Big piece of news today involving FTX I Want to share with you a few different Stories and each story is going to get Progressively Wilder so first piece of News this just happened FTX proposes a Four million dollar bonus program as it Seeks to retain its staff so this is all According to recent courts documents Filed Tuesday that chief executive Officer John J Ray III who took charge Of FDX on November 11th when the company Filed for bankruptcy wants to offer Bonuses as much as 94 percent of salary To stop those with knowledge of Programming or Company accounting Practices from quitting in a direct Quote on why they're doing this from the Court filing these remaining employees And contractors have institutional Knowledge and in some cases unique and Specialized skill sets that would be Difficult to replace and that are Critical to the debtors objectives in These cases so I think the issue is and John J Ray did allude to this at his Last testimony that there was such bad Record-keeping in FTX that now if they Don't keep some of these employees They're not going to figure anything out In this bankruptcy of course the more Money they spend on employees the less Money they have for users that lost Money on the exchange and specifically Bonuses between 17 and 94 percent of
Salaries will be in the best interest of The FTX group as it seeks to wind up Affairs the overall package is capped at Over 4 million dollars and Target staff With key skills and knowledge including Programming languages such as python Rust and flutter So I guess the new FTX needs coders to Figure this all out and by the way no Bonuses will be paid to directors or Officers of the company so none of the Higher-ups nor the founder Sam bankman Freed or his family nor to any staff Believed to be engaged in the wrongdoing This is more for the people with Technical skills so they don't leave I Sort of understand something like this Because if I were a coder I would try And find a new job now obviously FTX Needs to keep some of them to figure This all out so you got to pay them Because they have no other incentive to Stay there and new update as of this Last month what's the CEO and what are These lawyers making turns out the FTX Lawyers charge the company 38 million Dollars while the new CEO took a salary Of over 300 000 for the February month Alone and again the only issue I have is This means less money this this where's This money coming from because if FTX Isn't bringing in any new money right They don't have trading they don't have Deposits it's a defunct bankrupt
Exchange FTX hired three law firms which Allocated over 180 lawyers and over 50 Other staffers working on the FTX case Now maybe I'm wrong maybe you disagree After all FTX is a holding company with Thousands of subsidiaries Investments And balances liquidating costs a lot of Money because you need smart people have The knowledge to handle bankruptcy Better to pay 50 million to get back Eight now there's also a ton of very Difficult forensic accounting that's Happening trying to track down where Those scammers hid the billions paying The best in the business to handle this Ensures that more funds are found and Recovered so you tell me down below what You think and this was breaking news as Of yesterday because of the contagion at FDX crypto Bank silvergate announces Voluntary liquidation now subscribers of This channel understand just how big This is number one silvergate was known As the crypto bank one of the largest Bankers of the crypto industry and Number two as of about a week ago they Had delayed giving certain filings to The SEC and then of course we finally Got this announcement crypto friendly Silvergate bank will voluntarily Liquidate its assets and wind down Operations in a direct quote from Silvergate they say in light of recent Industry events and Regulatory
Developments silvergate believes that an Orderly wind down of Bank operations and Voluntary liquidation of the bank is the Best path forward the banks wind down And liquidation plans include full Repayment of all deposits the company is Also considering how to best resolve Claims and preserve the residual value Of its assets including its proprietary Technology and tax assets So what this means to you and me this is Just some more added cell pressure in The short term As this crypto Bank crypto friendly bank Will be forced to liquidate I think That's why we're seeing a few key Cryptometrics Trend down silvergate Collapse dragging down Bitcoin volume Let me share with you the actual data But please keep in mind this is an Ongoing Story the minute I get new Updates on any of this I will make a Video I will keep you updated but since The Silver Gate collapse what does the On-chain data look like crypto Quant Data shows that the transfer volume Denominated in BTC is down 35 percent Over the last 24 hours at the same time The total number of transactions on the Bitcoin blockchain has dropped by 17 and The number of active addresses has Fallen by 10 wow so those are three very Fundamental metrics that took the dip With silvergate for the month of March
Which is barely half over Bitcoin Trading volume has come in at an average Of around 2 25 billion dollars versus Around 36 billion dollars for the month Of February and to me zoomed in Headlines like this can seem very Bleak And I know it doesn't feel like it but Things like this to me are necessary for The long-term healing of this Market the Next Bitcoin having is just over one Year away is very close happens about Every four years and like always is a Huge supply shock to the system so it's Not fun but it is fundamentally healthy To clear out any fluff and this has to Be said some of you were asking me about This breaking news crypto.com struggles To maintain Fiat on-ramps in the face of Crypto banking crisis so the exchange's Current banking partner now is only Accessible to users based in the European economic area EAA so if you use Crypto.com this affects you and the SIM Singapore headquartered exchange is only Now able to provide euro-denominated Banking services to its users in the eea Having previously lost the ability to Accept USD deposits because of issues With its banking Partners so correct me If I'm wrong down below in the comment Section but I don't know if this is Telling us that crypto.com is now able To only offer Euro on-rems in general or Maybe just to that area but either way
This is the fear an exchange that only Has the ability to service users in one Part of the world and then in Euros a Far less liquid currency for crypto as Most crypto trading pairs are Denominated in USD is going to have Questions raised about its liquidity now In the past crypto.com has handled Liquidity squeezes well but all of this Is an ongoing story if you're interested In staying informed about FTX informed About crypto click subscribe and if You'll be in Miami Beach May 18th Through 20th of this year I hope you Join us I hope you use code altcoin Daily for 10 off your ticket for Bitcoin 2023 link down below And like always see you tomorrow
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