This FTX Crypto Collapse is About to Get ABSURD…

This FTX Crypto Collapse is About to Get ABSURD...

This FTX Scandal just got wild as Sam Bankman freed seemingly continues his Press tour giving an exclusive to Vox as If he hadn't as if he didn't just steal Billions and billions of dollars in Client funds and then lose everything You see this Vox reporter was smart she Didn't just release the article she Released the exact DMS so as SBF was Tweeting cryptic messages and Apologizing saying how sorry he is he'll Earn the money back we now know that That was a bold-faced lie these DMS Occurring at the exact same time you see Just looking at the company now FTX Isn't quite sure how much money it has Or how many people it actually employs From new CEO John Jay Ray so the books Are a disaster and while they think they Think they kind of know how much money They have left so far that amounts to Around 740 million dollars now being Held in their Cold Storage but that Money may not even be real You see Ray notes about half of the 740 Million about 372 million came from Unauthorized transfers that occurred the Exact same day FTX filed for bankruptcy As well as another 300 came from minting 300 worth of ftt tokens after the filing And it's not just FTX that we're Currently getting the post-mortem on we Now know from the bankruptcy filing that Alameda the sister company was secretly

Exempted from ftx's Auto Liquidation Protocols literally god mode meaning FTX Would give client funds to Alameda Alameda could trade those funds without The fear of getting liquidated in other Words it could play the game without Rules also as per the bankruptcy filing We now know SPF received one billion Dollars in personal loans from Alameda And just how big is this contagion Starting to get just yesterday crypto Exchange gem Gemini suffered half a Billion dollars in Rush outflows amid Contagion fears you see they had to Pause withdrawals for a while as Genesis An Institutional OTC crypto lending unit Is having liquidity issues of its own And most people don't realize just how Big of a net Genesis Global Capital cast In the crypto industry this company was Massive if this is really the end for Genesis this could be more impactful Than FTX You see FTX hurt liquid funds and Consumers Genesis impacts nearly every Company in crypto let's dig in for those Who aren't familiar Genesis started as The first OTC over-the-counter Bitcoin desk in 2013. there are now crypto's largest Lending desk Genesis is part of dcg Digital currency group Barry silbert's Holding company that owns coindesk Foundry Genesis grayscale luno Digital

Currency group also runs a huge VC firm So they're connected with everybody and At the height of the market last year Genesis was moving size check out these Q4 2021 numbers over 50 billion dollars In loan originations over 12.5 billion Dollars in active loans as well as huge Spot volume and derivatives volume Traded so they were a large part of the Market and then three AC happened Genesis was the biggest creditor to 3ac Having lent them a whopping 2.4 billion Dollars digital currency group sort of Bailed them out leaving Genesis then With no outstanding liabilities tied to 3ac so they took a hit but then dodged The bigger bullet in a sense So today why is the downfall of Genesis So bad Well dozens of companies like Gemini use Genesis to help their consumers earn Yield if you're a C5 platform that Offers yield you probably use Genesis And if you want some quick math on how This exactly works with a yield you give Your crypto to Gemini Gemini gives your Crypto Genesis Genesis lends your crypto To a fund the fund borrows from Genesis X plus two percent Genesis gives Gemini X plus one percent and then Gemini gives You X percent voila now you're in yield Now this only works if those Counterparties the Genesis gives the Money to repays Genesis back if Genesis

Can't get their crypto back they can't Give the crypto back to gemini or insert Any other crypto C5 platform which means Gemini can't give you your crypto beyond That nearly every whale I know that Plays in crypto gives money to Genesis Instead of earning yield on the Block Fies and Geminis of the world these Whales give direct to Genesis to earn Yield now those institutions family Offices in Wales can't get their crypto Back and this is what it all comes down To this is why Genesis halting Withdrawals is so bad they sit at the Direct center of the crypto Capital Markets they custody funds they help Institutions earn yield And they are yield products for C5 Platforms this is not good so this is an Ongoing story with Genesis they were the Biggest BTC over-the-counter desk and Lender in crypto and while the industry Tries to heal right now Sam bankman Freed is lying to you and I can prove it This is truly wild VOX media directly Asks Sam begman freed of FTX is the Ethics stuff that you're tweeting about Mostly a front Sam answers yeah I mean That's not all of it but it's a lot so As he tweets out platitudes and Apologies here are the DMS he was Sending that Vox reporter this is the Reporter so the ethics stuff that you Tweet out mostly a front people will

Like you if you win and hate you if you Lose and that's how it all really works Yeah meaning it is a front I mean not All of it but it's a lot the worst Quadrant you can be in is sketchy plus Lose the best is Win plus question mark Clean Plus lose is bad but not terrible So he's saying that he lost but he Doesn't want to be sketchy and lose so He wants his Persona in the public to be Clean plus lose that's the best option The reporter continues with flattery you Were really good at talking about ethics For somebody who kind of saw it all as a Game with winners and losers yeah he he I had to be it's what reputations are Made of to some extent I feel bad for Those who got effed by it by this dumb Game we woke westerners play where we Say all the right shibiliths and so Everybody likes us SBF admitting that this is all sort of a Game to him and he's just trying to Increase his reputation even though he Thinks it's all Bs the reporter Continues by questioning him on customer Deposits you tweeted out some stuff like FTX never invested your customers Deposits that was BS right It was factually accurate huh but like Their deposits were totally not there Or do you just mean technically it was Alameda FTX correct so basically it's Just word play all semantics SPF saying

Well it wasn't the customer's deposits Anymore once we gave it to Alameda so FTX technically wasn't gambling with Customers money FTX just loaned their Money to Alameda and it was Alameda who Gambled their money and lost it and you Didn't realize it was a big deal because You didn't realize how much money it was Yeah and thought Alameda had enough Collateral to reasonable cover it and Finally if you hold crypto the final DM I want to share with you this one is Psycho Sam bankman freed admits he's a Liar and admits he still sees himself as A hero the reporter says I was trying to figure out like if that Was kind of the pr off the cuff answer You gave SPF says man all the dumb [ __ ] I said it's not true not really Yeah I thought it might not be everyone Goes around pretending that perception Reflects reality it doesn't some of this Decade's greatest heroes will never be Known and some of its most beloved People are basically Shams so you kind Of don't believe in like doing unethical Crap as anything other than a judgment We bestow upon the losers a month ago CZ Was a walking example of don't do Unethical crap or your money is Worthless now he's a hero is it because He's virtuous or because he has the Bigger balance sheet and so he won well I can see why you didn't give that

Answer in interviews hey In summation what these SPF chat logs Can all be condensed into a his public Persona was an act B the means justify The end best to be dishonest but when C Doing sketchy things is okay D he had Been using customer funds for a long Time and E it wasn't quite lending them Out also CZ of binance on CNBC International this morning calling SBF a Psychopath Sam tweeted at some point I might have More to say about a particular sparring Partner so to speak but you know glass Houses so for now all I say is well Played you won Can you respond to that I think only a psychopath can write that Tweet All right I'll explain why Uh number one is Um I never well he never told me I was His sparring partner uh I'm actually not Sure if that tweet is even tweeted at me Um or us when how else would it be we Can we can imply well we can guess but This is an ongoing story so the minute I Get new information I will keep you Updated by the way my brother and I will Be at the Bitcoin conference 2023 the Largest crypto conference in existence In Miami Beach next year there's a link Down below use code altcoin daily for 10 Off also for those of you in Miami in

About a week my brother and I will be Speaking at decentral link down below Grab your tickets November 28th or 29th As well as a crypto comedy event called Web3 is a joke they'll be laughing Learning and linking my brother and I Will be speaking sort of doing the Learning and there'll be stand-up comedy As well link down below Santa Monica in December gonna be awesome see you Tomorrow

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