I'm not looking to pick a fight with you But I am surprised at that the reaction To these questions are you don't know What an audit is bucko like that's just Weird to me yes here are the top three Stories happening in crypto today Including Sam bankman freed new Information altcoins the latest news and Jon Stewart making one of the strongest Cases for Bitcoin in this first clip Watch this conversation get heated as Jon Stewart questions the deputy Secretary of defense on the dod's Department of defenses inability to pass An audit how dare taxpayers ask where Their tax dollars go like there is a lot Of waste Fraud and Abuse within a system Audits and waste product abuse are not The same thing so let's uh decompose These please educate me on sure so an Audit is exactly what you just described Which is do I know what was delivered to Which place right the ability to pass an Audit or in a the fact that the dod has Not passed on is not not suggestive of Waste Fraud and Abuse That is completely false right there so So what is it now is the question of It's suggestive that we can't we don't Have an accurate inventory that we can Pull up of what we have where That is not the same as saying we can't Do that because waste Fraud and Abuse Has occurred so in my world yeah
Yeah that's waste How is that waste if I give you a Billion dollars and you can't tell me What happened to it that to me is Wasteful that that means you are not Responsible but if you can't tell me Where it went then what am I supposed to Think and when there has been reporting I mean this is not look I'm not I'm not Saying this is on you and that you Caused this but I think it's it's a Tough argument And 850 billion dollar budget to an Organization that can't pass an audit And tell you where that money went Like I think most people would consider That somewhere in the realm of waste Fraud or abuse because they would wonder Why that money isn't well accounted for And while Jon Stewart isn't explicitly Talking about Bitcoin today remember Back in 2014 when Jon Stewart did try And tell you to buy Bitcoin in honor of Young money we turn to the world's Youngest money Who's the new currency you are yes you Are the full video is linked down below But the bigger question is Bitcoin Auditable it's important to note that Crypto transactions on the blockchain Are not Anonymous the record is public And blockchain Technology enables Accountants and Auditors to access Crypto information in real time without
Having to wait for clients to provide Data on their transactions like to me That's corruption I'm sorry and if Like if that blows your mind and if you Think like that's like a crazy agenda For me to have I really think that That's institutional thinking and that It's not looking at the day-to-day Reality of the people that you call the Greatest fighting force in the world so I just again I get back to this idea of Like I'm not looking to pick a fight With you but I am surprised at that the Reaction to these quests questions are You don't know what an audit is bucko Like that's just weird to me and Speaking of audits new information on FTX and Alameda unaware exactly the Money went because the new management of FTX headed by CEO John J Ray III today Released its first interim report of the Control failures of the collapsed Exchange I would say one of the biggest Things that came out of this new report Was they found some internal Communications before FTX collapsed of Sam bankman Freed's statements on Alameda Um I didn't ever uh try and commit fraud On anyone I I was excited about the Prospects of FTS a month ago former CEO SBF now under house arrest describes Alameda in internal Communications as Hilariously Beyond any threshold of an
Auditor being able to even get partially Through an audit so even while SBF was a Ensuring the world on Twitter that ftx's Fine Alameda is fine he went on in his Direct quote in his internal Communications Alameda is unauditable I don't mean this In the sense of a major counting firm Will have reservations about auditing it I mean this in the sense that we are Only able to Ballpark what its balances Are let alone something like a Comprehensive transaction history we Sometimes find 50 million dollars of Assets lying around that we lost track Of such is life we don't know where Anybody's money is but such is life Um I saw it as a driving growing Business I was shocked by what happened This month and other striking items in This report included claims that most Major decision making was closely Controlled by SPF and top executive Gary Wang CTO and engineering director nishad Singh both Gary Wang and nishad Singh Are now both cooperating with Authorities and have both pleaded guilty To charges understanding that this all Just became a little clearer here is a Chart of the balance of Alameda wallets From January 18 to June 2020 so keep in Mind FTX collapsed in 2022 so this was Years before the blue dot is when nishad Singh altered the code base to enable
Alameda to withdraw unlimited amounts of Crypto from FTX meaning all this fraud Really started allegedly back in August Of 2019 even before the Bull Run really Started I saw it as a thriving growing Business I was shocked by what happened This month now there is still major Innovation happening in this space for Example layer 2 scaling Solutions huge Narrative symbiosis has just integrated ZK sync calling it a natural evolution Of scaling Solutions so what is Symbiosis what is ZK sync well symbiosis Is a cross-chain automated Market maker So it's a DEX like a uniswap only cross Chain it provides single-sided Stablecoin pools that deliver zero Imperative loss to liquid providers so Again it's a DEX meant to be a better Unit Swap and a ZK sync is a layer 2 Scaling protocol to improve speed and Reduce fees of token swaps on the Symbiosis platform in a direct statement From the co-founder of symbiosis he said The integration of ZK sync will provide One-click swaps from ethereum polygon Avalanche BNB chain Telos and other Blockchains two ZK sync and back the Additional functionality also removes The need for users to switch between Different wallets and interfaces and Speaking of dexes unfortunately Sushi Swap was just hacked head chef says Revoke all chains So Sushi Swap this
Weekend has fallen victim to an exploit Only users who have interacted with the Decentralized exchange in the last four Days seem to be affected and how did Sushi swap get hacked well the exploit Involves an approval related bug on the Router process 2 contract tract AKA in Simplistic terms by approving the bad Contract users unknowingly allow the Exploiter to steal their tokens so it Was an upgrade that sort of had a bug in It and people were able to exploit now The developers were all over this and as Of today Sushi Dex has recovered about 100 ethereum after Millions lost on Weekend exploit and the group that was Able to recover some of these funds Called block SEC block SEC detected Malicious activity during the attack Attempt and was able to effectively Rescue part of funds if you got value From today's video click the like button It makes me feel good lets me know you Support me and like always click Subscribe we drop a video every single Day keeping you informed also be sure to Join us at Bitcoin 2023 such a fun Conference use code altcoin daily for 10 Off your ticket link down below
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