Our spring has sprung as have my Allergies I'm your stuffy McGuffey host Andrew and This is crypto espresso your teeny tiny Daily shot of caffeinated crypto Headlines I sacrificed breathing through My nose to you nature first up after Weeks of vigorous back and forth Bitcoin Has finally pierced the stubborn Resistance above thirty thousand dollars The world's biggest cryptocurrency is Now at its highest price point since Last June a bigger question now though Is whether Bitcoin will manage to remain Above This crucial level the US will be Releasing long-awaited inflation data Later this week which could determine The future direction of travel analysts Are looking for signs that the Consumer Price Index is beginning to cool as this Would prompt the Federal Reserve to ease Their campaign of aggressive interest Rate hikes ether is also showing signs Of momentum ahead of the long-awaited Chappella upgrade tomorrow which will Allow stakers to finally withdraw their Eth well ftx's New Management has Released a blistering new report that Delves into the failures leading up to The exchange's bankruptcy here's a quick Bullet point list of 10 of the key Takeaways hubris income competence and Greed are cited as some of the root Causes that led to FTX collapsing as
Swiftly as it had grown Sam bankman Freed Gary Wong and nishad Singh Controlled almost every aspect of FTX Despite the fact that they were fresh Out of college and had little experience In risk management and running a Business one executive stated that if Nishad had gotten hit by a bus the Company would be done highlighting the Concentration of power other Executives Who tried to raise concerns saw their Bonuses slashed and they were ordered to Apologize to SPF but they refused to do So QuickBooks was used for much of ftx's Record-keeping which meant that it was Impossible for the exchange to keep Accurate Financial records in internal Messages SBF described Alameda research As unauditable writing we sometimes find 50 million dollars of assets lying Around that we lost track of such is Life So relatable SPF expenses and invoices Were regularly submitted on slack and Were approved using emojis neither sing Nor Wong had the training or experience To handle ftx's cyber security needs and The company didn't even have a chief Information security officer or anyone With the skills to fulfill the Responsibilities of such a role Virtually all crypto assets were kept in Hot wallets which were connected to the Internet meaning they were far more
Susceptible for hacking theft Misappropriation and inadvertent loss And yes we did see a hack take place on The day of the bankruptcy and bullet Point number 10 further illustrating the Haphazard way in which crypto was stored Hundreds of millions of dollars worth of Crypto recovered wasn't even reflected On any of ftx's record-keeping systems SPF you were right 50 million dollars Here 50 million dollars there and Finally the New York Times has released A new report that delves into the impact Of Bitcoin mining and as you'd expect Reaction on crypto Twitter has been far From welcoming the newspaper has been Accused of overlooking key facts when it Comes to scrutinizing the blockchain's Energy use and making basic errors its Report claims that miners are putting Immense pressure on the power grid Generating higher electricity bills and Enormous carbon pollution but bitcoiners Insist that the publication has Overlooked all of the facilities that Use a high mix of energy from Sustainable sources Riot one of the Companies highlighted in the report Alleges that the article was published With information that the authors knew To be false and misleading and speaking Of false and misleading some news Organizations out there might tell you Not to like this video subscribe to our
YouTube channel and click on that little Bell icon to get buzzed whenever a new Crypto espresso video goes live but That's just straight up fake news don't Listen to them and what did you think About today's episode well drop us a Line in those comments below because I Read them and I take feedback way way Too seriously I I lose sleep over those Comments sometimes it's definitely Something I should discuss with my Therapist questions about our headlines Or crypto in general why not take the Plunge and ask Alex in that description Below Alex is always a great resource For all things web 3 and the metaverse And that about does it for for today as Always I've been your host Andrew these Have been your headlines and we'll see All of your beautiful shining faces Tomorrow
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