Bitcoin exchange Sam Bank files for Chapter 11 in the US
And the last thing that I’ll say is: if you look at what precipitated some of the 2008 financial crisis, you saw a number of bilateral bespoke non-reported uh transactions happening between Financial counterparties, which then got repackaged and re-leveraged again and again and again such that.No one knew how much risk was in that system until it all fell apart until it all fell apart.Okay, as of this morning, Sam bank and freed announcing hi.All today, I filed FTX ftxus and Alameda for voluntary chapter 11 proceedings in the U.S.I’M really sorry again that we ended up here.Hopefully, things can find a way to recover.Hopefully this can bring some amount of transparency, trust and governance to them.Ultimately, hopefully it can be better for customers now in some bitter irony from that first clip.
FTX US Files for Bankruptcy Following Sam Bankman’s Warning
You saw, though, Sam bankman freed in Congress last year talking about what caused the 08 financial crisis with the banks with the housing market.Basically, what turned out to be his blueprint on what caused this crypto collapse.He goes on to say this doesn’t necessarily have to mean the end for the companies, meaning FTX FTX, us Alameda, or their ability to provide value and funds to their customers chiefly and can be consistent with other routes.Ultimately, I’m optimistic that Mr Ray, the new FTX, CEO and others can help provide whatever is best it’s very funny in the most unfunny way that yesterday, literally yesterday, Sam bankman freed went on record saying that FTX us was not impacted and then today ftxus files for Bankruptcy, it’s 100 liquid, every user could fully withdraw another lie from Sam bankman fraud.
FTX’s bankruptcy is only the beginning for the cryptos
New FTX CEO Appointed in Bankruptcy Process
Digital markets, as not FDX, Australia, FDX Express pay, have not been included in this filing and now that SBF has officially stepped down, like I said it’s John J, Ray III, who has been appointed new CEO and will work with other independent professionals during the proceedings.The FTX group has valuable assets that can only be effectively administered in an organized joint process, says Ray, so what assets do these two entities have left?We now know this information from the public bankruptcy filing and actually from this recent filing for both FTX and Alameda estimated assets and liabilities are actually between 10 billion and 50 billion dollars.So that’s the potential hole they have to fill that’s how much they’re in debt.
Alameda County’s largest Holdings are in Stablecoins and Ethereum
So do the coins that they still hold come close to that well, ftx’s, current biggest holding remains actually its ftt token, while alameda’s largest Holdings are in USD coin again, they’re seeking at least 10 billion dollars in external funding to fill this hole, so FTX holds over 600 million dollars in Assets in cryptocurrencies in their public wallets a 76 decline, since last week’s 2.6 billion dollar figure so of their current 600 million they still have.It holds over 100 million of that.In their ftt token, their full list is right.Here we see they have over 69 million in usdt stablecoin.They have 61 million in packs of gold, 50 million and die decentralized, stablecoin and then over 40 million of ethereum and staked ethereum as the eve each.So this is what we should expect them to sell in these coming months in bankruptcy court.Well, how about Alameda?On the other hand, alameda’s 146 million dollar public wallet is full of stable coin Holdings.So that’s better.
Alameda CEO to Launch Cryptocurrency Hedge Fund
They have over 60 million dollars in usdc and over 35 million dollars spread over true USD tether and die.Of course, Alameda does have old coins as well, holding over 33 million in bittorrents BTT tokens as well as 5 million dollars in state sushi uh.Three million dollars in stake ethereum, just under 3 million dollars in serum and 680 000 in eth.Here is a screenshot of alameda’s major Holdings, and you want to see something outrageous absolute disbelief.This was who was in charge of Alameda, the CEO of alamina, Caroline 42nd, clip yeah absolutely could pull it off without my math degree.I use very little math um use a lot of like uh Elementary School math.Being comfortable with risk is very important.We tend not to have things like stop losses.I think those aren’t necessarily great risk management tool trying to think of a good example of a trade where I’ve lost a ton of money um.
FTX Pumped up their own Tokens Value with Borrowed Funds
Well, I don’t know, I probably don’t want to go into specific s too much with that [ Music ] and just how far does this potential contagion go?Okx bitfinex, who will be crypto.com kucoin, are all playing the same same stupid shell game with their tokens as FTX did with ftt.What do you think will happen next, so these are all exchanges that created their own token and looking at their Holdings.The vast majority of their funds, their treasuries, are in their own token, which they propped up.They control the utility they sort of control the value.Well, this is not damning on its own because remember what FTX did is they borrowed against their token, so they gave away their token for actual real assets after they had already pumped up their own tokens value.
Crypto Exchanges Exposed to Fraudulent Trading Activity
We go into this in depth in this video right here, linked down below check it out and by the way block by announcing late last night, we are shocked and dismayed by the news regarding FTX and Alameda.We, like the rest of the world, found out about this situation through Twitter, given the lack of clarity on the status of ftx.com, ftxus and alamedia.We are not able to operate business as usual until there is further Clarity.We are limiting platform activity, including pause and client withdrawals allowed, under our terms, a stark contrast to what their CEO Flory posted on Twitter two days ago, so who else is potentially affected?No idea if this is true but sharing just in case I’m hearing from reliable sources that crypto Com, kucoin and several big OTC desks had huge exposure to FTX and are basically screwed again.That’S a rumor unconfirmed and the CEO of crypto.com does say this is false.I spoke about the extent of our exposure to FDX two days ago.
Crypto.com Releases List of Wallets Holding Reserves
He did say on November 8th that our exposure to the Meltdown is immaterial less than 10 million dollars in our own Capital deposited there for customer trade execution, and while they will be doing a proof of reserves, audit their preparation is underway.They have publicly shared their cold wallet address for some of our top assets on our platform.So I like this, I like, showing the proof that crypto.com seems to be providing.They say they have over 53 000 BTC over 391 000 eth and combined with other assets.A total of around three billion dollars in assets – and this was interesting – crypto.com released their list of wallets actually revealing they own twenty percent of their reserves in ship, and we can see right here that they have about 30 percent of their assets in Bitcoin.Almost 20 percent in ship 17 in ethereum, six percent and four percent in stable coins and then 20 in various others, and why do you think they hold so much of a meme coin?
Gary Gensler embarrassed on CNBC after admitting SEC has had a ‘
Well, it’s like 600 million ship, and this must be where they make most of their fees and how they attract users.And what this all comes down to is the contagion, not just with the cell pressure, what other firms were involved with their coins who’s selling, but with the potential regular relation that this just brought Gary Gensler just appeared on CNBC and noticed how, at the beginning of This clip Gary Gensler tries to misdirect.He starts talking about the wins the SEC has had this year, but then the anchor Andrew Sorkin brings back the conversation and noticed how Gary gets a little embarrassed and we had a big win even this week.
FTX Collapse Spurs Senators to Push for SPF-Backed
On a crypto token, called Library where a court clearly said you’ve been on Fair notice, and yes, this is the Securities under the Securities Law.In fairness, In fairness, there are millions, if not billions, of dollars that are going to get tied up that potentially will get lost in this situation by in investors, not just retail investors, but pensions that have given money to venture capitalists that have invested in these things.Shouldn’T this be more regulated, yes, Andrew and the laws are clear and and look the runway is running out.I mean uh uh, the American public and and investors around the globe are getting hurt and again remember.This is because the failure of CFI not defy nothing more centralized than a stable coin.Nothing more centralized than these companies, yet, unfortunately, defy regulatory wise may be caught in the crossfire.Senators are moving forward with the SPF backed bill after the FTX collapse.
Gary Convinces Andrew Sorkin He Was Not Hoodwink
In these final 90 seconds, listen to the follow-up from Andrew Sorkin, where he directly comes at Gary saying you are meeting with Sam bankman freed on the regular.Why were you fooled in all this Gary?You said people should come in if you will Sam bankman freed.It appears from your calendar on March 29, 2022 at 4 pm came in and actually met with you, along with Brad, got katsuyama of IEX someone who has uh draped himself in the flag.If you will of of an honorable exchange, do you feel like you were Hoodwinked?I think we’ve been clear, uh uh in these meetings, and you can look at my if my calendars public uh many meetings with folks in this industry.It’S very clear in these meetings.Same matches to the public send message to them: uh that non-compliance is not going to work, the Public’s going to be hurt, but also we’re going to continue on these dual pass.And if we need to going to be the cop on the beat going into court.Uh putting the facts and the law in front of uh judges.
Cryptocurrency Keeps Rising Its Value
This is an ongoing story.As I get more information, I will keep you updated.Like always see you tomorrow, https //cryptoblockchainresearch.com/cryptocurrency-keeps-rising-its-value/Read, More Cryptocurrency Keeps Rising Its Value.
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