Everyone Me: Kevin Here Oh man, Crypto.com is now sending up red flags that just aren't great. You're going to want to listen to an email I Got, You're going to want to hear about the drama that's going on with Crypto.com I'll break it down simply for you. We had Ftx's Sam Bankman Freed who was apparently interviewed by authorities in the Bahamas Uh, over the past 24 hours rumors had been circulating that he was arrested or under arrest, but uh, that apparently has not come to fruition yet and it feels like across the entire crypto industry, we are seeing a mass Bank Run which could collapse more businesses. which is very, very bad. Now keep in mind Kevin O'leary has actually come out to apologize for his association with FTX And one of the interesting things about the video that he used to apologize in is not that he was wearing these red flip-flops but that he actually mentioned look The way you know that the crypto Bubble Hits bottom is when you have a very large player go bankrupt when a very large player goes under and takes the assets with it. Oftentimes it's it's a sign of how the financial system is really supposed to work is you get excesses, you get bubbles, and then in order to actually hit a meaningful bottom, you have to have companies like this collapse. So I thought it was a very interesting look into the potential upshot. The the question that I have is, well, how many more of these businesses have to go bankrupt And that's where now eyes are on Crypto.com Obviously I've suggested that I expect that binance uh probably needs to see Bitcoin go under 10 000 to really start being at risk. they to be at risk sooner I Imagine that they're preparing themselves but I would be following the rule of not your keys, not your crypto I would be getting out. So uh, Crypto.com let's talk about Crypto.com So back in January when I sold and I was sitting on a lot of cash, I looked at Crypto.com and I thought to myself wow, you could get you know eight and a half to 14 and a half percent yields over here you just have to lock up your your funds for a certain period of time I believe at the time it was three months or it might have been six months. but you would lock up your money into their their coins and I think that's really interesting because first of all the reason I didn't do it is because I said no I I want liquidity if I'm going into a recession I want liquidity I don't want uh to to own real estate at the top of the market I want liquidity. Whether that's stocks or cash, it's liquid I don't want Nfts because I find them illiquid I don't want more Venture Capital because I find it illiquid I can't get my money out of block five once. I've invested in as a venture capital investor because there's there's no withdrawal process like you're you're in your stock. Uh, you know Now that's that's different If there was a venture capital fund. uh, that's like Hey we're investing to go scoop up companies at the bottom of the market and take advantage of this. That's different. You know that's kind of like house hack, right? Like that's a great opportunity in my opinion. Uh, but anyway, so Crypto.com I decided to pass on and I've I've said for many months, stable coins are are disaster waiting to happen now. While I was right about that and I stayed away from stable coins I was wrong about how stable these actual brokerages could be I call them the pickaxe Sellers and now all eyes are on Crypto.com and their Cro coin is down 50 in a week. And it's not just because of what's going on with FTX it's because customers are starting to pull funds from Crypto.com like crazy. Uh, in fact I want to tell you about an email that I got and give you a little bit more insight into what's going on over at Crypto.com But first, I want to thank you all so much for your commentary and your opinion. I know? Uh, yesterday I had asked you if we should get rid of the monthly fee for the Elite Hustlers University Because I've always pitched being anti monthly fees, we have done so. so the course is now live. Without a monthly fee, you get lifetime access to the business insights, the insights into building businesses as an entrepreneur, growing your wealth if you're an employee, growing your your income if you're an employee, right, it doesn't matter. The goal of the entire Elite Hustlers course is increasing your top line, so more revenue for you, so take advantage of that Black Friday code because we might bring back that monthly fee in the future. But anybody who buys now gets lifetime access for life to those courses. So any of the courses you get right now, whether it's stocks and psychology money Property Management Real estate. We've got a huge new lecture dump coming in. December a bunch of new lectures totally for free because you get lifetime access and with my courses, my goal is always hey and tough times. Make more content, make more value, provide more value. So anyway, if you use that code down below, it's lifetime access now. so thank you for your feedback. So Crypto.com sent me an email and they haven't sent me an email like this in quite a while which I thought was really interesting. Usually I mean certain. Certainly, last year we had a lot of crypto firms reaching out and looking for new Affiliates and and I've I've said no over this past year. Uh, obviously with the exception of the old FTX relationship which I actually had not uh, had anything to do with them, it's probably about March Not that that makes it any different, but so Crypto.com has not reached out to me for affiliate marketing since uh here September of 2021. That's pretty remarkable and all of a sudden at the same time as this new 400 million dollar drama is happening which I'll tell you about in just a moment I Just got an email. So after uh, 14 months I've just gotten an email from the community manager at Crypto.com reaching out as I've come across your channel like to explore a potential partnership. We're the world's fastest growing cryptocurrency platform and we're looking for talented creators to join us on a mission to take Crypto mainstream. uh, let me know your availability for an introductory call to learn more about our influencer. Partnerships and the affiliate program which is really interesting that you hear nothing for 14 months and then all of a sudden at the same time as you have this 400 million dollar drama on Twitter exploding about Crypto.com and the Crypto coin Crypto.com coin dropping 50. All of a sudden, what happens? Uh oh, the affiliate push starts again which kind of makes me think about the the sort of Ponzi aspect of a lot of how this works where if all of a sudden you're facing a lot of withdrawals with the which The Wall Street Journal is citing, you're facing a lot of withdrawals. remember I've been saying get out of FTX us for a week now and uh, a lot of folks were mad at me. They're like, what do you mean Ftx.us is fine and I'm like common ownership to Ftxu. International if one freezes up, the other one's going to just wait and sure enough on Friday uh, they filed bankruptcy and nobody can get their money out anymore. Now some people are trying to buy Nfts in the Bahamas to try to get their money out through backdoor channels, which I think is kind of interesting. There's like a whole explosion happening in the Nft market in Bahamas at the Bahamas for for people who can provide liquidity from others to get out. Really remarkable. But anyway, I think that's that's really weird and to me it sends a signal that oh yeah, they are actually looking for more people to deposit new money so they can sustain their withdrawals. They're probably looking at their books going. Oh my gosh, we have this much in withdrawals we only have seven days left. No, no guarantees. it's my opinion, they might be totally fine. but I I you know I'd be uh, skeptical if I was on Crypto.com The problem is, you have those three month lockups if you're in those coins. so you're going to get a lot of people that are like man, stop spreading fud Crypto.com is just fine. Sure, that's what people said about Voyager That's what people said about Block Five. you know, Block Fi On the same day, Blockfy sent a tweet going. we're processing withdrawals as normal and we will continue normal operations the same day. Uh, they posted like 13 hours later I posted this on Twitter I'm like, seriously, they're like oh, um yeah, um now we have to pause all operations because FTX is going bankrupt and we don't know what to do. Yeah, yeah, because they were getting bailed out by FTX Anyway, so take a look look at this. Basically, there's this drama about 400 million dollars being sent from Crypto.com which usually says that they hold 100 of the cryptocurrencies of their users in Cold Storage Well, apparently 400 million dollars, 400 million dollars of Crypto.com customer deposits were accidentally sent not to a new Cold Storage address as the CEO says, but we're accidentally sent to a whitelist at external change address 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 recurring. Yeah, that doesn't really give much confidence that at the same time, the crypto world is collapsing FTX Voyager Block Fi all bankrupt Celsius Bankrupts, right? Binance concerns happening. You know we know CZ is kind of a shady character anyway. uh, all everything is collapsing yet at the same time as that's happening. Now, the sudden you're saying, don't worry, everything's fine at Crypto.com We just made an accidental 400 million dollar transfer while you were transferring that money. Anyway, it blows my mind. I it seems like such a large Trend like break it up I I don't know I don't know. It seems mind-blowing and clearly the systems and procedures to prevent this from happening are so weak before. Why does it take something like this to actually have somebody double check what's going on? That's scary. Uh, but whatever they say they fixed it, they say they fixed it uh and uh and not only do you have this happening, but then you combine this with with the affiliate push I Don't know. To me, it's just uh, it's a sign again, not your keys, not your crypto. Get off And unfortunately, by me saying this, you know it could potentially uh and if other creators say it as well. which that's what happened with FTX us. After I made my video last week, it was either Sunday or Monday saying get off of FTX us, they're next. A bunch of other creators started saying get off of FTX us which is smart because hey, if we could get the a message out and people can get out and then they get out before it freezes up. But let's just say the first warning signs for Crypto.com are now shown. but again, I've also been making the warnings about Binance. so I think Binance will be more resilient and I do think it's very interesting that Kevin O'leary suggests that the bottom could be marked by these uh, these sort of bankruptcies. uh, I don't I think it's way too soon to call a bottom, but uh, if you're wondering when I would invest in Crypto again, it would probably be. uh, like. it'd be very tempting if Crypto went under. Crypto.com went under and then Binance went under. or we saw some stresses at Coinbase or Gemini or something. Not that I wish it. but if you started seeing some of these go, you're probably getting close. Although you then wonder what the value is of of uh, coins when you start seeing these dominoes fall. Scary times. Anyway, stay safe out there. Good luck, Thank you so much for watching. We'll see in the next one. Bye.