Crypto News: Harmony, Celsius, Voyager, Solana, FATF & MORE!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Harmony hack 100 million dollars of Crypto is stolen from a cross-chain Bridge between two popular smart Contract crypto currencies will the Onecoin recover Celsius continued the ailing crypto Platform reportedly prepares for Bankruptcy while wall street banks plan To purchase its assets at a massive Discount when will users get their funds Back Crypto bailouts celsius competitors Blockfi and voyager digital get support From ftx and alameda research as the Crypto contagion continues here’s who’s Saying this is a bad idea Solend dilemma one of solana’s largest D5 protocols floats a controversial Proposal on the fly to prevent Catastrophe within solana’s ecosystem What does this mean for crypto Governance Cross chain with thor chain One of cryptocurrency’s most promising Projects launches its main net moments Before regulations rain down on the Industry why this is more important than You think The fat f strikes back

Starting today coinbase users in the Netherlands will have to provide Detailed information about the crypto Wallets they’re withdrawing to Is this the beginning of a bigger trend On the cusp of chaos the united states Starts to crack sri lanka’s prime Minister says his country has collapsed And germany warns of a global financial Crisis Everything you need to know And a closer look at last week’s top Performing cryptos and where they’re Headed next all this and more in just a Moment [Music] Good morning afternoon or evening thank You for tuning in my name is guy and What you’re about to see is educational Content not financial advice you can Find any topics you’re looking for using The time stamps in the video timeline And now for today’s top stories Last week harmony’s cross chain bridge To ethereum was exploited by a hacker Who managed to drain around 100 million Dollars of crypto mostly altcoins Over the weekend harmony co-founder Steven c said the exploit was not due to A bug in the cross chain bridges smart Contract code but due to a breach of the Five private keys kept by harmony As many critics have pointed out harmony Had previously been warned about the

Fact that its cross chain bridge could Be compromised with just two of the five Private keys which is what happened here This makes harmony’s cross chain bridge Hack analogous to the massive 600 Million dollar hack of axi infiniti’s Bridge from ethereum to its ronin side Chain which also involved compromised Private keys Harmony has since highlighted its Commitment to finishing its trustless Cross chain bridges one of many Important milestones we mentioned in our Last video about the project a few Months back What those affected are wondering However is whether they’ll ever see all Their coins and tokens again and this Depends on a few things For starters harmony has offered one Million dollars to the hacker if they Return the funds and explain how they Were able to access the private keys Harmony also noted that it will quote Advocate for no criminal charges when Funds are returned Besides the fact that this wording Doesn’t definitely say no criminal Charges will be laid it looks like the Hacker has already made their decision On-chain analysis reveals that they have Already swapped all the altcoins they Stole for eth save for around seventy Thousand dollars of ave which is odd

Obviously one hundred million dollars of Eth is a lot of money even at today’s Prices and this means it’s going to be Next to impossible to cash out through a Centralized exchange without getting Caught there also isn’t nearly enough Liquidity in mixing protocols to cover The tracks of any large transactions As such it seems that the hacker is Going to squat on this e indefinitely And possibly even borrow against it in D5 protocols like ave which would Explain the rv tokens In terms of what it could mean for the One onecoin the fact that it wasn’t Directly affected by the hack means it May not suffer all that much in the Medium to long term The caveat here is that the harmony team Could opt to use one as a means of Making users whole which could create a Lot of cell pressure Rest assured that i’ll be keeping you Updated about the harmony hack on my Socials so be sure to follow me there if You don’t already Speaking of massive losses it seems that Celsius hasn’t managed to make the Recovery that many had hoped and its Cell token has consequently continued to Struggle As we mentioned in our recent video About celsius the crypto platform’s Downfall was ultimately caused by risky

Yield seeking behavior combined with a Fall in the price of lido finance’s st Eth relative to eth This supposed mismanagement might be a Part of why celsius is having a hard Time finding investors to bail it out And the fact that many potential buyers Are suddenly finding themselves Underwater too Certainly doesn’t help According to the wall street journal Celsius is now looking to hire lawyers In preparation for a potential Bankruptcy This suggests that celsius was badly in Debt which makes sense when you remember That celsius’s own about page notes that The platform had processed over 8 Billion In loans While it’s not clear how much had been Borrowed when celsius closed its doors What is clear is that the value of the Crypto used as collateral was likely Liquidated when crypto prices crashed Earlier this month These and other obligations could have Left celsius underwater i.e owing money To other parties which it had borrowed These billions from I will reiterate that this is Speculation because the fact of the Matter is we don’t really know what’s Going on behind closed doors

That’s why the news from coindesk that Goldman sachs is preparing to buy Celsius’s assets at a massive discount Should be taken with a grain of salt After all the coindesk story itself Specifies that this would only happen if Celsius does go bankrupt which is again Up in the air at least for now I will quickly point out that this Headline is quite significant especially If goldman sachs does manage to get two Billion dollars from investors to buy The celsius dip That’s because it would suggest that Institutions are not only serious about Crypto but that we might even be close To the bottom If you watched yesterday’s video you’ll Know that this doesn’t seem to be all That likely but it is still a very real Possibility In any case if celsius does go bust and Goldman sachs does manage to buy up all Its crypto for cents on the dollar it Should go without saying that these Coins and tokens won’t be going back to Their rightful owners History suggests that celsius users will Be lucky to get some fiat back and this Compensation could come months or even Years after celsius has gone under I suspect the first folks to get this Fiat will be the individuals and Institutions at the top of the celsius

Food chain but Let’s hope it doesn’t come to that A more ideal outcome for celsius would Be a bailout of some kind be it in the Form of an acquisition or an injection Of capital As it so happens celsius competitor nexo Which had earlier offered to purchase Celsius is now asking citibank for Advice about acquisitions coincidentally Celsius is reportedly in talks with Citigroup the parent company of citibank What’s more is that celsius had actually Hired citigroup’s former chief operating Officer and head of risk in january this Year to become celsius’s chief operating Officer Call me crazy but all this suggests Celsius could still have a shot at a Recovery What would be really crazy is if Cryptocurrency exchange binance came in And bought celsius something that’s not Completely out of the question given That finance ceo changpeng zhao recently Remarked that binance is looking to Acquire up to 100 crypto companies in The coming months Now this really would be crazy because Cz also specified that poorly managed Crypto projects and companies should not Be bailed out a description which could Arguably be applied to celsius Especially since cz’s comments were a

Not so subtle reference to celsius’s Competitors blockfi and voyager digital Whereas blockfi signed a debt deal with The ftx cryptocurrency exchange for 250 Million dollars voyager digital signed a Massive 500 million debt deal with Crypto trading firm alameda research This is because of a 600 million dollar Hole left by an unsecured loan voyager Digital had made to three arrows capital The supposed crypto vc assumed crypto Hedge fund and potential ponzi scheme That i covered in another recent video Ftx is now reportedly trying to buy a Significant stake in blockfy a move that Is drawing counterbids from crypto hedge Fund morgan creek digital which took Issue with the terms of ftx’s Aforementioned 250 million dollar loan Arguing that it could see ftx buy block Fi for next to zero if it defaults on Its debt Pro crypto sec commissioner hester Pierce has also raised concerns about Big crypto companies coming in to Acquire smaller ones echoing cz Sentiment that poorly managed crypto Projects and companies should be left to Fail Many mainstream media outlets such as Bloomberg have gone as far as to call Ftx ceo and alameda research founder sam Bankman-freed the jp morgan of crypto a Reference to the panic of 1907

On that note you can find out what a Depression bear market scenario could Look like for crypto using the link in The description Anyways another thing that ftx and Alameda research are known for is their Strong support of solana with sam Bankman freed joining solana founder Anatoly yakivenko on stage last week to Announce a crypto phone called saga However it wasn’t the saga phone that Had people talking about solana it was The news that the community of the Largest defy protocol on solana called Solend had suddenly voted to take away Cryptocurrency belonging to a solana Whale who had borrowed over 100 million Dollars worth of usdc against their 170 Million dollars worth of seoul This is because there were serious Concerns about what would happen to the On-chain price of seoul and the solent Protocol if this whale had their sole Collateral liquidated For context the sole deposited by this Solana whale accounted for more than 50 Percent of solen’s total value locked The proposal received no shortage of Backlash from the crypto community which Is not surprising considering the solent Dao had been set up shortly before the Governance proposal was tabled and Almost all the yes votes came from a Single solana wallet

The backlash caused the solen community To pass a second proposal shortly Afterwards which negated the first Meaning the solana whale could keep Their soul The soland community has since passed a Third proposal to set a limit on how Much a person can borrow from the Protocol As for the solana whale he she or they Have been gradually paying off their Usdc debts and moving their soul from Solend to other d5 protocols on solana It’s safe to say that the whole ordeal Served as a serious wake-up call to the Crypto community especially defy users Who were under the impression that they Always have control of their crypto No mistake whenever you connect your Web3 wallet to a decentralized Application you almost always give that Dap permission to do what it pleases With certain coins and tokens in your Wallet In fact one of the most popular scams Out there involves tricking you into Giving this permission to a fake website That’s promising to give you free crypto Or nfts a scam which apparently even Some of the wealthiest crypto holders Continue to fall for when it comes to The issues with crypto governance that Is a whole other can of worms there’s Clearly a lot of work to do on that

Front and switching from one token Equals one vote to one identity equals One vote would solve many of those Problems That’s why ethereum creator vitalik Buterin is so enthusiastic about So-called soul-bound nfts You can learn all about them and the Profound implications they could have For crypto using the link in the Description Anyhow another crypto project that made The headlines last week was thor chain And that’s because it’s mainnet finally Launched For those who don’t know thoughtchain is A crypto project that makes it possible To swap cryptocurrencies between Blockchains What makes thor chain different from Other decentralized exchanges is that You can swap directly between native Cryptocurrencies the same way you can on A centralized exchange What makes thoughtchain different from Centralized exchanges is that you don’t Need to provide any personal information To use it 4chain is accessible to anyone With an internet connection and it’s Available on both desktop and mobile Thought chain currently supports native Bitcoin ethereum binance coin litecoin Dogecoin bitcoin cash and forechain’s Runecoin which is used behind the scenes

To make swaps between these cryptos Possible Note that you don’t need to hold any Roon to swap even though it’s Technically used to pay for fees If you watch our more recent video about The project you’ll know that Thoughtchain is planning to add support For additional cryptocurrencies Including privacy coins like monero once The tech has been adequately tested and Assuming the liquidity requirements are Met This powerful value proposition is why i Hold roon as part of my personal crypto Portfolio Now i should also note that thor chain Was hacked twice last summer and though It has doubled up on security Thoughtchain’s own medium post Announcing its main net launch warns There could still be unforeseen risks For chains medium post also announced a Partnership with binance to celebrate Its main net launch which will see one Million dollars worth of roon up for Grabs between the 23rd of june and the 7th of july I’ll leave details to the competition in The description as well as my binance Tutorial if you need it Now in all seriousness cross-chain Protocols like thoughtchain are going to Be extremely important as time goes on

Because regulators around the world are Slowly but surely starting to crack down On crypto starting with the shared Centralized points of failure which are Of course cryptocurrency exchanges The elephant in the room in this regard Is coinbase which will require users in The netherlands to provide detailed Information about crypto wallets they’re Withdrawing to in accordance with a Controversial law written way back in 1977. If you’ve been keeping up with the Crypto headlines you’ll know that this Is nothing new Back in march coinbase announced that it Would start collecting detailed data About crypto withdrawals in several Countries including canada singapore and Japan Despite what some crypto media outlets And cryptocritics would have you believe Coinbase is not actually to blame here The entity that’s to blame is the Financial action task force or fat f Whose so-called recommendations have Been shaping crypto regulations around The world for the last couple of years If you watched our video about the fat F’s recommendations you’ll recall that The end game is to make it impossible to Use self-custodial crypto wallets or Privacy coins by labeling any activities Related to them as high risk

Naturally any individual or institution Who engages with these activities will Therefore find themselves restricted From other financial services and the Countries they live or operate in could End up on the fat f’s blacklist Effectively cutting these countries off From the global financial system This makes coinbase a first mover of Sorts and its announcements related to Collecting data about user funds should Serve as a canary in the coal mine for The entire crypto industry rather than a Point of criticism It’s also certain that other crypto Companies will eventually follow suit Especially since the regulations Currently being proposed in the european Union and elsewhere explicitly invoke The fat f as part of their Justifications For what it’s worth there are many Crypto lobby groups who are actively Working to ensure crypto regulations Don’t cross any unnecessary lines and We’re unlikely to see any of these Crypto regulations come to fruition Anytime soon because governments seem to Have their hands full with rather more Pressing matters If you’ve been keeping up with the Regular headlines you’ll know that Things aren’t looking all that pretty Here in the uk the entirety of the

Public sector seems to be preparing to Go on strike starting with transport Public sector employees are upset that Their wages aren’t keeping up with Inflation and i can’t say i blame them Across the pond in the good old usfa Over 8 million people could be evicted In the coming months as an estimated 15 Percent of renters are behind on their Payments There was also a deeply polarizing Development which took place last friday And i think you know which one i’m Talking about When you combine these factors with Soaring inflation warnings of energy Shortages and scorching heat what you Get is a recipe for some serious Societal conflict What we saw over the weekend may just be The beginning Now these first world problems pale in Comparison to the crisis being Experienced in some countries such as Sri lanka whose prime minister announced The country has completely collapsed After months of severe shortages on all Fronts food oil energy even paper for Exams Now one of my colleagues here at coin Bureau asked where the international Monetary fund is given that it typically Takes a moment like this as an Opportunity to burden the country with

Billions of dollars of debt Debt that comes with lots of strings Attached as was the case in argentina Earlier this year As far as i can tell the imf isn’t Coming to sri lanka’s aid because it’s Open to buying oil from russia and is Reportedly looking for financial support From china which will almost certainly Come with its own set of draconian Conditions I suppose sri lanka sees china as the Lesser of two evils which is even Scarier Now the most terrifying announcement of All came from germany whose energy Minister warned of a quote layman effect If the country’s energy situation Doesn’t improve a reference to the 2008 Financial crisis Germany’s situation is particularly Precarious because it shuttered its Nuclear power plants in the wake of the Fukushima disaster of 2011. It’s clear that nuclear alone isn’t Enough however since france which gets Around 80 percent of its energy from its Nuclear facilities is now also warning Of an energy shortage This just underscores the fact that There is currently no substitute for oil And gas and moving away from them will Take a lot more time In the interim we will all get to enjoy

The consequences of the ideological and Deliberate decisions made by the kind of Folks who attend the world economic Forum’s annual meetings in davos and you Can find out what they said about crypto This year using the link in the Description Turning to the charts we can see that Btc is painting a nasty bear flag on the Daily chart that i mentioned in my Weekly newsletter If it breaks to the downside we could Fall as low as 12k in the coming weeks Which would be consistent with Yesterday’s video check that out if you Haven’t already Last week’s top performing cryptos were Compounds comp token polygons matic Token synthetics’s snx token and Steppens gmt token and the sandbox’s Sand token Starting with compound the comp token Appears to be rallying on the upcoming Release of circles euro stablecoin with The ticker euro c that is set to launch Later this week specifically the 30th of June circle’s website notes that euro c Will be made available on compound as Well as uni swap when it launches Unfortunately comp’s price action is Nothing to write home about and it seems To have taken the biggest beating of all The d5 tokens With some luck the euro c launch will

Bring comp back up to the 100 level Where the next zone of resistance is Next up is polygon whose matic token Appears to be rallying on the recent Release of the polygon id’s first Integration which is with the polygon Dao This makes it possible to create the one Person equals one vote governance Structure i was talking about earlier Although matic’s weekly rally looks Incredible zooming out reveals that it’s Still a far cry from its all-time high And if you’ve watched our recent videos About the project you’ll know this is Partially because the polygon foundation Has been selling lots of matic to fund Its exponential expansion As for synthetics its snx token appears To be rallying due to the popularity of Its protocol According to Cryptofees.io synthetics has seen over 500 million dollars in fees over the Last week good old ethereum am i right Now the only thing funnier than that Joke is snx’s price action which is Almost as bad as comps The important thing is that the Fundamentals are there for the Synthetics protocol and that means it’s Only a matter of time before snx hits Its fair value Now when it comes to steppen’s gnt token

I couldn’t really find the cause of its Recent rally i suspect it has something To do with the fact that it’s warm and Sunny and everyone is out and about and Active The fact that solana’s soul was rallying Could have contributed as stefan is part Of solana’s ecosystem Now similarly to the other cryptos i’ve Mentioned so far gmt seems to have Exited its speculative phase and has Entered what is likely to be a long-term Downtrend proceed with caution And last but not least we have the Sandbox whose sand token is reportedly Rallying because tech giants came Together to set standards for the Metaverse earlier this week Now i would say that this is bearish Rather than bullish for crypto but it Seems that sand holders disagree It’s too bad that the sand castle has Collapsed and by that i mean sans price It’s a good thing that sand has some Actual fundamentals unlike most of the Other metaverse cryptos out there not Naming names you can learn more about The sandbox using the link in the Description And that is all for today’s coin bureau Weekly crypto review if you enjoyed it You know what to do hit that like button Subscribe button and bell icon too If you’re looking to maximize your gains

During the bear market the coin bureau Deals page is where you should go you Can find the link to that resource and Many others in the description below Thank you all so much for watching and i Will see you all in next week’s episode [Music] You