Wake up kids Tuesday Newsday just Dropped that's right I'm your host Angel And this is crypto espresso your teeny Tiny daily shot of caffeinated crypto Headlines oh gee whiz have we got news On a Tuesday first up the SEC has Claimed that terraform Labs co-founder Dokwan pulled more than 10 000 Bitcoin Out of a project and has been cashing it In ever since it's alleged the funds Were transferred to a Swiss bank and Then converted into Fiat terraform Labs Had established a war chest of Bitcoin That was designed to ensure that UST its Algorithmic stablecoin remained pegged To the US dollar overall the SEC Estimates that Quan's withdrawals have Exceeded 100 million dollars you'll Remember that UST and sister altcoin Luna spectacularly collapsed last May Wiping 40 billion dollars from the total Market cap of all crypto SEC officials Say the whole terraform ecosystem was a Fraud and ust's price was manipulated Rather than governed by code Jesse Powell has written an inflammatory and Contra virtual Twitter thread where he Claimed that the SEC deliberately turned A blind eye to FTX so the whole crypto Industry would implode he alleged that Regulators let the bad guys get big and Blow up because it serves their agenda And deters adoption it's a pretty bold Claim to suggest that the SEC would
Deliberately allow millions of Americans To collectively lose billions of dollars Nonetheless the commission is facing Tough questions over its handling of Sandbankment freed SEC chairman Gary Gensler had met with the crypto Entrepreneur and critics have claimed That he missed crucial warning signs That could have protected innocent Customers unlike millions of other Customers of Sam Pacman Freed's Cryptocurrency exchange FTX Japan users Are actually getting their funds back Withdrawals of both cash and crypto open Today with the Japanese arm apologizing For the concern and inconvenience caused By its services being suspended FTX Japan did warn that there could be Delays if all customers rushed to get a Hold of their funds at the same time so Why has this part of FTX been able to Restart withdrawals as million of other Users wait to get their money back well You can thank Japan's strict regulations Which is in part why FTX Japan's assets Were kept separate from Sister trading Firm Alameda research the man credited With inventing the World Wide Web as we Know it has revealed that he's not a fan Of crypto describing it as really Dangerous Tim berners-lee compared Digital assets to the.com bubble in the 90s and said crypto is only valuable for People who want to have a kick out of
Gambling despite the harsh words he did Admit that the technology could be Useful in driving down the cost of Remittances berners-lee later took aim At web 3 arguing that it has no relation To the internet in his eyes blockchain Technology is too slow expensive and Public to improve our online lives Though it's worth mentioning that Despite the harsh words berners-lee Capitalized on the nft boom selling Crypto Collectibles containing the Source code of the world wide web for a Cool 5.4 million dollars which was given To charity so good on him and finally Poor investors in emerging economies Were hit harder by the bear Market than Deep pocketed whales according according To a new report the bank of International settlement said that big Investors dumped shortly before big Price collapses while everyday consumers Were badly burned by buying the dip According to the bis data shows that Most crypto app users who bought Bitcoin After August of 2015 have ended up Losing money challenging The Narrative That anyone who holds on to their crypto For at least four years makes a profit Overall 80 percent of those who bought Bitcoin once a month would have ended up In the red according to the bis analysis Bad news for those who treat Bitcoin as A hedge against inflation and speaking
Of Hedges snip snip trim trim those Branches of Engagement by liking this Video subscribing to our YouTube channel And clicking on that little bell icon to Get boozed whenever a new crypto Espresso video goes live and what'd you Think about today's video well let us Know by leaving a comment below just Watch out for the spam anyway I read Those comments and I take the feedback Very very very personally and sometimes I cry a little bit yeah anyway questions About our headlines or crypto in general Why not ask Alex in that description Below oh Alex is a great resource for All things web 3 end of the metaverse And that about does it for today 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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