Despite Finding $5.5 Billion, FTX Warns of ‘Substantial Shortfalls’ [ Crypto Espresso 1.18.22 ]

It's Wednesday and you know what that Means reach for the sky boy and stretch Those arms out grab that news now touch Your toes now spin in a circle fingers On your nose okay well I'll stop I am Your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines first up The total amount of assets recovered by Ftx's new management team has risen to Drum roll please 5.5 billion dollars That's a far cry from the 1 billion Dollars reported a month ago however Executives are warning there is still a Substantial shortfall in assets meaning There are no guarantees that customers Will be made whole a Herculean Investigative effort has also helped John Ray identify 4.6 billion dollars in Illiquid Investments these were made by Sam bankman freed and his inner circle But there are fears that their value Could end up being far less than what FTX paid as work continues to untangle The financial mess that SBF Left Behind Efforts are also underway to clawback Payments that were made to third parties Before the collapse ah SPF the gift that Keeps on giving two prosecutors ahead of His criminal trial in October in a brand New substack the embattled 30 year old Has accused ftx's law firm of making Extremely misleading statements about The health of the exchange's U.S arm he

Also once again argued that FTX us is Fully solvent meaning its customers Could be made whole immediately bankman Freed insists that this business had at Least 111 million dollars and likely Around 400 million dollars of excess Cash on top of what was required to Match customer balances but of course if You're listening to the new CEO of FTX That's doesn't seem right spf's number Heavy post didn't really touch on the Topic of shortfalls at International either a new coindesk Report suggests that a staggering 196 Members of Congress received political Donations from FTX Executives there are Currently 535 members in the Senate and The house of rep Representatives so That's over 33 percent because lobbying Knows no political bounds beneficiaries Include new house Speaker Kevin McCarthy And Senate Majority Leader Chuck Schumer The news outlet has asked each of them For information about what they've done With the money many have apparently Given the tainted cash to charity but Ftx's New Management has warned that These funds will still need to be clawed Back cbdcs have enjoyed a flurry of Support from Giants in business and Banking alike with the likes of IBM Deloitte and the Bank of America Declaring them as the future of money One Ukrainian politician has even

Declared that he'd like his salary to be Paid in the form of a central bank Digital currency One Bank of America Analyst warned countries that failed to Embrace cbdc's risk irrelevance over the Longer term but not everyone is drinking The cbdc Kool-Aid Bank of England Governor Andrew Bailey has questioned The need for a digital pound warning UK Politicians we have to be very clear What problem we are trying to solve here Before we get carried away by the Techno Technology and the idea uh just imagine I said that with a much more British Accent though and finally feverish Excitement is growing as Apple plans to Roll out a mixed reality headset later This year but a Bloomberg report Suggests that a play and follow-up Product lightweight augmented reality Glasses have now been abandoned because Of technical issues it was hoped that AR Glasses could one day replace iPhones With everything from notifications to Map directions appearing directly in the Wearer's line of vision unfortunately The battery has apparently ended up Becoming a pretty significant issue Not Only would slapping up battery on the Glasses make the device way too heavy And Spark safety concerns there are also Doubts that they would deliver enough Power to last for the whole day but Here's something that lasts the whole

Day the adrenaline rush that you get From liking this video subscribing to Our YouTube channel and clicking on that Little bell icon to get buzzed whenever A new crypto espresso video goes live Feedback about today's video well just Write down a well-formulated response And stare at your screen because I'll Never see see it because comments are Still disabled robots the whole lot of Them they took our jobs and now they're Taking our comments questions about Today's headlines or crypto in general Ask Alex in that description below Alex Is a good bot they're also a great Source of information on all things web 3 and the metaverse and that about does It for today's episode again 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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