show that to fits of alameda is $14000000000.00 balance sheet was held in f t t sparking panic among f t x as customers. c z. the ceo of finance immediately dumped $23000000.00 f t t tokens sending the price into free fall. as of yet was unraveling. it was further revealed that s b s had created a secret back door and f t x that allowed him to move deposit money off the exchange to alameda without alerting customers. so the lesson of the story once again is not your keys, not your wallet. no matter how secure or safe a centralized exchange might look like from the outside. if ever there's fraud a hack, a liquidity issue, or an other black swan event, your funds will not be safe if you do not own your own keys. now, many customers are now learning this less than the hardware with the collapse of f t x. as f t x held billions of dollars and assets and deposits for the customers and traders. multiple crypto trading firms and hedge funds who utilized f t x are now a liquid such as are a global gallows capital and new technology. they have all failed because of its massive exposure to f t. x. g

now, many customers are now learning this less than the hardware with the collapse of f t x. as f p x held billions of dollars and assets and deposits for the customers and traders. multiple crypto trading firms and hedge funds who utilize f t x are now a liquid such as are a global gallows capital and new technology. they have all failed because of its massive exposure to f t. x. genesis trading also said that it as a $175000000.00 and locked funds in its f t x trading account. now the latest casualty is blocked by a crypto lender platform, as it also filed for bankruptcy, citing massive exposure to f t x. now for more on the epic, lots we have joining us, chris. right? host of rice tv x. so chris, what was the main cause of the f t x failure? how did all star and did easy plan all of this to happen after s b of called him out? that's a great question. and i don't think that c z was the one that really push this thing to escalate. i think ultimately i think c was the straw that broke the camel's back. i, it looked like there was a lot of foul play going on for quite some time

the founder of f t x sam bagman freed, founded what he claimed were 2 separate companies. a hedge fund called alameda research and a crypto exchange platform called s p x. p x's native currency was coined called a p t, which was printed and used as collateral for ela, made a to take out loans. at one point a t t traded as high as a dollars, so it took out a huge amount of loans at the time. and this is extremely dangerous because the price of f t p fell below a certain level, it would leave alameda on able to pay back its lenders. now in early november, a report show that to fits of allen made us $14000000000.00 balance sheet was held in f t t sparking panic among f t x as customers. c z. the ceo of finance immediately dumped $23000000.00 f t t tokens sending the price into free fall. as of yet was unraveling. it was further revealed that s b s had created a secret back door and f t x that allowed him to move deposit money off the exchange to alameda without alerting customers. so the lesson of the story once again is not your keys, not your wallet. no matter how secure or

blocked by a crypto lender platform, as it also filed for bankruptcy, citing massive exposure to f t x. now for more on the epic, lots we have joining us, chris. right? host of rice tv x. so chris, what was the main cause of the f t x failure? how did all star and did the plan all of this to happen after s b? i called him out. that's a great question. and i don't think that c z was the one that really push this thing to escalate. i think ultimately i think c was the straw that broke the camel's back. i it look like there was a lot of foul play going on for quite sometime within f t x in alameda both and it looks like there's a lot of corruption surrounding it. now i don't have any factual evidence of proof of this, but there seems to be some collusion with the s c c gary gansler. it seemed as if gins or was helping with t x with legal loopholes. so it's really interesting if you look at charts, that when gary gins, lord took his position as se c chair. you can see that at t t took and had been going up that entire time from that moment. it's complete green candles, which is very intere

he initially tried to peddle a world that f t x. it's simply mislabeled $10000000000.00 on the balance sheet as an explanation for the missing funds. we didn't secretly transfer. we had confusing internal labeling and misread it. but it wasn't too long before his story with unraveling catch up with him. eventually extradited from his pos home in the bahamas to face federal charges in the u. s. astonishingly. u. s. federal judge decided to allow his release during the arraignment. in spite of overwhelming evidence against him. he just needed to pony up $250000000.00 for his get out of jail cars. f t x and it fits the trading fun. alamita research relates to co mingled customer funds and use them in a high stakes casino style strategy staking the money on extremely high risk investments and trading according to us. so forty's, a holy, irresponsible, and highly illegal act, but the plot thickens. s. b s. parents who happened to be 2 of the u. s. is top technology compliance. lawyers have a history of donating hundreds of thousands of d

the f t x found that gave more, but $990000.00 to democratic candidates. according to us, faith trucking and g o open secrets, and another 38800000 to lobby groups. this pales in comparison to the $235000.00 that he donated to republican candidates. that's in spite of his claims to the contrary. i donated to both parties, i donated about the same amount to both parties. as this game of jenny get started to come to an end use, it started to withdraw their funds from the thinking platform, causing a proverbial run on the bank. this came as crypt of exchange buying a behemoth of the crypto wells announce liquidation of $400000000.00 for matthew. his own crypto current c s t t f. the attempted to sell that business to buy naps, but that offer was rebuffed after a day of the due diligence with a potential suit to saying that the company was to tango did a mess to get involved as a result of corporate due diligence as well as the latest news reports regarding mishandled customer funds and alleged us agency investigations. we have decided that we will not pursue

we have decided that we will not pursue the potential acquisition of f t x dot com. the ship continued to leak, showing massive liquidity shortages across the x and alameda, including shadow. we agreements, the co mingling of climb funds and the freezing of customers, the ability to withdraw their money. this has led to bankruptcy and the appointment of it into an c o to sorted out. there's a whole bunch of stuff that built up to it. i just made have happened to be the last thing that pushed it. it didn't take long for s b s henchmen, alamita c o, an ex girlfriend, caroline ellison, and s t x city, iowa gary one to turn on their former friend and business partner cutting please. deals with us, prosecutors and throwing him under the bus from 2019 through to 2022. i was aware that alameda was provided access till borrowing facility on f t x dot com, that crypto currency exchange a run by mr. bank. when fried, i knew what i was doing was wrong. franklin fried was the darling of crypto for the u. s. a. leads a frequent guest at the white house and even entertaining the li

and indeed, inter being released on bail like the f t x founder was. do you think that's going to happen now to in this occasion? yeah. to see that start with that point he's, there's no way he's gonna be, we'll bail for one reason because he is not a us citizen. the other interesting thing is that they've made all of this noise on what's called in the u. s. a criminal complaint, and that means that the authority suspects him, but he hasn't actually been indicted or charged by the offense in the us to be charged has to go from from the grand jury, which is a load of people that, that are on a job where they read, read the evidence that the prosecutor has and then make a decision whether they're about to be charged. they haven't done with this case. they've just made all this noise. we don't even know if this guy will be charged yet, or indicted as they say that was in the f b f case. we waited for the indictment. he was allowed to pretty much wander around the bahamas. he was even doing press interviews to bloom, but the big financial program, you know

now the f t x doesn't exist. finance really is the big boy in the industry. so putting their name in a document for such a very, very small that's a trivial exchange in the industry is very, very significant. and how at regulators and governments are going to now react to by naps because they've been 90. it will be very interesting to watch just coming back to f t x that in criminal investigation, it was the headline stories for months. drilling. people might remember that the curly haired gentleman who the funder of it and he was released on $250000000.00 bomb to run a month ago. now, do you see differences? do you see parallels what, what's happening there? and indeed, in terms of being released on bail like the f t x founder was, do you think that's going to happen now to this occasion? yeah, it's fair to see that start with that point he's, there's no way he's going be long bail for one reason. because he is not a us citizen. the other interesting thing is that they've made all of this noise on what's called in the u. s. a criminal complaint. and that mea

here's a look at our top stories, crypto lender genesis files for insolvency in the wake of the f t. x collapse. we'll look at the company with almost $3000000000.00 in active loans. agricultural ministers gather in berlin to talk about the food prices affecting their countries . we'll hear from a minister out of the united arab emirates. also on our show, davos lies the l. g, b, t, q flag, or companies ready to move beyond symbols and make their workplaces safer. for consortium crypto currency, lender genesis has filed for bankruptcy in the us. it's the latest to fall after a state shake out in the digital asset market and the collapse of crypto exchange, f t x. genesis global capital one of 3. genesis entities that apply for bankruptcy . protection on thursday froze customer withdrawals and november days after f t x made its own insolvency filing. a genesis estimates it has more than 100000 creditors. oil screens corta in new york for more gens crypto lenders like genesis, were really acting as almost like banks. but the customers didn't really have deposit protection like they would

we shake out in the digital asset market and the collapse of crypto exchange, f t x. janice global capital one of 3. genesis entities that apply for bankruptcy. protection on thursday froze customer withdrawals in november, days after f t x made its own insolvency filing genesis estimates. it has more than 100000 creditors or less guardians corta in new york for more dens. crypto lenders like genesis, were really acting as almost like banks. but the customers didn't really have deposit protection like they would with banks. so what kind of recourse if any, do they have when someone who freezes their, their deposits? well, it's even, i would say get in line. i mean those bankruptcy protection processes said they are very lengthy that take some time. and then at the end of the process, you have to see what is left that can be distributed to with some, all those a creditors of, from a genesis in this case, some ebay, you can definitely expect that a lot of people will not get their money at beck, and then you mentioned that a platform like genesis, it almost works as a b

just coming back to f t x that in criminal investigation. it was the headline stories for months. drilling. people might remember that the curly haired gentleman who the funder of it and he was released on $250000000.00 balden to run a month ago. now, do you see differences? do you see parallels what, what's happening there? and indeed, inter it being released on bail like the f t x founder was. do you think that's going to happen now to in this occasion? yes, it's fair to see that start with that point he's, there's no way he can be long bail for one reason. because he is not a us citizen. the other interesting thing is that they've made all of this noise on what's called in the u. s. a criminal complaint. and that means that the authority suspects him. but he hasn't actually been indicted or charged by the offense in the u. s. to be charged. it has to go in front of something called a grand jury, which is a load of people that, that are on a jury where they read, read the evidence that the, the prosecutor has, and then make a decision whet

just coming back to f t x dot and criminal investigation. it was headlines, stories for months. drilling. people might remember that the curly haired gentleman who the founder of it, and he was released from $250000000.00 bomb to run a month ago. now, do you see differences? do you see parallels but what's happening there? and indeed, in terms of being released on bail like the f t x founder was do you think that's going to happen to in this occasion? yeah, go to see that thought with that point he's, there's no way he's gonna be, we'll bail for one reason because he is not a us citizen than the us. usually if you're not a citizen or you don't have high said the country, not just in the u. s. all over the world, they'll consider a flight risk, which means he's going to sit in jail. the other interesting thing is that they've made all of this noise on what's called us a criminal complaints. and that means that the forty's suspects him, but he hasn't actually been indicted or charged by the offense in the u. s. to be charged has to go in front

it is named complete f t x nay. some big and fried, of course, was arrested in, in the bahamas just before the end of the year, a, and is facing extradition to the united states. of course, the whole f t x come c just essentially collapsed. and investigators are still asking many questions about how that was able to happen. how many people were actually defrauded by the actions of this, if the word and did a legal and certainly pointing in that direction. and we're in the missing money, including up to about $1000000000.00 has gone. so when people see those sort of headlines, they immediately get very reluctant to invest in crypto, but you still got to remember still very small amount of people that invested in crypto. it's not wide spread, people haven't leaped into it with gusto. those that are in it are trying to make as much money as possible. and there certainly be many critics of crypt or seeing that it's no more than a ponzi scheme, a scam. and certainly a bit like pyramid selling, trying to get people involv

the f t x debacle in the fallout from that. but it just to be, i spent today sort of reading the release that we got from the department of justice yesterday last night, really on this. and it just read like a tabloid piece. right. it's got all of these, these bases claims. it that you know, that it's got all that, all the, all the qualities that you'd want. if you be to get capital piece in a newspaper, drugs, russia, and they even called him a crook. that's what they say at the top, the platform with design full crypt. it's very interesting. it's kind of sort of like, you know, they've got to find another food guy for the food guy that they, that they had in some vitamin free to s t x, which they bought. so who do you go for? you go for the largest institution in the crypto. well the finance and interesting christ. you've got a background in crypto where you are also arrested and spend some time and come to the connected to that. are you reminded of your own case here in any way? yeah, there are quite a lot of similarities no

now t x national t sionna. when you minute, she started it boss much to renew more slash michelle sanders with no point to stem car. watch so much with google glass problem. crotch now. susan was with share in the loop. ok. just to, to run, you speak with her about only now the mother got a little bit too early. quite sure. let me know by another. you go to special video, you pull, chill, stuck, store one. a lot of time. yeah. yeah. i love to work with it. let me ask this boy explain. let me, let me know what the 3rd one was for a 2 or 3 white with level fortunately, requita would work for new years just to kind of look at your bill or get to what school are i'm but older, but almost every bit of a sheet around, you know, what are knox yet quality mean? your law was but she were there to me if you don't really told me that would be funny little telling me that you know, pick up i was is my survivor that nobody to do with dollar. yeah. with a shower to phantom, the more the support of the shipper with the leg du

let's take a look at some of the other global business stories that are making the news. lawyers for f t x have recovered more than $5000000000.00 in liquid assets in their efforts to salvage funds from the bank for crypto exchange. the extent of customer losses, however, is still a known under sound bank. min fried is accused of fraud and could face 115 years in prison. guilty deadlines. expect u. s. flight operations to go back to normal on thursday more than 10000 planes were grounded on wednesday after federal aviation administration, pilots alert system failed. if the officials say preliminary review is traced the problem to a damaged database file, and there's no evidence of a cyber it now google says the growth of its android operating system in india is at risk of stalling in the face of regulation. the u. s. company made the warning and a supreme court challenge are seen by the reuters news agency. and october indian can competition authorities find google $161000000.00 for exploiting is dominant position with android, which power is 97 percent of smartphones in india. it also ask

f t x. man, maurice marking 75 years of independence from britain where the military parade and mass pardons of more than 7000 prisoners. it's not clear whether this will include people jailed as part of a crackdown on descent. the country's military leader also out lined plans for elections this year. and rescue was in vietnam, struggling to free a boy trapped inside a concrete tube on a construction site. the 10 year old fell into the narrow shaft of a 35 me to long support hila 4 days ago. no one knows whether he is still alive, rest rescue equipment and around a 100 soldiers have been deployed to the site. now european union officials are meeting today to discuss the coordination of their response to china's surge in coven 19 cases. people arriving from china a coming under scrutiny, following the recent relaxation of the countries 0 coven policy. and the explosion in case is that house followed e you, nations, france, italy, and belgium were the 1st in the block to introduce testing for

great to be here with the thank you now to some of the other global business stories making news f t x finder and freed has pleaded not guilty in manhattan court charges that he cheated. investors looted customer deposits on his credit, currency trading platform. he's currently free on a record to $250000000.00 bail. a tentative trial date is set for october. microsoft is reworking its being search engine using the artificial intelligence powers, the chat box known as chat g p t. like to talk to and open a i recently formed a partnership with the hope of challenging google's, a monopoly on search engine more markets in pakistan. our shop to shop by 8 30 pm as part of a new energy conservation land aimed at cutting costs. the news has angered traders who say the move could ruin their businesses. most of pakistan. kristi comes from imported fossil fuel l n g. now electric car giant has let, has begun the year with a further dramatic a flight in value shares. and the company dropped more than 12 percent in tuesday trading the full coming at a time when ceo in mosque is preoccupied with hi

accused of cheating investors, a looting customer deposits on his crypto currency trading platform, f t x and the state department has joined several arab countries and criticizing a far right is really ministers visit to one of jerusalem's most sensitive religious sites, national security minister, it's m r and veer toward the temple mount, which is sacred to jews and muslims accessed the site has long been a source of dispute between israel and the palestinians. and european union officials are meeting to day to coordinate a response to china surge in coven 19 cases. travelers arriving from china coming on the scrutiny following the recent relaxation of the country's 0 cove in policy which has led to an explosion in cases or even nations, france, italy, and belgium were the 1st in the block to introduce that testing for a new chinese arrivals spain requires proof of full vaccination or a negative test, or germany still has no restrictions. beyond the e u. britain, the u. s. india, australia, and japan are some of the countries that we say have a decided to place restrictions on chinese

a former boss of collapse cripps, so currencies change f t x has been not guilty in the u. s. court to criminal charges that he cheated customers and investors. sam brinkmann freight has been accused of causing billions of dollars in laws, as in what prosecutors have called one of the biggest financial frauds in american history. he's denied claims that he took customer deposits at f t x to fund another firm by property and make political donations. he was released after his arrest last month and a $250000000.00 bail package but faces more than a 100 years in prison. if he's convicted and has lots more still to come the sour here. you train strike swale workers in the u. k. welcome people back to work with 5 days of industrial action versus u. k. medics warning, overloaded, health care system and delays could cause hundreds of extra death. really? a nova joke of it. she's off the market. the new tennis season, jammah will be here with the options for aah! while numbers are out of whack in terms of temperature, still across central europe. hey, there. thanks for joining in.

f t x llc, and your state department has joined several arabic governments. in criticizing of our right israel minister's visit one of jerusalem's most sensitive religious sites . national security minister, national security minister, m r been via a toward the temple mount, which is sacred to jews and muslims. access to the site has long been a source of dispute between israel and the palestinians. the european union officials a meeting today to discuss a quarter to discuss coordinating their response to china surgeon coated 19 cases of people arriving from china coming under scrutiny. following the recent relaxation countries, 0 covert policy and the explosion in cases that followed r e u countries that france, italy in belgium were the 1st in the block to reintroduce a testing for arrivals from china. spain requires that proof of full vaccination or a negative test on germany still has no restrictions. beyond the e u. a britain, the u. s. at india, australia and japan are some of the countries the placing restrictions on ad arrivals from china. beijing has

and due to customer deposits on his crypto currency trading bottle f t x rescues in vietnam, struggling to free a boy trapped in a concrete tube on the construction site. the 10 year old fell into the narrow shaft of $35.00 little homes for 4 days ago. to clear whether he still alive and a 100 soldiers, actual equipment deployed. o e u officials are meeting today to discuss coordinating their response to china's surgeon cove 19 cases. people arriving from china coming on the scrutiny following the recent b like section of the countries at 0 covert policy on the explosion in cases that followed you. countries of france, italy and belgium were the 1st in the block to introduce that testing for chinese arrivals. spain requires proof of full vaccination or a negative test, while germany still has no restrictions. beyond the e u. britain, the united states that india, australia, and japan are some of the countries placing restrictions on arrivals from china. beijing has described roles is discriminatory and chinese covey infection rate is continuing to spike a shanghai hospital pushed to the

f t x. the kremlin has revised upwards the death toll from a ukrainian asked right on a russian military barracks from 63 up to 89. he says, the real figure is, in fact, in the hundreds is thought to be the deadliest single attack by ukraine against to russian target. and it has fueled domestic criticism against russia's army commanders. moscow says the unauthorized use of mobile phones by its soldiers allowed ukraine to pinpoint their like location. ah, russian crowns gather in somber ceremony in the city of samara to mourn soldiers killed and ukraine. people who lived here or among those who died in a new year's eve forming in the cave cur. so that is we get to honor the memory of all dead soldiers of the special military operation. we get there because it's hard for everyone with when it's hard, we should be together, which mr. huge piles of rubble are all that remains from the bombing. now, russian nationalists and some lawmakers, a demanding punishment for commanders, they say ignored d

year around 16000 dollars last year that precipitated the collapse of the major trading platform f t. x is former director is now facing extensive broad charges. the crypto crash has also been attributed version to risk investments made rising inflation and tougher monetary policies, particularly in the us. entrepreneur bar middleman says a future crypto will vary from country to country. depending on the individual approaches to digital currencies. go home, i will try to make the most relations and the countries europe, me delete some. erica, what may happen is that the regulation may become more sick in $11.00 region and the to make says the less likely to operate from there. and then just make it also comes is more appealing to operate their businesses from. so i don't think it will that affect the, the global business 1st, but it surely will affect the local businesses and, and may make them less likely to continue operate. do not, instead of america, you can see they're going to print like billions of money and just end it out. so many projects in many countries, for me it means th

we've seen the collapse of f t x, for example, crypto currency dropping by more than 60 percent in 2022. what's next? do you think for capital currencies in 20? 23. what does the future look like? i think what's probably regulation more regulation the reasons why that look to happen. partly because the, the whether or not national regulators really have a mandate to regulate trip. so have been unclear and many regulate slosik. but i think the actually showing is that many trip. so transition just too big to ignore regulation, to extends, just beyond the set of simple, straight proverbs aspects around money laundering, which is complicated enough. but that is something you can regulate already has a receipt for currencies. but we're going to see that regulatory premise of trip. so it's been quite a bit alex feel far about the future of crypto currency. yeah, i just don't see it having a particularly bright future. you know, i think the, the gregor mentioned regulation. i think the problem with crypto is it's very, very hard to regulate. it's very difficult to regulate just by its nature.