RUSH TRANSCRIPT Welcome back ░░░░░░░░ close about cheddar news ░░░░░░░░ first and showdown house ░░░░░░░░ of the Stock Exchange ░░░░░░░░ the sudden collapse of ░░░░░░░░ crypto exchange FTX is ░░░░░░░░ chain reactions across the ░░░░░░░░ to space As the ░░░░░░░░ S Government investigates whether ░░░░░░░░ tx misappropriated user funds ░░░░░░░░ investors are starting to ░░░░░░░░ money from other firms ░░░░░░░░ crypto dot com which ░░░░░░░░ a mishap of its ░░░░░░░░ accidentally sending more than ░░░░░░░░ million dollars worth of ░░░░░░░░ to the wrong place ░░░░░░░░ joining me now is ░░░░░░░░ Collins for mercy of ░░░░░░░░ The first able coining ░░░░░░░░ founder of smart media ░░░░░░░░ I read thanks so ░░░░░░░░ for coming on the ░░░░░░░░ so talk to me ░░░░░░░░ about how at the ░░░░░░░░ collapse is causing some ░░░░░░░░ concerns across the Crypto ░░░░░░░░ Yes it s a ░░░░░░░░ blow to the entire ░░░░░░░░ and so forth and ░░░░░░░░ happened and I really ░░░░░░░░ for all of the ░░░░░░░░ that were in acted ░░░░░░░░ it it showed a ░░░░░░░░ of light on the ░░░░░░░░ expects it has spf ░░░░░░░░ CEO of FTX to ░░░░░░░░ montreat was looked at ░░░░░░░░ someone who s going ░░░░░░░░ move greg nations forward ░░░░░░░░ he was respected in ░░░░░░░░ industry is seeing a ░░░░░░░░ of people Delta is ░░░░░░░░ and a seeming genius ░░░░░░░░ it s turned out ░░░░░░░░ he was a scheming ░░░░░░░░ and it really has ░░░░░░░░ a ripple effect across ░░░░░░░░ industry But one that ░░░░░░░░ re doing our best ░░░░░░░░ recover what as quickly ░░░░░░░░ possible So do you ░░░░░░░░ it was warranted here ░░░░░░░░ mean the concern that ░░░░░░░░ see after the fall ░░░░░░░░ firms basically the oversight ░░░░░░░░ of Sam Bankman Fried ░░░░░░░░ what s warrant It ░░░░░░░░ that the added scrutiny ░░░░░░░░ s putting on the ░░░░░░░░ is understandable and it ░░░░░░░░ great to see a ░░░░░░░░ of the CEOs of ░░░░░░░░ major exchanges step up ░░░░░░░░ cz from by nance ░░░░░░░░ was actually just released ░░░░░░░░ tweet stating that they ░░░░░░░░ going to create an ░░░░░░░░ fund to help these ░░░░░░░░ if they are in ░░░░░░░░ credit crunch so they ░░░░░░░░ do their own due ░░░░░░░░ people invest in this ░░░░░░░░ just in case other ░░░░░░░░ are impacted by this ░░░░░░░░ it shows a great ░░░░░░░░ policing of the industry ░░░░░░░░ the industry stepping up ░░░░░░░░ help others that might ░░░░░░░░ negatively affected in And ░░░░░░░░ curious reeve in terms ░░░░░░░░ what this does mean ░░░░░░░░ people who still have ░░░░░░░░ money in crypto what ░░░░░░░░ you advise them Crypto ░░░░░░░░ a great place to ░░░░░░░░ your money in due ░░░░░░░░ the amazing technology that ░░░░░░░░ isn t a half ░░░░░░░░ changing it will be ░░░░░░░░ this is what I ░░░░░░░░ talk about it s ░░░░░░░░ that there is billy ░░░░░░░░ it and just because ░░░░░░░░ was very bad actor ░░░░░░░░ a did have a ░░░░░░░░ impact it doesn t ░░░░░░░░ that cryptocurrencies and Bitcoin ░░░░░░░░ t good place to ░░░░░░░░ and become knowledgeable in ░░░░░░░░ old act adage an ░░░░░░░░ since the beginning is ░░░░░░░░ your coins I m ░░░░░░░░ not your keys your ░░░░░░░░ so a lot of ░░░░░░░░ should have self custody ░░░░░░░░ a lot of their ░░░░░░░░ and I think that ░░░░░░░░ a lot of times ░░░░░░░░ s going to much ░░░░░░░░ quickly now So explain ░░░░░░░░ me how at heather ░░░░░░░░ into the crypto space ░░░░░░░░ the pharmacy of tether ░░░░░░░░ think we call it ░░░░░░░░ first is stable coin ░░░░░░░░ people try to understand ░░░░░░░░ different layers and fast ░░░░░░░░ of the cryptocurrency space ░░░░░░░░ the story in particular ░░░░░░░░ role does tether having ░░░░░░░░ broader ecosystem Others become ░░░░░░░░ foundation of the cryptocurrency ░░░░░░░░ because it provides people ░░░░░░░░ coin if you think ░░░░░░░░ what you hear and ░░░░░░░░ is that it s ░░░░░░░░ volatile There s lots ░░░░░░░░ tokens and the prices ░░░░░░░░ up and down Traders ░░░░░░░░ investors that they don ░░░░░░░░ want to be expose ░░░░░░░░ volatility They can move ░░░░░░░░ a lot of cryptocurrency ░░░░░░░░ a stable coin and ░░░░░░░░ it will be always ░░░░░░░░ one dollar so neighbors ░░░░░░░░ to keep your money ░░░░░░░░ this ecosystem not having ░░░░░░░░ move it into a ░░░░░░░░ And then it can ░░░░░░░░ in the ecosystem as ░░░░░░░░ stable one dollar paid ░░░░░░░░ So I m just ░░░░░░░░ in terms of regulation ░░░░░░░░ what might be on ░░░░░░░░ what s your expectation ░░░░░░░░ how much more keen ░░░░░░░░ think regulators are now ░░░░░░░░ tackle this cryptocurrency space ░░░░░░░░ regulations always been a ░░░░░░░░ issue some of the ░░░░░░░░ what s going to ░░░░░░░░ and up in that ░░░░░░░░ of I do think ░░░░░░░░ ll be a lot ░░░░░░░░ scrutiny placed on the ░░░░░░░░ because systemic specially due ░░░░░░░░ these current events one ░░░░░░░░ the things that Biden ░░░░░░░░ pushing was us cbdc ░░░░░░░░ central bank digital currency ░░░░░░░░ it s going enable ░░░░░░░░ government to have a ░░░░░░░░ more control and a ░░░░░░░░ more insight If you ░░░░░░░░ that I couldn t ░░░░░░░░ 2 they re exploring ░░░░░░░░ that s not necessarily ░░░░░░░░ good thing or a ░░░░░░░░ thing we re going ░░░░░░░░ see how that unfolds ░░░░░░░░ that is a signal ░░░░░░░░ is that the government ░░░░░░░░ paying attention to this ░░░░░░░░ tech knowledge e and ░░░░░░░░ re going to utilize ░░░░░░░░ for themselves because at ░░░░░░░░ core tenants is that ░░░░░░░░ chain technology is an ░░░░░░░░ to the legacy financial ░░░░░░░░ that we I have ░░░░░░░░ that s what people ░░░░░░░░ leaning into now they ░░░░░░░░ add a little bit ░░░░░░░░ to reduce the level ░░░░░░░░ sometimes massive fraud that ░░░░░░░░ taken place in this ░░░░░░░░ and so hopefully more ░░░░░░░░ more people will be ░░░░░░░░ feel safe to get ░░░░░░░░ I do have one ░░░░░░░░ question I know regulators ░░░░░░░░ trying to track down ░░░░░░░░ trip But do we ░░░░░░░░ what Sort of amount ░░░░░░░░ money at tx might ░░░░░░░░ on the hook for ░░░░░░░░ terms of misappropriating use ░░░░░░░░ funds I m sure ░░░░░░░░ users probably that might ░░░░░░░░ the worst part of ░░░░░░░░ story that they thought ░░░░░░░░ money was safe 8th ░░░░░░░░ in fact It could ░░░░░░░░ been misappropriated It looks ░░░░░░░░ from a lot of ░░░░░░░░ reports that I ve ░░░░░░░░ that is that an ░░░░░░░░ billion dollar shortfall in ░░░░░░░░ billion dollar hole and ░░░░░░░░ can t quite find ░░░░░░░░ where that money went ░░░░░░░░ teams that FTX was ░░░░░░░░ customers deposits and mending ░░░░░░░░ out which obviously they ░░░░░░░░ not supposed to do ░░░░░░░░ is a massive scam ░░░░░░░░ is actually what has ░░░░░░░░ place the one thing ░░░░░░░░ do want to share ░░░░░░░░ was there so many ░░░░░░░░ and so much Yeah ░░░░░░░░ certainty in doubt out ░░░░░░░░ right now we re ░░░░░░░░ uncovering the truth and ░░░░░░░░ what the impacts are ░░░░░░░░ major blow has been ░░░░░░░░ so I do believe ░░░░░░░░ industry s up the ░░░░░░░░ impact of the collapse ░░░░░░░░ FTX there will be ░░░░░░░░ ripple effects But overall ░░░░░░░░ will prevail it s ░░░░░░░░ it s not dead ░░░░░░░░ to keep people have ░░░░░░░░ opportunity to calm down ░░░░░░░░ little bit and realize ░░░░░░░░ things will be ok ░░░░░░░░ it is tragic that ░░░░░░░░ was money