Crypto Investment Bank Genesis Global Trading is just the latest to Halt withdrawals in the aftermath of Ftx's collapse. In a series of tweets this morning, the company said it is suspending all redemptions and new loan originations in The Lending business To: in their words, explore all possible options. Multiple firms have taken similar measures since FTX filed for bankruptcy leaving customers without access to their funds. as Alexis just explained, let's bring in a YouTube host Matt core to discuss more of that and Matt you know we always like to talk to you because you've got a good ear to the ground on where the retail investor is. What have you been hearing over the last few weeks? Happy to be here over the past really week and a half ever since I believe it was Ian Allison who kind of broke the news of what was going on with Alameda's assets and also their liabilities in early. November is just a bunch of dismay. At first everyone was hoping that it would be just held to FDX more so on the international side. but then clearly when it found that we found out as a public that they were kind of doing most likely I'm by no means a lawyer I don't speak legalese, but most likely seemingly fraudulent things with FTX U.S client funds obviously just for the entire crypto Community this type of fraud it was very um, dismay. like I mean it was just people have lost a lot of money. This is what I believe is going to be felt. uh, the way we think of Bernie Madoff or Enron or anything like that I think that's this is the current version Just in the world of crypto, Yeah, I mean worth noting that there's been a lot of reporting on what happened behind the scenes. at this point these are still allegations, but there's a lot of customers that have come forward uh, saying how much they've lost until Lexus's point, they may not be able to recruit some of those losses. I mean I'm curious what you have heard on that front from those who are saying I put all my money there. or maybe you know I'm going to think twice about investing, not just in tokens, but crypto as a whole. What a phenomenal question. Now this is just anecdotal, but to the community I speak with we learn the very difficult lesson between Terra Luna and Celsius which led to this stuff goes on and on but 3ac and then Voyager Ever since that all pretty much happened back in May it was kind of the light bulb aha moment of do Not Keep Your Crypto on Exchange Clearly self-custody is the way to go and I would even take that a step further and say most of your crypto should be kept in a cold Wallet not connected to the internet and then whatever you need to do more of your hot wallet. but once again, these exchanges or yield bearing product I was listening to your previous segment talking about Genesis It's all dangerous. It is clearly dangerous and we're learning how quickly it can turn to the South Side in a very abhorrent manner. So fortunately, because we kind of touched the oven earlier on in the year, we learned that Stark Lesson of you Got to keep crypto. The person you should trust in the world of crypto is is yourself. And that's why for months now, the key thing has been self-custody and even a focus on cold wallets. Now the other part of what you were talking about of crypto in general: the crypto industry: I Think it's important to have a distinction between those two because FTX and all these other issues I Don't think of them as crypto I think of them as the crypto industry and I was just reading today and I loved the way that it was written. This was an old-fashioned company with old-fashioned fraud that doesn't necessarily take crypto down itself. For example, when Enron blew up, that didn't mean that people were all of a sudden against oil and petroleum and energy. When Bernie Madoff's fraud came to light, it didn't mean that people were like nope, we're now completely done with hedge funds and Wall Street there are Bad actors And then this is a sobering moment to realize we should focus on the core tenets of what crypto is meant to be specifically: Bitcoin Really quickly Matt What's your exposure? I Mean you know to what extent have you had to feel the pain here? and are you rethinking your Investments Yeah, Unfortunately, I'm personally caught up in the whole Voyager debacle but since then with FTX I was using it to transact crypto. but I've never ever kept any on Exchange As soon as I did what I needed to I took it off into self-custody which I would personally recommend. Everyone does right now once again just to drive this home this point home. it is clearly important to not keep your crypto on Exchange These yield bearing products. You are the person that you need to trust in the world of crypto. YouTube Host Matt Coors Good to talk to you today I Appreciate you stopping by.