Superyacht: Bankrupt 3AC’s Founders Clash with Liquidators [ Crypto Espresso 12.05.22 ]

Ladies and gentlemen the work week I'm Your low energy host Andrew and this is Crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines Geez I need another crypto espresso That's a little bit better and maybe one More Yeah yeah okay yeah I'm ready to Dispense the news first up Sam bankman Freed said he will testify in front of Congress about ftx's collapse Representative Maxine Waters who chairs The U.S House committee on Financial Services has invited him to appear on December 13th but the embattled crypto Entrepreneur says the date may be too Early as he wants to finish learning and Reviewing what happened none of this has Stopped him from giving multiple Ill-advised Media interviews about his exchanges Demise some have accused representative Waters of being overly friendly with SPF And others wondering why she hasn't just Issued a subpoena meanwhile coinbase's CEO Brian Armstrong has said spf's claim An accounting error was to blame for 8 Billion dollars going missing should not Be believed its stolen customer money Used in his hedge fund plain and simple He tweeted the shock waves from ftx's Collapse are still being felt but There's good news for FTX Japan Customers as withdrawals are going to

Begin in short order this is achievable Because this business was already Heavily regulated and there was no Co-mingling of funds with elevator Research not everyone is so lucky though Elsewhere the financial times have Reported that Genesis owes 900 million Dollars to customers of Gemini The Exchange run by the Winklevoss twins After it was wrong-footed by ftx's Collapse Genesis had been serving as the Main partner of Gemini's earn program That enables retail investors to receive Interest on their crypto savings Coindesk says the financial black hole At Genesis could be at least 1.8 billion Dollars more big numbers as retrieving The three billion dollars owed to Creditors following the collapse of Three arrows capital is much easier said Than done new court documents show a Presentation reveals that Liquidators Have only made modest progress since the Doomed hedge fund collapsed earlier this Year about 35 million dollars in Fiat Has been retrieved that was being held In Singaporean Banks alongside 2.8 Million dollars following the forced Redemptions of Investments what's more About 60 different types of Cryptocurrencies have been identified And seized but their exact value is Unclear in interesting development Concerns efforts to recover 30 million

Dollars from selling a super yacht Called Much WoW which coincidentally gives me Much second-hand embarrassment and Finally Bitcoin is on the road to Irrelevance at least according to a blog Post from the European Central Bank in An opinion piece authors pointed to how The world's biggest cryptocurrency has Plunged from a Nace 69 thousand dollars To just seventeen thousand dollars in One year for Bitcoin proponents the Seeming stabilization signals a breather On the way to new heights more likely However it is an artificially induced Last gasp before the road to irrelevance And this was already foreseeable before FTX went bust and sent the Bitcoin price To well below sixteen thousand dollars Will Rick been sale and Jorgen Shoff Said that a flurry of technological Shortcomings mean that Bitcoin Transactions are cumbersome slow and Expensive and the digital asset isn't Even suitable as an investment and Speaking of cumbersome slow and Expensive my ex-wife hey Geez I'm such a hack maybe I'm the one Who stole 515 million dollars from FDX Seriously you're all right what's also All right is 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 and what'd you think About today's video give me those Comments because I read them and I might Just shout out my favorites in a future Episode questions about our headlines or Crypto in general ask Alex in that Description below Alex is also a great Resource for all things web 3 and 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 you tomorrow Much WoW