Foreign foreign thank you Goonies Emergency Press Conference: We probably have the biggest news of the year in the world of Crypto FTX is going to be bought out by Binance. Finance has just proven itself to be truly the top dog in the world of crypto, That's the tldr. If you're clicking into this emergency prep: Conference of what's going on FTX not FTX really anymore. Well, it's FTX but it's at least now. finances. FTX it's no longer Sam Bankman Freed's FTX Like I said, Binance is the top dog. What I want to do in here is explain the exact details of what transpired over really the past couple hours because that's the amazing stuff. But then I want to give you kind of a rundown of how we even got to here because if you're like me, over the entire past year, it seemed like FTX was the strong one. It seemed like FTX was the crypto company who was kind of backstopping everything. buying this company, buying that company stepping in with Celsius Voyager uh, giving out loans, it seemed like it was the strong one. Well, if that's true, how from over the weekend until the point that I'm filming this now, did things go so disastrously long? So basically what I did for you is over the past couple of hours I was a complete neurotic lunatic creating a timeline of how we got to this exact moment. But as I said, the Tldr of this is Binance is buying out FTX because they are having serious serious liquidity issues now Obviously before we get into all the fun details of what in the world's going on, If you enjoy this type of content, don't forget to hit the like button and don't forget hit the Subscribe Button as well. you know, become a goonie. Now with all that said, let's get rocking. Hey all I have a few announcements to make. Things have come first: Circle and FTX First and last investors are the same. We have come to an agreement on a strategic transaction with Binance for Ftx.com This just coming out a few hours ago and you might be wondering, what in the world does that mean? Well, it means this Binance CEO announces intent to acquire FDX to help cover the liquidity Crunch And that is a very, very generous way of putting it. Now that's everything you need to know really. But if you're a little bit more Curious of how this train could come off the track so rapidly and produce so much Carnage in such a short amount of time, you're in the right spot because this is really when it all got going. Sam Sam Sam Sam If that doesn't tell you everything you need to know I don't know what will. the storied Quarterback Tom Brady on a space call was SPF of FTX and just left hanging. Now let's really really get into how we possibly got to the current situation. In retrospect, we should have all known a while ago when some top officials of the company started pulling the rip cord. right Here in August we see that the co-ceo of Alameda Research also owned and operated by SBF he has FTX and Alameda this person Sam stepped down not too long after that Brett Harrison who is the President of FTX and he was kind of spearheading the effort for FTX civil to trade equities. He also stepped down, but this was a month later in September. So like I said, in retrospect, when your top officials start fleeing the company when allegedly everything's fine seems a little sus then things got a little bit worse. So you're losing the President of FTX you're losing the co-ceo of Alameda And then all of a sudden we find out that they're being probed by the Texas Securities regulator. Now if you're like me, it was very easy to kind of Overlook All this because also, we were being inundated with the news that FTX was buying everything. it was in a position or at least seemingly in a position of power it was helping with Celsius it was helping with Voyager. It was buying this. It was buying that it seemed to be an absolute Juggernaut. So I don't know. I'm at least going to give myself a little pass here and I think you should give yourself a pass here to not maybe read too deeply into some of those texts and tweets and emails and the news articles. particularly those tweets. because you learn it, you're like, oh, maybe they're just going on to another job. Maybe this is just a once again the SEC not liking crypto I think it's easy to Monday Morning Quarterback here of like oh man I should have seen this all coming, but hey, it is what it is. So for the longest time Sam he really was beloved in the world of crypto he was. It seemed like he was a guy fighting for what the coordinator of what decentralized Finance currency is meant to be. And then all of a sudden that pedestal he was on within the community started to erode. Uh, not too long ago. somewhere between September October there was a new bill that was going around in DC and feel free as actually before. I Get more into this every single account you see. Give them a follow, give them a shout out this content that I'm making for you literally would not be possible without them. I'm the person who's kind of just connecting the threads here. but these are the people who I would argue are the true like crypto journalists in this situation. I Want to make that explicitly clear? Anyway, it started to kind of fall apart in October and the reason it fell apart in October at least the pedestal that Sam was on the almost Titan god-like nature he had in the community. At first he seemed to be fighting fighting He was fighting for the little guy who was fighting for the supporters of crypto. And then it took a pretty brutal turn. And the reason it took a brutal turn is because out of nowhere he started supporting rules and laws that were more restrictive specifically to D5. Well, that was an interesting few days at retrospect. so we try to defend it and in fact, it made it even worse. And let me actually play the clip for you where it just makes no sense. It seems very confusing. All of a sudden he went from this character who had the crypto Industries back to a guy who was stabbing it in the back almost seemingly just to make money. If that did be that like essentially a superintendent by Americans Targeting American Retail had to be licensed. Um, I Think that could be reasonable if the question was. let's let's acknowledge that the email protocol will be permissionless as a protocol. Yep, but it was the law of the land in America that every email front-end provider required Kyc from its users. Yeah, because under the justification that we do not want people sending information back and forth to terrorists. yep, where would you stand on that position? Oh, I'd be strongly against that position I Think it'd be I Think why why begins it because I think that it I Think it doesn't realize he's about to get it a lot of people I Think he would not trust in practice that it would do a good job. So I agree with you on all that. Um I'm making a distinction here between for instance, payments versus like derivatives contracts. Why? Why is Ave somehow different than email? So and this is the question that really started to break him down. He couldn't answer it so well and so passionately to not block email with licensing and Kyc I Loved hearing that. Yep, that filled my soul with joy. Such arguments. Why does that not apply to financial transactions? So um, why does it not apply to financial? He literally can't answer it whatsoever. I Think there are a few things here. So first of all, obviously pretty funny. But regardless, what this means is at first he was fighting for this whole concept of getting your money in your finances away from the government. Look around, what's going on we have 4X the inflation we have globally. There's inflation. We have drunken Sailors running, uh, Federal reserves and central banks making money out of thin air and then all of a sudden we're saying oh no, no, the government should be involved in all forms of Finance Right now, there's a cultural Movement We are living in history where people are trying to break finances away from government control. It wasn't that long ago that Secretary Janet Yellen Treasury Secretary was saying we should monitor everything above six hundred dollars. They want to take a I guess like they want to monitor everything. They want to take every little aspect of your life and have control of it. And that's one of the beautiful things about crypto in a general sense is you get some anonymity and then all of a sudden we thought that this guy who was going to die on that Hill if need be started to support rules that would truly hinder the privacy and other very important things related to the world of defy. And it was to the point that he couldn't even come up with a good excuse. He was just awkwardly caught. so it started to break down there, his pedestal, his standing within the community and then it really started to tank. This was more so recently October September October started to go downhill and then man, it was just getting absolutely yeeded. Yeah, off a cliff. As soon as we got to November divisions in Spf's crypto Empire blur on his trading Titan Alameda's balance sheet. So remember he has Alameda and he has FTX and what this really means was beautifully defined here by Dylan Leclair and basically looked into their balance sheet and then all of a sudden we realized that they had 14.6 billion dollars worth of assets and eight billion dollars worth of liabilities. But out of this, 14.6 of assets, 3.66 ftt, 2.66 ftt collateral. So right there. the line share of it is their own native token which is backed by absolutely nothing. Also, this is going to be important later in the story. please take note of how much salon and 292 million of Solana. then there's even more of lock Solana and then 134 million of USD and two bill in in equity security. So please just remember that there's Solana and there's going to be other crypto involved such as Bitcoin Ethereum. that will be important later in this story. But the real thing here is we know that they have a lot of Ftt, which is their own FTX native token backed by zilch backed by nothing. And the scary part here is the market cap was 3 billion as in they had more on their books on assets than there is market cap. As this account says, once again, another phenomenal count to follow. FTX is insolvent and we got proof FTX exchange and Alameda research hold 8 billion in Ftt value which is illiquid against a real market cap of 3 billion. So basically they were posturing as if they had all this strength. In reality, they were insolvent and it was pretty much a lie. You can see here how the velocity of all of this was catching up to them in a very, very fast High Velocity fashion. And then all of a sudden Pandora's box came unopened on November 6th, 10 47 in the morning when the CEO of Binance sent out this tweet to the world and this was the point of not coming back as part of Binance's exit from FTX Equity Last year, Binance has received roughly 2.1 billion USD equivalent in busd and Ftt once again Ftx's native token due to recent Revelations as in they're probably just nothing insolvent. that's not real money. it's funny money. Those are the recent Revelations that have come to light. We have decided to liquidate any remaining Ftt on our books and then obviously explained it a little bit more, but it wasn't good. and then all of a sudden you can see instantaneously they went into damage control. So Caroline uh related with Alameda Hey, if you're looking to minimize the market impact of your Ftt sales, Alameda will happily buy it all from you today at 22. Uh, Just so you know at the moment that I'm filming, this Ftt is currently trading at 8.5 There was big support in the region of 22 and then it plummeted to 15, popped back up to 20 and literally as I'm filming this live with all of you, it is continuing to go down and down and down. This was pretty a pretty ruthless tactic. Could Binance have sold everything and kind of stopped this like pie in the face scenario for FTX Yeah, probably. But then we had the Binance CEO publicly say nope I'm selling it to the open market knowing that it was super low liquid and it would just absolutely push the price down to the depths of hell. And as you can see, that's what was happening. and even though they were trying to stop this absolute Hemorrhage the public wasn't buying it. Look at the outflows, this was just over the not this 24 hours. but the previous 24 hours we're talking about half a billion and the numbers just get bigger and bigger and bigger People knew something was up and then also all stable coins. Exchange Reserve FDX They're stable coins which are incredibly important for withdrawals. You can see there was a literal Bank Run except this time it was a digital bankrupt, but just absolutely dwindling. People knew the smell of bullshit and as a last-ditch effort Alameda which is under SPF was sending more stable coins over to FTX to try to make it all possible. I Mean that's one of the beautiful things about Crypto is you could track it, it's all on. Ledger Everyone can see exactly what's going on and everyone was sending Elementary research just sending stable coins to FDX in size and once again, this was all just a last-ditch effort to stop the hemorrhaging and they just couldn't pull it off. The final death blow arguably right here: CEO of Finance CZ Liquidating our FTI Ftt is just post exit Risk Management learning from Luna Terra Luna the thing that blew up and then brought down anchor Celsius 3ac Voyager Right there learning from Luna Those are the three words from a respected person within the world of crypto that was the dagger to the heart for FTX As soon as that Association was made because it wasn't that long ago that Luna burned many people for more money than you even want to possibly fan them that Association of even potentially even if there's like a one percent chance that Ftt FTX becomes the next Luna People said no way Jose and they pulled the rip cord before you could possibly believe and then from there it was not able to be stopped. Um, 23 million or half a billion USD of that of Ftt was transferred selling it and then he's just he's pounding FTX into the ground. Yes, this is part of it and it just kept going going. Going to the point that FTX token plummets on withdrawal concerns as contagion hits broader crypto Market People of the weekend started to notice that when they were trying to get money out of the FTX usually took like 10 to 15 minutes. All of a sudden this was taking hours and then they're like hey hey no no, no, it's not a problem like whatsoever. We don't know, like what the issue is and then obviously in retrospect it wasn't just like a common delay that you expect on the weekend, they had very very serious delays. But even at this point the interesting thing is as of November 7th they weren't admitting anything SPF Right here, a competitor is trying to go after us with false rumors. FTX is fine, assets are fine, and FTX has enough to cover all client. Holdings If that were true, why are you sending everything you possibly have at Alameda 2 FTX We don't invest clients assets, even in treasuries. We have been processing all withdrawals and will continue to. It's heavily regulated, blah blah blah blah blah blah. Doesn't matter because it was a load of BS And then it got to the point that they were even trolling the world. This is from Ftx's official account. There is no need to be upset. like sending the Doge dog the lawnmower. This is from their official account. After everything I just explained to you has already happened. You're losing your co-ceo of Alameda You're losing your President of FTX. All of a sudden people realize what are your assets are completely fictitious and basically made up, not backed by anything. and even if they were, the numbers don't even make sense. And then all of a sudden your biggest competitor Finance says we're selling and then you're just saying hey, no, we're being attacked, Everything's fine, and then you're trolling the entire world. This is all in the past 24 hours. That's how saying the entire crypto world is going right now and then very quickly This morning people realize that it's going to keep going down. They realize that withdrawals were actually paused. and it wasn't just Ftt. I Mean as you can see right here you have Bitcoin going from 21.5 000 all the way down to 18 for you have eth going from 1700 down to sub 1400 and then obviously you have Ftt going from 26 all the way down to eight. This is a straight on vomit Fest Solana Falls and speculation centers on links to Sam Bankman Freed remember when I told you from that Dylan Leclair tweet of how much Soul they had. If you're wondering why Salon is falling as well, it's because they were selling everything they were selling Seoul they were selling Bitcoin Ether slide on protective puts draw demand Amid sell-off and Ftx's token I mean it got so crazy. Check this out. Ftx's Bitcoin balance plunges to just one and yet there was no liquidity issues were perfectly fine. We're completely covering everyone and the fuck you were and the culmination of it just came out a little bit ago. FTX agrees to sell itself to rival Binance amid liquidity Scare at crypto Exchange so it went from a lot of tough talk to saying hey I Now have an announcement. We're completely selling out and this is what the CEO of Binance had to say this afternoon: FTX Asked for our help. There's a significant liquidity crunch to protect users. We signed a non-binding Loi letter of intent intending to fully acquire Ftx.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days. There's a lot to cover and it will take some time. This is a highly Dynamic situation and we were assessing the situation in real time. Binance has the direction to pull out from the deal at any time. We expect FDT to be highly volatile in the coming days as things develop just wild so it looks like they're gonna buy it I Want to make it explicitly clear? this is not necessarily a done deal by any means, it's a letter of intent. They have the discretion to pull out whenever they want and this is what mainstream media is saying about it. So Global Exchange Binance one of the biggest exchanges if not the biggest Exchange in the world is looking to buy Ftx.com So this is the non-us business of FTX. It's owned by Sam Bankman freed separate from FTX U.S includes FTX derivatives which is uh, the Bahamas-based business here and both CEOs of the exchange is tweeting about it this morning. they say it's a non-binding letter of intent so that they need to do some due diligence here. The deal hasn't closed, but CZ the CEO of Uh Binance tweeting that FTX he says this afternoon FTX asked for our help there is a significant liquidity crunch He says to protect users. we signed that non-binding Loi intending to fully acquire Ftx.com to help cover the liquidity crunch. we will be conducting due diligence. or DD As he says in the coming days Sam Beckman Freed Also confirming that says things have all come full circle. He says Ftx.com first and last investors are the same. We have now come to an agreement on a strategic transaction with Finance Finance was one of Ftx's First Investors Dunso Dunzo Dunzo dunzo A quick side note, in the time that I was getting ready for this, just so you know the Powerball was, there's no winner. Someone in La won two billion dollars. A little bit of a side note there. that's what I have for you. That's where the story is at as of now. Uh, I do want to point out just kind of. In retrospect, Uh, check this out on Wall Street Silver It's a little long to play, it's almost four minutes, but it's a worthwhile listen. King of Crypto explains how D5 projects work like Ponzi schemes. He in the moment didn't even realize he was literally perfectly describing a Ponzi scheme and everyone's like, well that doesn't really make sense and who's kind of out of the attitude of like you just don't get the current state of Finance literally describing a Ponzi scheme and we just saw the whole thing coming down literally before our eyes. Now What? I want to check out is CZ Binance has there anything been tweeted I just want to see before I Let you all go of anything new No. Okay, so all two hours ago it looks like he strong armed the shit out of FTX and like it. Just the fact that this all unraveled so incredibly quickly blows my mind. Ease vomiting Bitcoin Vomiting Ftt. Still vomiting. It's now at 7 50. it's just falling falling falling. A lot of you might have various questions. The main question I'm already getting is will this impact Ftx's purchase a voyager? Almost definitely I Doubt after this that FTX will be the owner of Voyager. If anything, it's kind of the game of Last Man Standing and it seems like it might be binance. it might be the CZ that ends up getting all a voyager right now. I Don't know we're gonna have to see, but I mean this just. this is a very Stark reminder of two things: One leverage will kick your balls into your pelvis. number two: Do Not keep your crypto on an exchange I'll admit it. ever since this event of Tara and Celsius and Voyager the new path that we've I think we all learned a lesson of don't Do it the New Path has if you buy crypto and I still like crypto, you don't keep it on Exchange We have been saying that ever since the Terra Luna blow up that took everything down with it. anchor Celsius Uh, 3ac Voyager All that that was the lesson. If you're still repeating the same mistake I don't know what to tell you this I Hope since we've been talking about Terra Luna that you already took it off and now I don't know if whoever was or wasn't cut off in uh FTX potentially I hope no one listening to this was. but this is the reminder: buy it wherever you want if you wanted to buy it on FTX great I Bought crypto and FDX finest. It doesn't matter, but as soon as you buy it, get it off cold wallet Hardware wallet do whatever you need to do, not keep it on the exchange because you don't want to be the victim of a serious serious liquidity issue. It doesn't matter what exchange it is I Can't be more explicitly clear about it. That's what I have for you. That is the collapse of a crypto Titan Rip FTX Binance I Guess is the new crypto Daddy in town? or kind of always was, but now has just once again clearly publicly regained that title. So with all that being said, I would love to turn it over to you if there's any questions and if not, we could always. uh, don't you have crypto and FTX no, not at all I took it off I mean I've been for months now. Uh, honestly, if you've been watching my content or like just so many people in the world of Finance like I I see it all the time on Andre Dick I've seen it on Max Mayer I've seen it on cryptos R Us If you've been watching any crypto content I Don't know of people who haven't been telling you to get it off like you got to get it off I Don't know. like it at this point. You really don't have anyone to blame for yourself because you've definitely heard that advice before. Get your crypto off of exchanges. You can buy it on whatever exchange you want and then you just transfer it out. Just please get it off. you got to you. I I Don't know how to be more clear about it. Explicitly Clear: We've been talking about it for months and months and months. ever since the like: Tara contagion event. You have to learn your lesson. Uh, where do you see Bitcoin bottoming out? it kind of depends on how bad it is. Uh, we. we don't know the full extent. um I I'm hesitant to put out a prediction, but as soon as we see some strength returning on maybe like the two, the four, or the daily chart, the two hour, the four hour, the daily chart. I'll probably try to buy this dip because I don't think it's gonna last forever. I mean we were. We were showing strength recently and this blow up is bringing everything down. Ftt I mean I don't think any like Pro I'm not going to touch Ftt but if I had to, it's a short. um, but right now I'm mainly watching Bitcoin I'm also watching Ethereum and I'm just looking to buy the dip. maybe even a little bit of Solana What storage would you pick? I have a ledger Nano that's what I use, but there's many great options. Many many great options. Hang on. let me get this over so I can read chat a little bit more efficiently. a little bit more efficiently I never got into Crypto but I did uh buy bito puts 4K I don't know why I'm listening I'm not in Crypto Hey, it's still a good thing to learn and if you're gonna get into something, if you do enjoy it, you want to get in on perceived weakness. uh I have all my Bitcoin and block five. What should I do? Serious question: Get it off. Get a cold wallet, get a hardware wall, get it off. Don't let it sit in in exchange. Uh, I can't get it off when it's held hostage on Voyager Um, and we almost had a way out. We really, really almost had a way out. Uh with FTX Like it seems like it was just a matter of time and we're gonna get roughly back 72 percent of our digital assets. But now you could take that whole situation and just eat it out the window. Honestly, Uh, does Ledger Nano come with software to transfer funds? Yeah, it's easy. It's super easy to use. Super super easy to use. Okay, that's the story of the day. That's everything you need to know on your way out if you enjoy this type of emergency stuff from big big breaking news. uh let me know. Hit that like button. Don't forget to subscribe Subscribe on YouTube subscribe on Rumble hit the like on both. That's what I have for you. Thank you thank you thank you! I'll be catching you later on if you're watching this in real time. We have some earnings tonight that I'll be streaming the whole event. That's what I have for you. Peace Out! Girl Scout have a B-e-a you till full day.