The whole operation was run by a gang of kids. You use very little math use a lot of like uh Elementary School math. There are a lot of questions that still remain. Don't really do any technical analysis. so in just the last week FTX went from being one of the biggest exchanges in the world to totally bankrupt. The guy you see next to me is the most generous, supposed most generous billionaire in the world. Tricked millions of people out of billions of dollars. Well, all this is crazy. Let's rewind to the beginning. So back in May of 2019 FTX was first founded by Sam Bankman Freed and an individual named Gary Wang. Shortly after that we had the creation of Ftx.us and on January 26th Ftx.us raised a series A of 400 million dollars in funding. With the raise like that, they received an evaluation of 8 billion dollars. It was shortly after that where they started pumping billions of dollars into marketing. with the NBA Formula One Esports Tom Brady and Steph Curry To continue growing their exchange. with all that brand awareness and their rapid growth, there were some massive holes in their balance sheet that no one was aware of. So fast forward the timeline. We had an article come out by Coindesk and this was really the Catalyst that set everything off. This article is titled divisions in Sam Bakeman Freed's crypto Empire blur on his trading Titan Almeida's balance sheet. It also had a subtitle stating Almeida had 14.6 billion dollars of assets as of June 30th and according to a private document Coindesk reviewed, much of it was the Ftt token issued by FTX. This article here showed us a few things and it was truly the Catalyst because it showed that 900 million dollars in assets were compared to a total of nine billion dollars in liability. So this means that if you have about a hundred dollars to your name, you would still have over a thousand dollars in debt. Sam Bateman Freed's research firm Almeida also showed that it was so heavily invested into the FTX Exchange token Ftt where on the day of June 30th, the company's assets amounted to 14.6 billion dollars and it was its single biggest asset of 3.6 billion dollars of unlocked ftt the CEO of Swan Bitcoin Corey Clipston had quoted this. It's fascinating to see that the majority of the net equity in the Almeida business is actually Ftx's own centrally controlled and printed out of thin Airtel token. Once this information was revealed, this is where the domino effect just started to go off because shortly after that on November 6 we got word that CZ the CEO of Binance was selling all of his Ftt tokens. This news came about through a tweet where he stated as part of Binance's exit from FTX Equity last year Binance received roughly 2.1 billion dollars in USD equivalent in cash and due to recent Revelations that have came to light, we have decided to liquidate any remaining FDT on our books. Now, during when all of this was unfolding, a lot of people were still questioning why CZ would be selling so many positions of the Ftt token. Did he know something that we didn't? Well, obviously now he was right on the money. It looks like CZ from Binance just had all of this played out. He knew exactly what was going on. and shortly after this is where we saw a response coming from: Almeida CEO AKA Sam Bakeman Freed sidepiece. In response to CZ selling his tokens, this CEO of Almeida offered to purchase Binance's Ftt tokens for 22.. since then I mean it looks like it was capped because that tweet has now been deleted. This is where the community started to be a little bit more suspicious. But not only that, but people began to sell. And it was also at this point where Sam Bakeman Freed had came out with a tweet on November 7th at just the very next day that all assets are fine. Well, that tweet is also deleted. I I Also, I don't know why they're deleting tweets though. They have so many followers and so many people have screenshot it. it's been all over the news many, many times. Like deleting. The tweets aren't going to do anything, but you do you SBF and Caroline you do you. So basically he had lied to the public. He said that the assets were fine. He said that it was backed one to one. You know withdrawals are gonna be good, but that was not the case. Although he had tweeted that FTX had enough to cover all Klein Holdings and that they don't supposedly invest any client Assets in a treasury's and that they have been processing all the withdrawals and they will continue to do so. All that was a lie. The very next day FTX Went ahead and agreed to sell their company to Binance. A lot of people were surprised by this deal, but they thought this would be good for the crypto industry just because we're getting another big acquisition in the space. and if FTX really is not uh, healthy in their books, if they were insolvent then Finance maybe would be able to help them out. This is where it turned again for the worse. Well, it looked like Binance was giving a handout to the drowning Sam Bankman freed and then he just pulled one of those moves. You know people do it in like middle school high school. Dap them up. Well yeah, Finance Just decided they were not going to be purchasing the FTX deal. A spokesperson for the Crypto Exchange had stated that as a result of corporate due diligence and as well as the latest news reports regarding mishandled customer funds and alleged U.S agency investigations that they have decided not to pursue the potential acquisition of Ftx.com This came in shock to many people, but you know other players deep within the crypto space knew that This was coming. All along. it was a story that was developing, but most importantly, this was really where the downfall of FTX had started to begin. Just less than 24 hours after that, on November 10th, FTX went ahead and froze all of their assets. This was partly due to The Regulators from the Bohemian government where they went ahead and also froze additional assets from them, calling it a prudent course of action to preserve assets and stabilize this company. It was also around this time where people began having troubles being able to withdraw their funds out of this exchange. And keep in mind FTX is not just like a little you know fish swimming around in the tank. They were one of the biggest exchanges around, and the day after that and the day after that they suddenly filed for bankruptcy with FTX going chapter 11 alongside a lot of the other crypto exchanges like Celsius and Voyager that we've seen pull this card out. We've now seen Sam Bakeman Fred also resigning his role to quote assist in an orderly transition and now those bankruptcy filings showed us something really interesting. It also gave us note that Al made our research at Ftx.us had between 10 billion dollars and 50 billion dollars in liabilities and within a similar range of the assets that they owned. Now you'd also think that the bankruptcy would be the end to the story, but it seems like this is really just the beginning. Then we've been getting so many more reports on what's actually been happening within the crypto markets and how much further this situation goes. So at the time of filming this video, the most up-to-date information that we got coming from Sam Bakeman Freed is just the fact that he's been speaking gibberish and he's been playing some Scrabble No really like he's doing like a weird Scrabble thing. He had tweeted the word what and then Following that, he tweeted h-a-p-p-e-n and it says what happened. There's some people assuming that Sam Bankman Freed is like on a mental breakdown at this moment. There's also people stating that this is just code for something bigger. Now, while developments are continuing to come up about what is going on with this entire situation, there are a few questions that need to be answered. First of all, what is going to happen next with other crypto exchanges? And are there any that are safe with the collapse of FTX something that no one really expected? Could we be seeing some of these other smaller exchanges following suit? And just like the domino effect of how the situation unfolded, could we we have that same domino effect where this exchange going down is going to result in other exchanges collapsing too. And possibly even more than that, are more people going to have their money stuck. Let's use one example here, where we've been seeing an exchange where many people are not sure like take this for example, this individual here had stated that they were receiving various reports regarding Crypto.com where you know on Crypto.com's status website, they were showing that everything is fully operational While Others have now dmed them saying that their withdrawals have been pending for hours. There was also another individual here that stated that my Crypto.com withdrawal to Bitcoin has been pending for more than a day and this is not normal and it's also suggesting that they may be bankrupt. Well, just within the last hour we have the CEO of Crypto.com coming out. This tweet stating that the withdrawal queue is now down 98 within the last 24 hours and it remains business as usual and that they pretty much have no issues going on. I'm really on on the fence right now just making sure that my viewers are protected that you guys have the insurance just in case on the small chance that something doesn't turn out right. Even as an example with Crypto.com what we're waiting for is confirmation through an auditing financial report to show that they did not have the same type of balance sheet that FTX did. Following up on that news, even as an example, taking a look at Crypto.com token Crow You'll notice that within the last day they're up about 14, but they were down more than 50 percent regarding all the fud because of Crypto.com is insolvent secretly. It would also mean that Crow their native token would also be worthless. So here's what I'll say about the whole situation. Regarding some of these other exchanges, We'll start with Crypto.com I Think the CEO is still doing a good job and doing the best that he can in order to maintain peace and structure on a storm that may pass Right now. there's still more fear than ever just because of what we've been experiencing with FTX and a lot of the CEO knows being untruthful to the public. If you're one of those individuals that can't take any risk and you're on the chance where you know if you lose this investment, your life is not going to be good like you are seriously going to suffer, then I would consider taking additional steps to protect yourself. It would start in the order of this: Instead of withdrawing your funds in huge amounts and going directly into ACH or wire into your bank account, consider transferring the funds over into another exchange. First, if you have a massive amount on Crypto.com move it over into something like Coinbase or another exchange that you know is more liquid. I Do think some of these U.S based exchanges have a higher likelihood of security and protection because Us has much more regulations like the SEC and some of these entities that make sure that they are properly backed. So please, if you do have any large funds, don't try to do a full withdrawal. That'll take a few days. And as you guys have seen within the last week, things happen so quick within the space that you don't want to leave things up for chance, you want to make sure that you control a lot of the different outcomes. So if you want to move your funds or your crypto over into another exchange, that is the step that you can take first. another way that you can protect yourself is to make sure that if you don't have a device, make sure you sign up for one. Now, although I'm not holding my cold storage device, my ledger is actually in my kitchen area. It's my living room computer this year. Just imagine it's the cold storage device. If you have a device like a cold storage wallet, start moving your funds over into that wallet. A lot of people assume that you can't have any other crypto aside from just like Bitcoin or Ethereum, but that's not the case with a lot of these cold storage devices. You can download many different types of apps on there that support whichever all coin you have. So whether it's Harmony, One whether it's Crow, whether it's cardano, the list goes on and on. You'll be able to find that you can move over most of your cryptocurrencies onto your device. So if an exchange does happen to shut down or they decide to pause withdrawals which we've seen happen so many times throughout this year, you'll be protected. You'll own the keys to to your crypto and that cheddar cheese is still yours. The next situation that you may have if you somehow don't have a cold storage wallet is that you can download or sign up for a free hot wallet. Now this can come in the form of metamask. I Know Coinbase also has their own wallet. You can just download it off the app store and this is considered a hot wallet, something that still exists within the internet. You don't get the extra layer of protection where you physically need to input your own password into the device, but this is still another way where you can reduce your risk by moving your crypto over into your own wallet. now. I Personally believe that if you are invested within the space, we're going to be seeing the true amount of fun coming up. It's going to be hard navigating these. Waters and right now A Lot of people are more scared than ever. But I Do think that there is still potential for us to come out on top. I Think the bottom of this Market will be at a point where crypto is now. Gotten rid of all this fake liquidity and all of these fake leverage that we've seen build up throughout this past bull market. and if we have true healthy one-to-one rates that are driving the price of different assets up, that may be the beginning to a good, healthy, slow growth that we've been looking for. Now aside from that, I don't think the pain is over and I do think this entire situation of what FTX has gone through is going to push back the entire crypto markets for many more years. It's not only that, but I do think the level of Regulation we're going to get next because of everything that has happened is going to be insane. now. regulation is a debate. you know we talked a lot about it on our Channel. It can be good to protect investors just like how the stock market is, but too much regulation can also deter a lot of investors and can also push the industry back because crypto has always been created in order to be a bit more decentralized and to have its own independence. The issue is we've just seen so much manipulation from Wales exchanges and just corrupt people taking over the space and ruining it for the average person that Crypto was meant for. Aside from that, I know a lot of you guys are curious on what may happen next for Sam Bakeman Fred I know I am. The most ideal thing is if we begin to see Justice happening to a lot of these other CEOs who have now liquidated and rug pulled on millions of people over this past year, we had do Quan who rug pulled with Luna we had Alex Machinski apart on the Celsius rug pull. We have Suzu, we have Kyle Davies and even the CEO of Voyager And guess what? they all have in common other than scamming all the good people, none of them are in jail. None of them are facing any real consequence right now from the justice system. And I think Sam Bankman Freed has even more leverage than all of them combined. This is because over the years he's donated close to 40 million dollars to the Democratic party, which are now primarily in office right now within the states. Combine that with the fact that he strategically placed himself to be residing within the Bahamas which has way more lenient laws where the U.S government may not be flying and actively trying to get him when he's in a completely different country. It's not even just that, but he also comes from a family of powerful lawyers and politicians. We've been getting more reports on how even his professor at MIT is connected with Gary Genzler and Gary Genzer is now connected with someone close to his life. And just it's like this weird triangle of all these Elite people having some type of connection. It is so important to note, while the people have now been suffering through one of the worst recessions year to date of news every day coming out, that large tech companies are still laying off employees like Amazon laying off 10 000 people before the holiday season starts Sam Bakeman Freed is still out here playing League of Legends while eating his own farts. This whole time it seemed like Sam Bankman Freed was playing the character of being a man for the people so he could get rich and donate it all and to solve world hunger and to help all the animals in need and maybe stop the next pandemic from happening. but it seems like he might have been the worst out of all of them. This is someone who's lied to the people. This is someone who's taken advantage of the trust that was built within the space and now the repercussions is coming back once again towards innocent people who decided to invest into the market just so they can have a little bit extra money. Sam Bankman Fro I Was going to say Sam Bankman Fraud just because of I Don't know if it's a Freudian slip or whatever, but that's what his name is gonna be from now on. Sam Bankman Fraud. He is the reason why the whole Crypto Market is going to get pulled back Even more was this entire situation his plan all along. Has he been an agent to pull back the crypto markets intentionally? Has he been placed here and to create this whole entire situation from the past few years so that more regulation would be made? And is this all true where he has all these weird ties with the current Administration right now and we've all just been played as pawns within their game? You guys let me know how you feel about the situation. and in the meantime, please make sure that you guys are protected. I Want all of you guys who have watched this video to make sure you do your own due diligence, move your crypto off any exchange that you may not be sure about, especially if you cannot tolerate any additional risk coming into the market. Get a cold Source device, make sure that you have everything protected in case things develop even worse now. I Personally believe even more specifically, with an exchange like Crypto.com that they would be going insolvent that they would be going under I Do think this is more fear while other, uh, you know mainstream media players are going to emphasize okay, everyone just continues selling I Could be wrong because I had no clue. No idea, no expectation that an entity even like FTX would ever go under. So please, please make sure that you protect yourself. Now we usually do a secret phrase word, but for this video I don't even think we can just because it's like just so much going on. So much craziness. If you guys want to get more up-to-date information, make sure you guys subscribe. make sure you guys hit that notification Bell and I'll let you guys know what's happening next. Thank you all for watching this video and I'll see y'all soon! Peace.