But Sam is not a traditional billionaire What's up guys I'm here with my boy Sam From FTX he believes in the concept of Earn to give we're at crypto Bahamas Conference we're going to start the day We're gonna do some tick tocks for you Guys he believes in the concept of earn To give Scam bankman freed still under Supervision in the Bahamas looking to Flee to Dubai as per the last reports While CZ of binance calling his next Shot warning the crypto community of the Next potential FTX if an exchange has to Move large amounts of crypto before or After they demonstrate their wallet Addresses it's a clear sign of problems Stay away stay sefu and this is an Inside joke in crypto just means stay Safe why is crypto.com's token dropping This this is not secure CZ tweeting late Last night from the Revelation that the Exchange crypto.com was doing some weird Fund transfers Crypto.com withdrawals rise after CEO Admits transaction problem this is what Happened crypto.com accidentally sent 80 Percent of their Cold Storage eth to Gate IO another Exchange And then asked for it back this then Confirmed by crypto.com's CEO it was Supposed to be a move to a new Cold Storage address a new wallet but was Sent to a whitelisted external exchange
Address we worked with the gate team and The funds were subsequently returned to Our Cold Storage new processes and Features were implemented to prevent This from reoccurring so valid mistake They accidentally sent 80 percent of Their eth in reserves to a different Exchange he got it all back though right Well recap crypto.com sent three hundred And twenty thousand each to gate then Gate sent only 285 back this shown from The on-chain data Um was there some sort of return fee a Fee for the mistake all funds were Returned clarified Chris their CEO we Have single digit USD million balances On gate as of now Again what did CZ say if an exchange has To move large amounts of crypto before Or after they demonstrate their wallet Addresses it's a clear sign of problems Stay away stay safe and by the way just For clarity this happened well before a Few weeks before the FTX Fiasco gate did Correct the situation about five to Seven days later but these are user Funds I believe doesn't quite instill Confidence by the way crypto.com kucoin Other exchanges are coming out with Their own individual proof of reserves We go into this in detail in this video Right here the FTX bankruptcy was just The beginning linked down below seek it Out but it doesn't stop there huobi in
Gate IO now both under Fire for Allegedly sharing snapshots using loaned Funds so a wallet address linked to the Hawaii exchange was found transferring 10 000 eth to other exchanges soon after Releasing its asset snapshot So after huobi released their own Snapshot of their asset Reserve then 10 000 ethereum was transferred from their Address named huobi 34 to binance and Okx deposit wallets be who will be 34 Which had around 14 858 ethereum at the Time of the snapshot that they sent to Their Community currently only has 4 000 Ethereum left hey are you okay no I'm Investing in an industry run by Ethan Clowns now to be fair Hawaii responded Relatively quickly they assured their Community that this was just a Misunderstanding and all the funds are Secure users can withdraw at any time Yet this does speak to the lack of Confidence in centralized crypto Exchanges right now at least we have CZ Call not sambangman freed a few days ago Calling out other exchanges today and we Won't be fooled again so obvious in Hindsight CZ nothing like Sam bankman Freed we're never going to see something Like that Again what not about making money in Fact CZ doesn't care about money Delighted to announce my partnership With Finance he has no fancy clothes or
Cars and he plans to donate his wealth To charity and this is just the Beginning Damn very similar video to the SPF one And by the way this is I'm saying this a Little bit ingest you know all signs we Don't know that that's the point of Centralized exchanges we don't know What's going on internally unless They're gonna do those Merkle tree proof Of reserves they actually show us their Wallets and signed transactions to prove They own them but that's the point with Centralized exchanges you have to trust Why take the chance at all unless unless You're in an active trade make the trade That is a necessary evil but then use The cold wallet and by the way the Contagion from FTX appears to have just Started wrapped Bitcoin on Solana is Literally literally going to zero and Again this is not Bitcoin this is a Layer two this is so people could use Bitcoin in the Solana ecosystem wrapped Bitcoin on Solana Sobtc tokens a wrapped BTC tokens issued By FTX or Alameda both these entities Have filed for chapter 11 bankruptcy and The BTC tokens are no longer redeemable Same thing happening for rap deth Specifically on Solana and again while Bitcoin the underlying main asset Bitcoin is decentralized there's nothing More centralized than a layer 2 issued
By a company because once that company Goes out of business You can no longer redeem it they're Stable coins in this case a stable coin Pegged to bitcoin and based on our Latest data there are around 40 million Dollars now of unredeemable wrapped Bitcoin on Solana 6.6 million dollars of Unredeemable wrapped Ethan Solana and 1.2 million dollars of unredeemable Solana usdt all floating around the Market this can effectively be marked to Zero so you traded them real money and They gave you back fake Bitcoin the Crazy thing is people are still able to Swap this wrapped Bitcoin wrapped teeth Out now the price of one of these sobtcs Is below 2 200. so even though they're Technically worth nothing and Unredeemable People are still trading them FTX had Zero Bitcoin assets listed in their Bankruptcy documents yet they had 1.4 Billion dollars in BTC liabilities they Sold you fake Bitcoin the FDX hack has Sparked a revolution at the serum decks Basically like the uniswap of sawana That's serum as Solana devs plot Alamitas ouster so developers are Scrambling to create a new version of The on-chain liquidity Hub that has no Ties to Sam bankman Freed's burning Empire so they are hard forking the Decks to a new chain that Sam
Bankmanfreed doesn't control and Actually when I say sandbang and freed In this case I mean FTX group the true Power over CRM rested with FTX Group Which continues to hold the program Update Authority Keys meaning that they Had the master key to the decks On Saturday D5 protocols across the Salon ecosystem began unplugging from Serum the decks for Fears that they Didn't know who wielded control because The developers once tweeting about Associated with serum have gone silent As of today this was a success liquidity Hub serum forked by developers after FTX Attack so according to the developers on Twitter a verified build of the same Version has been made and deployed Additionally the upgrade Authority and Fee revenues have been changed and are Now managed by a multi-sig controlled by A team of trusted developers so not just One person with the key but multiple People multi-cig and projects in the Solana ecosystem needed something like This many protocols in Solana depend on Sierra markets for liquidity and Liquidations expect a bigger update on All this tomorrow the contagion of this FTX collapse probably just beginning Like always see you tomorrow