of companies like the Federal
6:58Reserve in fact here's an interview of
7:00me talking about this and telling my
7:03audience about it because I posted this
7:05video obviously on my channel when I
7:08spoke with the founder and CEO of block
7:11fi a company that was also nearly
7:14destroyed by the three arrows Capital
7:17collapse which led to the collapse of
7:19Voyager and subsequently nearly blocked
7:22Phi and what's crazy about all this is
7:26block 5 was almost bailed out by FTX
7:31but now FTX is going bankrupt anyway
7:34look at this throwback clip so you know
7:37I think our our scale and capitalization
7:40and experience and risk management is
7:43something that really uh stands apart
7:46from other uh folks uh that operate in
7:49this market
7:50nice so yeah I mean that's interesting
7:53because uh when the market crashed there
7:54and in March there's no fed coming in to
7:57bail out the crypto market right there's
7:59no lender of Last Resort and it sounds
8:02like that was almost you guys so you
8:03guys were like go ahead
8:05yeah I mean look we're the we're the
8:07largest
8:08um and and we you know we think of
8:10ourselves as uh certainly a company
8:13that's interested in growing more client
8:15relationships and offering more products
8:18to our clients and being successful from
8:20a uh from a capitalistic perspective
8:23just absolutely crazy looking back to
8:26this but what else did the CEO of
8:28coinbase have to tell us let's take a
8:30look at this I do know that link down
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9:12the content in it so check that out
9:14linked down below so what else did the
9:16CEO of coinbase have to say well Brian
9:18Armstrong says coinbase has no material
9:21exposure to FTX or ftt and no exposure
9:25to Alameda so FTX is obviously the
9:27company FDT is the FTX token and Alameda
9:31is the sort of holding company that Mr
9:34Sam bankman freed owns uh which is this
9:39guy who is basically mission
9:41accomplished achieved giving away all of
9:43his a fortune and is now leading to
9:47memes circulating that look like this
9:50Alameda research
9:52CZ walking in to bail out FTX and the
9:56Elon Musk sink so you could let that
9:59sink in oh punny so
10:03Mr Brian Armstrong goes on to say that I
10:06think it's important to reinforce what
10:08differentiates coinbase in A Moment Like
10:10This this event appears to be the result
10:12of risky business practices including
10:15conflicts of interest between deeply
10:17intertwined entities and misuse of
10:20customer funds lending user Assets Now
10:23this is really interesting this is a CEO
10:26who suggests it is a misuse of customer
10:29funds to potentially be lending user
10:32assets but wait a minute coinbase
10:35applied to allow lending but they got
10:39shut down by the SEC so I feel like this
10:43is kind of kicking somebody for
10:45something you would have been doing
10:46anyway
10:47and now you're alluding to this being
10:51risky I mean obviously risk management
10:52was an issue otherwise they wouldn't be
10:54potentially going bankrupt here but uh
10:57kind of kind of interesting do keep in
11:00mind this sort of lending issue all
11:03having to do with stable coins or a lot
11:05of it having to do with stable coins
11:07it's an issue that we've talked about in
11:09this channel as well in fact back in
11:12March of 2021 I explained how this whole
11:15lending stuff just collapses in fact
11:18here's the clip we think hey it's pegged
11:21to the dollar it's pegged to the dollar
11:22one uh one to one and if it's back to
11:24the dollar one to one it's kind of like
11:25having cash except it's kind of like a
11:27high yield savings account but that's
11:28the problem it's not it's a loan if they
11:31made you sign a document saying you
11:33agree to lend this and you could lose
11:34all of it people probably would be less
11:36inclined to do this but that's all in
11:37the fine print they just say hey sign up
11:39and earn interest on your cryptocurrency
11:40it sounds so wonderful they don't make
11:42it clear that this is actually a loan
11:43now that doesn't become a problem
11:45because right now your gusd doesn't
11:47fluctuate in value because it's packed
11:48to the dollar and the markets are
11:49working normally prices are going up
11:51you've got nothing to worry about
11:52because as prices go up there there
11:53usually isn't stress in the markets
11:55right so when does this become a problem
11:57well let's say Sally says you know what
11:58I'm going to get some margin I'm going
12:00to buy Bitcoin for a hundred dollars I'm
12:02gonna get 25 of margin from Voyager here
12:05and I'm gonna have 125 dollars invested
12:07in Bitcoin now let's say Bitcoin goes
12:09from 55k to 5K that's a big drop it's
12:12about 91 right well this is going to go
12:14down 90 to about 12.50 what happens now
12:17well now Sally gets wiped out Sally got
12:20destroyed and this could be a flash
12:21crash this could be a day Sally
12:23instantly gets destroyed because you
12:25have Smart contracts that instantly take
12:27your money away give it to Voyager the
12:28problem is Voyager is left with an asset
12:30that's worth a whole lot less than what
12:32they thought it would ever be worth so
12:33now they only have 12.50 they just lost
12:35money when a company or an Institutional
12:38Investor loses money and this happens at
12:40scale amongst hundreds or thousands of
12:43different client accounts because we
12:44have no idea how many people are on
12:45margin we don't get that kind of
12:47transparency from the system we don't
12:49know we don't know how often this gusd
12:51is Lent out over and over again we have
12:53no idea let's say boyager goes bankrupt
12:55okay Voyager goes bankrupt because
12:57they're like wow we just had all these
12:58margin losses well cryptify is probably
12:59going to have some issues as well but
13:01I'll tell you the first thing that's
13:02going to happen Kevin and Michael are
13:04going to be like oh crap please let me
13:06have my gusd back and all of a sudden
13:08we're going to see a lot of people
13:09instantly demand redemptions they're
13:10gonna want yo give me turn my gusd into
13:13dollars right now the Market's crashing
13:15I'm freaking out
13:17okay now and I know some of you are
13:19gonna think Kevin come on the same stuff
13:20happens in fractional Reserve banking
13:21hold that thought okay I'm gonna put a
13:23little note down here fractional Reserve
13:24banking we're going to talk about
13:25fractional Reserve banking hold that
13:27thought because there's a massive
13:28difference quite a few actual massive
13:30differences here so what happens now now
13:32you've got two people who think they
13:34have a hundred dollars of gusd in the
13:35bank they're like I want to redeem okay
13:37well what happens Gemini and crypto if I
13:39say hey look we're in a crisis right now
13:40no redemptions literally no redemptions
13:42they could do that it's happened before
13:43look at bitfinex bitfinex a Chinese
13:45company uses tether as their stable coin
13:48and in October of 2018 they stopped
13:50allowing deposits and so nobody was able
13:52to convert uh US dollars or Chinese
13:54dollars or whatever euros into tether
13:56and the one-to-one peg of the tether
13:59collapsed it went down as low as 85
14:02cents to one dollar and there was no
14:04market crash Bitcoin was stable around
14:06six thousand dollars when that happened
14:07no no crash no collapse and tether loses
14:1215
14:13boom like that but wait a minute it's
14:15pegged to the dollar okay you think
14:17Kevin and Michael are going to be able
14:19to go to the fed and go yo I demand my
14:21USD no fed's gonna laugh you they're
14:23gonna laugh you out of the bank get out
14:25of here we we did not bestow our trust
14:28on the gusd you tried to inherit Trust
14:31of the USD you tried to inherit the
14:34Sovereign banking the uh the backing of
14:37the Full Faith and Credit of the United
14:39States via a stable coin but it doesn't
14:41work that way quick example I have let's
14:42say a thousand of these erasers and I
14:44say hey I will always pay you one dollar
14:46for this eraser right here because the
14:49value of this eraser is pegged to the
14:50dollar cool who are you trusting the US
14:52government or me trusting me if I go
14:55bankrupt worthless
14:57same could happen here you'll get
14:59institutional bankruptcies the value of
15:01those underlying coins which are
15:03corporate controlled these this is not
15:05government control they're corporate
15:06controlled usdc is a Consortium they're
15:09private companies that control usdc
15:11Gemini private company that controls the
15:15Gemini coin so back to the CEO of
15:17coinbase again coinbase has always
15:19strived to be the most trusted player in
15:21the space and we don't engage in this
15:22type of risky activity yeah again
15:24because you can't you wanted to but you
15:27can't we don't do anything with our
15:29customers funds unless directed to do so
15:31by the customer we hold all assets
15:34dollar for dollar and users can withdraw
15:36their money at any time and that's fine
15:39that may be true but that doesn't mean
15:41that disruptions and dislocations in
15:43other parts of the crypto Market
15:45couldn't destroy the valuation of
15:48certain currencies that you may be
15:50having at coinbase right we are
15:53Incorporated in the US this is true
15:55they're publicly listed in the US and
15:57they say that's because as we believe
15:58transparency and Trust are important so
16:00every investor and customer can see our
16:01publicly or public audited financials
16:04which show how we hold customer funds we
16:06never issued an exchange token I think
16:08it's worth just intercepting here and
16:10saying you know just because you're
16:11public doesn't mean you're not shady
16:13you're going to go bankrupt in fact um
16:16here's me with the CEO of Voyager
16:18digital which was a publicly listed
16:20company and is now bankrupt here's the
16:22clip listen to what they say compared to
16:25what coinbase just said the risk
16:27parameters we've set as a public company
16:28and why it's easy to see it in our
16:31disclosures and our financials you know
16:32we just put out our December financials
16:35got posted on Canadian Cedar uh the
16:39other day on Monday as did on the OTC
16:41market so people can see all the data
16:42what happens when the last man standing
16:46of the crypto World goes bankrupt
16:49because remember
16:51Jerome Powell of the Federal Reserve can
16:53print as much money as he needs to to
16:55support functioning markets and
16:58liquidity for users but when Sam bankman
17:02freed runs out of money there aren't a
17:03lot of Jay Pals left and Sam bankman
17:05freed was deemed to be a lender of Last
17:07Resort but he just ran out of money
17:09today it's a historic moment in fact I
17:12want you to see this clip
17:14from months ago where I made a similar
17:17analogy saying one day Sam bankman freed
17:20could run out of money here it is and
17:21then we'll talk about this other guy
17:23until then bailouts from companies like
17:25FTX is founder Sam banquin freed or
17:27binance can keep crypto afloat they're
17:30basically acting like the Federal
17:32Reserve which remember when I said
17:34you're going to wish you had a j-pal
17:36who's referred to as the lender of Last
17:39Resort well guess what CNBC is now
17:42calling the founder of FTX
17:45yup the lender of Last Resort just like
17:48j-pow but even Sam bankman free doesn't
17:51have a money printer like j-pal so that
17:54means his support is more limited than
17:55what j-pal can do Sam bankman freed
17:58might be able to help prop the crypto
17:59economy up around 19 000 Bitcoin as a
18:02strong support but what happens when his
18:05support stops what happens when true
18:07Panic spreads because there's no Sam
18:10bankman freed to make sure Voyager
18:12digital can allow people to at least
18:13remove some of their money from the
18:15platform
18:17TBD so what do we know about binance and
18:20CZ and is it possible that CZ is a shady
18:24character well
18:26take a look at this piece and boy it is
18:29a piece can crypto's richest man stand
18:33the cold
18:34what I've done is I've gone through this
18:37piece I went through this when it was
18:39first published and I've just recently
18:40gone through it again this was published
18:42just a couple days after crypto well
18:44Bitcoin last hit its bottom cz's full
18:47name is right here Chiang Peng Zao and
18:50what I'd like to show you are some of
18:52the highlights from this take a look at
18:54this first they suggest that binance
18:57remains the biggest company in crypto by
19:00a mile processing more transactions than
19:03all of the next four exchanges combined
19:06that's not necessarily a good thing
19:08though because binance is a company
19:10that's the target of Investigations by
19:12almost every Financial regulator that
19:14exists the Department of Justice
19:16commodity future and trading commission
19:18the IRS the SEC you name it they're all
19:21looking in to binance and there's a
19:23reason for that because see binance is
19:26technically owned by binance Holdings
19:30which is a Cayman Islands firm which is
19:34usually where companies go to kind of
19:37skirt disclosure and lawsuits in fact we
19:42technically don't really know who owns
19:45binance Holdings or what their
19:47motivations are now we know that CZ is
19:51the owner of binance Capital Management
19:53which is registered in the British
19:55Virgin Islands now the problem with that
19:57is it makes suing these companies really
20:00hard when people sign up for an account
20:03and then run into problems for example
20:05binance at one point Shield tarot Luna
20:08without giving warnings around their
20:11promotion of Terra Luna this led to a
20:14lot of lawsuits but not just this other
20:16things have led to lawsuits as well
20:18unfortunately a lot of people as we see
20:21here just give up suing them because
20:23they can't figure out which entity to
20:26Sue or it's just so confusing to
20:29navigate how to actually pin down which
20:33person to serve because the ownership is
20:35so Arcane in these either either the
20:38Cayman Islands or the British Virgin
20:39Islands that people are just straight up
20:42confused like the lawyers are even
20:45confused and it's their job to figure
20:47out who owns these companies but you
20:49literally have Bloomberg telling you
20:51finance.com which is based in who knows
20:54where and owned by God knows whom
20:58they also say that when Traders sign up
21:00for a binance account they agree to do
21:02business with quote parties that run
21:05binance which is basically a fancy way
21:08of saying we don't really know who
21:10you're doing business with
21:12uh so some people say CZ just has all
21:16the control that he's the one guy in
21:18charge which is really interesting
21:19because he refuses to show up in the
21:22United States because he's fearful of
21:25getting arrested in the U.S even though
21:27he says he doesn't think he's gonna get
21:29arrested there has been an
21:31acknowledgment that he might get
21:32arrested if he comes to the U.S and so
21:34when he speaks at conferences in the
21:36United States he does so via Zoom CZ
21:40himself is based out of Dubai which
21:43Dubai is one of those places that people
21:45tend to go when they're trying to stay
21:47away from regulation in other countries
21:50and potentially avoid paying taxes on
21:54the money they're making now we know
21:56that binance got kicked town of the
21:59United Kingdom on top of that binance
22:02sued Forbes when Forbes did this hole
22:06expose on how binance was setting up
22:08bait and switch strategies for their
22:10customers and then binance eventually
22:12dropped that lawsuit you would think if
22:15you know Forbes messed up here they
22:17wouldn't drop the lawsuit just listened
22:19to some of the shadiness there were
22:21other signs that zaos pivot to
22:22conventionality it might not be entirely
22:25urgent the day of the interview Zao said
22:27a reporter could visit the new Dubai
22:29office but after a flurry of emails
22:31calls and texts during which assistance
22:33and PR Consultants made an array of
22:35excuses a binance representative said
22:38that in fact the office was closed
22:40because of a surge in covid-19 cases
22:42that was odd Zao hadn't made no
22:45reference to the disease during the
22:47interview nor had anyone else at the
22:49company the previous day binance had
22:51arranged a separate interview with the
22:53company's head of Middle Eastern
22:54operations who showed up unmasked at a
22:57crowded hotel lobby where he appeared to
22:59be conducting in-person meetings really
23:01so the head of the Middle Eastern
23:03operations is showing up in a Lobby to
23:05do interviews in a Lobby and then 10
23:08days later the head of publicity offered
23:11businessweek a virtual tour a virtual
23:14tour led by a head of the HR team but
23:17before the tour binance explained that
23:20the offices weren't exactly bustling but
23:22gave the impression that there was at
23:24least some activity in them saying quote
23:27so we have offices but people only go to
23:29the offices a couple days a week
23:32okay this is literally like the last
23:35company standing uh of of like huge uh
23:40means in the crypto space because we
23:42know obviously coinbase still exists and
23:44like crypto.com and stuff but this is
23:46the big boy and they're like the last
23:49j-pow remember FTX was the first shape
23:51out this is like the next in line and
23:55after that
23:56that's it J like the real jpow ain't
23:59coming in to bail out crypto uh then of
24:01course uh you know this this particular
24:03article here ends with this uh reference
24:05to binance tweeting saying they had 2
24:08000 open positions and they were hiring
24:09that they said ended up being just a
24:12joke and they didn't actually mean they
24:13were hiring you've got your scene over
24:16from Ark whom I've had on the channel as
24:18well and people are taking massive risks
24:21saying it's been a crazy day at the
24:22office FTX is basically insolvement
24:26insolvent BTC testing new lows uh Sam
24:29bankman Freed's Investment Company toast
24:31binance planning to acquire FTX uh the
24:34FTX token down 80 potentially headed to
24:38zero CZ announcing this proof of Reserve
24:41model this by the way I think is just a
24:43kind of a a little weird Okay so look at
24:47this CZ this is the guy who we just got
24:50a profile on from Bloomberg is now
24:52saying that all crypto exchanges should
24:54do basically a proof of Reserve System a
24:57merkel's tree is just the way blockchain
24:59and hashing works you don't really have
25:01to know what that means but what's
25:03really wild about this is he's making
25:05this argument that oh crypto exchanges
25:07should not operate like Banks and run on
25:09fractional reserves that way you have
25:11all the money in case anybody wants to
25:13withdraw it but the problem with this is
25:15he's just suggesting this as an idea and
25:18it's happening at a time of a massive
25:20liquid did he crunch so sure this is a
25:22great idea and it makes him seem like a
25:25genius because it's like yeah that's
25:27right screw the banks what he's really
25:29doing is manipulating the world and
25:31thinking yeah we're all still United FDX
25:33screwed up okay they suck no problem but
25:36the mission of crypto lives on yeah
25:38let's do this
25:40but they're not doing that and not only
25:43are they not doing that they're probably
25:44unlikely to ever do that because
25:46transparency is the last thing we get
25:48from CZ if anything everything is pretty
25:51arcane and murky with CZ on top of that
25:55he tweeted this stay seifu hashtag which
26:00is a reference to their secure asset
26:02fund for users and on their binance
26:05website they say that the secure asset
26:07fund was valued at one billion dollars
26:10based on pricing in January on January
26:1229th 2022 so they're trying to say like
26:15hey we have this emergency Insurance
26:17Fund set up that was established in 2018
26:19to protect users funds and look we've
26:23got a billion dollars over here well no
26:25you don't because unfortunately you park
26:28this stuff into things like the binance
26:30token and the binance token that's down
26:33like seven percent today uh yeah seven
26:36point three percent today the binance
26:38tokens falling so basically the more
26:40that falls the less money you actually
26:42have in the Insurance Fund so this is
26:44kind of like saying hey we have an
26:46insurance fund so that basically if
26:49crypto tanks you could get your money
26:51out but wait a minute that Insurance
26:53Fund is funded by binance coin and if
26:58binance coin tanks then there's less
27:01insurance to protect people in case the
27:04binance coin tanks there's a complete
27:07disaster look it's like investing it's
27:10almost like a tether on steroids over
27:12here uh like whatever I think you get
27:15the point these are the actual wallets
27:17which don't actually show a billion
27:19dollars anymore what they show now is
27:21about 331 million dollars plus the
27:24second account shows let's see here I
27:27want to say it was about 150 million
27:29dollars yeah here it is this is the
27:31second account this shows about 144
27:34million uh dollars available so really
27:36you've got maybe 480 million dollars in
27:39this Insurance Fund that's less than
27:41half of what you said it was in January
27:44and what you're kind of advertising it
27:46as so even seifu isn't even really safe
27:50so long and short of it bottom line Naya
27:54keys not your crypto number one number
27:57two when these big companies go bust not
28:01only does it increase volatility but it
28:03kills a lot of trust in the entire
28:05system blockchain technology Will
28:08Survive but the valuation of crypto
28:10assets with all this insane speculation
28:13and nonsense will come into a heavy
28:17question especially if binance pulls the
28:20plug and doesn't buy FTX if they don't
28:23buy FTX FTX could end up going bankrupt
28:26if FTX goes bankrupt we could see Mass
28:30Liquidations in crypto as people well
28:32basically as FTX goes through bankruptcy
28:34and then what that could actually hurt
28:37finance and if binance goes down
28:40GG game over good game well played wish
28:45you all the best check out the programs
28:47on building your wealth link down below
28:48and we'll see in the next one

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