Get it out of where you have it but try To find a place that you can trust why Do you think it's been so resilient here In the high 16s well I'll tell you what Star says because it's phony in a scam Being propped up by people who need it Propped up host of CNBC Jim Cramer as Well as former SEC Chief John Stark are Signaling to the public to dump crypto And before I share with you this clip Let's take stock at where we are right Now in the crypto Market fed officials See higher rates for some time ahead They just had their fomc meaning Outlining their expectations for Interest rates in 2023 and officials Still expect multiple interest rate Increases this year and unanimously Believe rates won't fall at any point in 2023 so all the hawkishness from the FED That we saw in 2022 that led to Suppressed markets nothing's changing it Looks like this year now that hasn't Stopped certain New Meme coins from Going crazy good morning good morning Bonk going crazy again now this is a Shib competitor in the Solana ecosystem And in fact Solana is surging 16 off of Bonk as Doge themed shib rival Bonk Takes off Bonk was airdropped to Solana Developers creators and nft holders back In December and just to get specific Over 100 trillion Bonk tokens have been Minted and according to the Bonk website
That's 50 of the total supply has been Airdropped to those developers nft Owners creators and artists in the Solana ecosystem with a chunk of the Remaining Supply also locked in Investing contracts for Bonk Contributors many people are calling This a scam a money grab I asked our Audience on Twitter there's a link down Below to explain Bonk like I'm five what Is it and I got many interesting Responses Next up we have an update on is Genesis Crypto insolvent as you know as we broke Down in yesterday's video Tyler Winkle Or Cameron Winklevoss penned an open Letter to Genesis but the update is Genesis CEO asks for more time as Winklevoss pressures parent company dcg So this was the statement Genesis Interim CEO durarar Islam said in a Wednesday update to clients that the Company is intent on sorting out the Problem we remain focused on finding a Solution for our borrowing and lending Intermediation business and reaching the Best outcome for all affected clients so They say that we know there were Billions of dollars in debt from the FDX Collapse but we're working on it while We are committed to moving as quickly as Possible this is a very complex process That will take some additional time Adding that the Genesis team believes it
Can arrive at a solution so it's good That Genesis did Issue a public Statement let's hope for all our sakes In the crypto Market that they can find The money raise the money so they don't Have to sell off assets or go into Bankruptcy and again for the full story On Genesis on Winklevoss on the Ultimatum of January 8th seek out this Video But speaking about an update on dcg Companies The grayscale eth trust nears a 60 Discount as nerves continue over dcg as Concerns whirl around digital currency Groups liquidity so nobody is touching Grayscale or any of their products and We can go over to the grayscale ethereum Trust and see how much eth do they own Do they have in this trust well they Have over 3.6 billion dollars in assets Under management And they can't get people to buy it in Fact for comparison while on the open Market one ethereum is going for one Thousand two hundred and fifty dollars If you buy through grayscale and their Trust with the sixty percent discount You can get one ethereum for just five Hundred dollars and nobody's taking them Up on that further Bitcoin trust it's Near the same thing there's a heavy Heavy discount for gbtc and what's the Issue well people are like I said
Concerned does their parent company Actually have the liquidity of course This is an ongoing story I will keep you Updated But even bigger news for today coinbase Has just agreed to a 100 million dollar Settlement with the New York regulator So I guess the reason that this happened That they had to write this huge check Is because this was following an Investigation into the crypto exchanges Compliance program according to the Financial regulator the crypto exchange Had many compliance deficiencies related To anti-money laundering requirements so What specifically was coinbase doing Wrong AML wise well New York Regulators Reported that coinbase allowed customers To open accounts without conducting Sufficient background checks a violation Of AML requirements under the state's Licensing regime and according to The Regulators the growth in the number of Users at coinbase had contributed to a Failure to keep Pace with monitoring Suspicious transactions setting a Backlog of more than one hundred Thousand alerts meaning coinbase grew so Much so fast that the there they just Couldn't keep up with all these new Customers and thus compliance issues Rose and it's interesting coinbase stock Actually rallied on this news because Investors saw this as sort of okay
Coinbase is paying the piper now that's Going to bode better for them in the Future as opposed to these other Exchanges it's still ambiguous big news For Celsius The now bankrupt core scientific major Mining Company in the U.S shuts down 37 000 mining rigs it was hosting for Celsius so just as a reminder it was on October 19th last year that core Scientific accused Celsius of failing to Pay its power bills later citing the Non-payment as a major factor in the Liquidity issues that led to the Bitcoin Miner filing for chapter 11 bankruptcy Just the other week on December 21st and Of course this is bad for Celsius but Better for core scientific because According to the court filing the Termination of the agreement would Apparently allow core scientific to Generate a revenue of two million Dollars per month from the space Currently occupied by Celsius mining Rigs you see the original agreement Between core scientific and Celsius The hosting deals terms allowed core Scientific to pass some of the power Costs to Celsius of of course which Celsius stopped paying and those costs Have considerably increased since Russia's invasion of Ukraine so because Of what's Happening across the ocean Energy costs are going way up leading to
Bankruptcies leading to shutdowns and This is the message being shared with The mainstream right now about crypto This is from John Reed Stark who is the Former Chief SEC office of Internet Enforcement he just put out a tweet Thread a Blog citing why the entire Crypto Market is a Ponzi scheme the Whole thing and then Jim Cramer backed Him up this is a 1.5 minute video clip Of Jim Cramer advising anyone who owns Crypto any kind of crypto to sell it all Right now and why crypto is one Mammoth Hustle it's not too late to sell losers Right now that's my motto for the first Part of 2093 because I fear it will be Too late if you wait until the second Half First in the list of it's not too late To sell is crypto anything crypto what Harley day goes by where we don't get More horrific headlines from crypto World we all know about the travails of Sam bankman free but there's constant Wars among former colleagues all over The place in this industry I know this Sounds like inside baseball but these Internets seem worse among major players Are classic signs of a financial world That's actually falling apart don't take It from me listen to this LinkedIn post From John Stark a cyber consultant who's Used used to run the sec's office of Internet enforcement who have known for
Decades he says and I quote the crypto Ecosystem is not just right for fraud And grift it's also complete with Infighting and backstabbing that's what Happens In Ponzi schemes Ponzi schemes oh man Pointer eyes face over when we hear About these noisy Twitter ring fights in Crypto world but there are hundreds of Billions of dollars still tied up in This stuff including money that you may Have and that money is going to be Vanishing right before your eyes my view Is very real simple you can't afford to Be in a security that isn't really a Security one that I argue you can't Really store safely not anywhere as Stark says and I quote it's all one big Hustle Again it's not too late to sell anything In crypto World anything This is what our neighbors our parents Our friends the watch the mainstream This is what's being force-fed into the World right now of course like always Think long term and as I get more info I Will keep you updated
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