ALERT! I’m withdrawing 100% of my bitcoin from

ALERT! I’m withdrawing 100% of my bitcoin from

If you don't think every single crypto exchange 
is at risk of pausing withdrawals temporarily   Or permanently making it so you cannot access 
your crypto you are dead wrong breaking news   A potential Bank Run on may be in 
progress nearly 90 000 unique transactions have   Been processed in the last few hours suggesting 
that users are scrambling to get their funds off   The exchange over the weekend some doubts were 
raised about the legitimacy of the reserves   Of after it was revealed that the 
singapore-based crypto exchange accidentally   Sent three hundred and twenty thousand each or 
about 400 million dollars worth of eth to rival   Exchange gate dot IO this has led many critics to 
accuse and gate IO of sharing funds to   Post stronger looking proof of Reserve statements 
strangely the CEO tried to claim that the transfer   Was actually a mistake explaining that the funds 
had accidentally been sent to their Rivals account   Instead of's own Cold Storage quote it 
was supposed to be a move to a new Cold Storage   Address but was sent to a whitelisted external 
exchange address Chris the CEO explained I've   Been seeing prominent crypto personalities with a 
reputation to lose as well as regular people who   Use the exchange claiming that they're not able to 
withdraw from martiniguy   Withdrawal of two Bitcoin has been pending for 
24 hours this is not normal and it's suggesting   They are bankrupt update funds still not arrived 
funds still pending my concern is growing people   Reporting smaller transactions are fine but seeing 
a lot of issues with larger transactions I've been   Seeing a lot of comments like this the 
team has been seeing comments and complaints like   This withdrawals are being processed as usual 
no fun please Chris the CEO took to Twitter to   Say we have a lot of unanswered questions here 
maybe the biggest one is CEO claiming   That they accidentally sent 400 million of their 
eth to the wrong wallet he's either lying about   It or incompetent according to coffeezilla this 
is Chris the CEO of he answers these   Questions directly first things first is a true 
the stopped withdrawals is it true   That you've stopped withdrawals this is absolutely 
not sure um we are operating as usual again there   Is a heightened level of activity which means you 
know higher trading volumes more revenue for us   Also a higher number of deposits and withdrawals 
and we are operating as usual with higher levels   Of activity what you will see is that uh in a 
customer service tickets uh there's some backlog   There so we're working super hard on making sure 
that that you get answers from customer service   In a timely manner but withdrawals are absolutely 
core and withdrawals are working and will always   Be working this is absolutely fundamental 
uh so every time you see somebody on Twitter   Saying that oh in our Jaws are not working please 
double check because they are working you go to and you can see status in real 
time of all the services so I recommend you guys   Take a look at it this week for uh there are only 
three coins that where we stop withdrawals one is   Gala which is a security institution a week ago 
and two coins called SRM and array that are tied  

To FTX very closely so we want to protect our 
users and progressively remove these this type   Of assets from our platform altogether number two 
explain how your exchange accidentally sent 400   Million dollars of eat to the wrong wallet address 
is it incompetency please explain your process to   Validate sending funds to the correct addresses 
where was the breakdown in the 400 million moved   Incorrectly all right that's a great question 
so first thing I want to clarify is that every   Single address that we are that our systems 
uh allow funds to be sent to is whitelisted   And approved and pre-approved and there is no 
way that systems can go to an address that we   Can't control and and get the funds back from 
people were speculating that oh you know we had   To go and ask ktario to return the funds to us 
no we we could just withdraw the funds and send   It back because it was our corporate account 
with them it's just the amount was so large   That it was above their daily withdrawal limits 
so we've we've asked them to increase our daily   Withdrawments and that was the extent of their 
help so people need to understand at no time the   Funds were at risk of being sent somewhere where 
we couldn't get it back make sure you subscribe to   Our Channel we post a video updating you on the 
entire cryptocurrency Market on a daily basis   Subscribers of this channel are way more informed 
than the average user next question and   Just spell this out for us Chris is in 
financial trouble several influencers on Twitter   Have been saying is in financial 
trouble what do you have to say to them What's a this is not the first time that people 
are saying things about I've been   Saying it for for a few years right and what I can 
say is that we will do what we've always done we   Will prove people wrong with our actions and not 
our words so in a couple of months all these guys   Are going to look really really bad for throwing 
allegations that have absolutely no substance as   A company we not only have one-to-one Reserve 
coverage we also have a tremendously strong   Balance sheet so we will continue operating 
as usual and we will prove people wrong I'm   Looking forward to it more than anything else 
so is promising to do a full proof   Of reserves in the coming weeks they say that 
takes some time in the meantime they've released   Some cold wallet addresses for us and some of the 
things that we were able to find have been quite   Revealing CEO and founder Chris just 
released a cold storage address or two their proof   Of reserves in full is coming later the scary part 
so far they hold more shib than eth based on what   They've released so far 20 of their Holdings is 
ship explain yourself why do you hold so much ship   On Friday we released our cold wallet addresses 
and a lot of people are talking about 20 percent   Of the reserve is in ship can you explain that a 
lot of people were wondering how does that happen   It's one to one right so we we store whatever our 
customer was buying and it so happens that last   Year Dodge and and she were two extremely hot meme 
coins and people bought a lot and they're holding   It they didn't sell it so as long as our users 
are holding we will be we'll be holding it we  

Have we have no control over what you guys buy 
you know you buy it we will start it will keep   It safe for you and that's it I want to make it 
clear for everybody that those are not our funds   Those are client funds so despite the fact that 
Chris the CEO is telling people especially people   With big audiences to quiet down no fun please 
everything is fine funds are safu that hasn't   Stopped some of the biggest people on crypto 
Twitter or crypto social media with some of the   Biggest reputations to lose from drawing attention 
to the fact that they believe that is   Bad news coffeezilla CEOs old company 
and Sogo was known for shutting down abruptly   Suddenly and without no prior warning word to 
the wise take your money out while you can when goes bust people will ask how nobody 
saw it coming given their CEO's history with   Scammy businesses Google and Sago but the thing 
is we did see it coming we warned you don't end   Up like in Sago customers and of course there's 
many comparisons to FTX FTX wasn't exchange is in exchange how is 
different from FTX essentially there are two   Business models in cryptocurrency space right 
one is The Brokerage model where our platform   For example is a counterparty to the transaction 
and every time our users buy or sell crypto we   Immediately passed their position to have zero 
Market risks and we take a fee for providing the   Access to it this is 95 of our business that's 
also 95 of business of coinbase and the other   Model is taking a fee on the exchange where 
people trade hundreds of millions of dollars   You know high volume Traders these are a couple 
bips and whatnot so those are the two business   Models and we focus on the retail part of the 
business our exchange while growing fast and we've   Just launched our gen F3 version of The Exchange 
we've got a lot of great features and even lower   Fees it's it's growing nicely but it's still 
a small portion of our business retail access   To 70 million people this is our core so it's 
completely different comparing to FTX how does make money anyway what is the business 
model what are's main sources of income   And profit it's is the fees our users pay whenever 
we give them access through Fiat or crypto trading   We've got also some smaller revenue streams for 
example or crypto company solution where merchants   Accept cryptocurrency as a form of payment for 
their goods and and we charge you know 50 basis   Points or providing the service and subsequently 
converting it to Fiat for them but majority of   It is just a global access to retail so is it a 
good idea to withdraw your funds from   First of all has the product where 
they hold your crypto for you that's how you   Would presumably lose your crypto if there was 
a problem also has a product their   Defy wallet which totally allows you to control 
your own keys so keep that in mind now here's   The thing I withdrew 100 of my crypto from I helped my family withdraw 100 of   Their crypto from I don't necessarily 
think anything is wrong with but if you   Haven't learned the importance of self-custody 
by now then there may be no hope for you not  

Your keys not your crypto sure the CEO says 
everything's okay but isn't that what most   CEOs Alex machinsky SBF isn't what most of them 
say before they go insolvent or you just find out   Later they're lying to you again I'm not saying 
this is the case here but if you haven't learned   The importance of self-custody by now then there 
may be no hope for you subscribe to the channel   Channel we post videos like this on a daily basis 
keeping you informed let me know what you think   About all this in the comments below like the 
video if you got value I'll see you tomorrow

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