The NEXT Crypto Bankruptcy is COMING

everyone me Kevin here oh man crypto.com

is now sending up red flags that just

aren't great you're going to want to

listen to an email I got you're going to

want to hear about the drama that's

going on with crypto.com I'll break it

down simply for you we had ftx's Sam

bankman freed who was apparently

interviewed by authorities in the

Bahamas uh over the past 24 hours rumors

had been circulating that he was

arrested or under arrest but uh that

apparently has not come to fruition yet

and it feels like across the entire

crypto industry we are seeing a mass

Bank Run which could collapse more

businesses which is very very bad now

keep in mind Kevin O'Leary has actually

come out to apologize for his

association with FTX and one of the

interesting things about the video that

he used to apologize in is not that he

was wearing these red flip-flops but

that he actually mentioned look the way

you know that the crypto Bubble Hits

bottom is when you have a very large

player go bankrupt when a very large

player goes under and takes the assets

with it oftentimes it's it's a sign of

how the financial system is really

supposed to work is you get excesses you

get bubbles and then in order to

actually hit a meaningful bottom you

have to have companies like this

collapse so I thought it was a very

interesting look into the potential

upshot the the question that I have is

well how many more of these businesses

have to go bankrupt and that's where now

eyes are on crypto.com obviously I've

suggested that I expect that binance uh

probably needs to see Bitcoin go under

10 000 to really start being at risk

they to be at risk sooner I imagine that

they're preparing themselves but I would

be following the rule of not your keys

not your crypto I would be getting out

so uh crypto.com let's talk about

crypto.com so back in January when I

sold and I was sitting on a lot of cash

I looked at crypto.com and I thought to

myself wow you could get you know eight

and a half to 14 and a half percent

yields over here you just have to lock

up your your funds for a certain period

of time I believe at the time it was

three months or it might have been six

months but you would lock up your money

into their their coins and I think

that's really interesting because first

of all the reason I didn't do it is

because I said no I I want liquidity if

I'm going into a recession I want

liquidity I don't want uh to to own real

estate at the top of the market I want

liquidity whether that's stocks or cash

it's liquid I don't want nfts because I

find them illiquid I don't want more

Venture Capital because I find it

illiquid I can't get my money out of

block five once I've invested in as a

venture capital investor because there's

there's no withdrawal process like

you're you're in your stock uh you know

now that's that's different if there was

a venture capital fund uh that's like

Hey we're investing to go scoop up

companies at the bottom of the market

and take advantage of this that's

different you know that's kind of like

house hack right like that's a great

opportunity in my opinion uh but anyway

so crypto.com I decided to pass on and

I've I've said for many months stable

coins are are disaster waiting to happen

now while I was right about that and I

stayed away from stable coins I was

wrong about how stable these actual

brokerages could be I call them the

pickaxe Sellers and now all eyes are on

crypto.com and their cro coin is down 50

in a week and it's not just because of

what's going on with FTX it's because

customers are starting to pull funds

from crypto.com like crazy uh in fact I

want to tell you about an email that I

got and give you a little bit more

insight into what's going on over at

crypto.com but first I want to thank you

all so much for your commentary and your

opinion I know uh yesterday I had asked

you if we should get rid of the monthly

fee for the elite Hustlers University

because I've always pitched being anti

monthly fees we have done so so the

course is now live without a monthly fee

you get lifetime access to the business

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growing your your income if you're an

employee right it doesn't matter the

goal of the entire Elite Hustlers course

is increasing your top line so more

revenue for you so take advantage of

that Black Friday code because we might

bring back that monthly fee in the

future but anybody who buys now gets

lifetime access for life to those

courses so any of the courses you get

right now whether it's stocks and

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real estate we've got a huge new lecture

dump coming in December a bunch of new

lectures totally for free because you

get lifetime access and with my courses

my goal is always hey and tough times

make more content make more value

provide more value so anyway if you use

that code down below it's lifetime

access now so thank you for your

feedback so crypto.com sent me an email

and they haven't sent me an email like

this in quite a while which I thought

was really interesting usually I mean

certain certainly last year we had a lot

of crypto firms reaching out and looking

for new Affiliates and and I've I've

said no over this past year uh obviously

with the exception of the old FTX

relationship which I actually had not uh

had anything to do with them it's

probably about March not that that makes

it any different but so crypto.com has

not reached out to me for affiliate

marketing since uh here September of

2021 that's pretty remarkable and all of

a sudden at the same time as this new

400 million dollar drama is happening

which I'll tell you about in just a

moment I just got an email so after uh

14 months I've just gotten an email from

the community manager at crypto.com

reaching out as I've come across your

channel like to explore a potential

partnership we're the world's fastest

growing cryptocurrency platform and

we're looking for talented creators to

join us on a mission to take crypto

mainstream uh let me know your

availability for an introductory call to

learn more about our influencer

Partnerships and the affiliate program

which is really interesting that

you hear nothing for 14 months and then

all of a sudden at the same time as you

have this 400 million dollar drama on

Twitter exploding about crypto.com and

the crypto coin crypto.com coin dropping

50 all of a sudden what happens uh oh

the affiliate push starts again which

kind of makes me think about the the

sort of Ponzi aspect of a lot of how

this works where if all of a sudden

you're facing a lot of withdrawals with

the which The Wall Street Journal is

citing you're facing a lot of

withdrawals remember I've been saying

get out of FTX us for a week now and uh

a lot of folks were mad at me they're

like what do you mean ftx.us is fine and

I'm like common ownership to ftxu

International if one freezes up the

other one's going to just wait and sure

enough on Friday uh they filed

bankruptcy and nobody can get their

money out anymore now some people are

trying to buy nfts in the Bahamas to try

to get their money out through backdoor

channels which I think is kind of

interesting there's like a whole

explosion happening in the nft market in

Bahamas at the Bahamas for for people

who can provide liquidity from others to

get out really remarkable but anyway I

think that's that's really weird and to

me it sends a signal that oh yeah they

are actually looking for more people to

deposit new money so they can sustain

their withdrawals they're probably

looking at their books going oh my gosh

we have this much in withdrawals we only

have seven days left no no guarantees

it's my opinion they might be totally

fine but I I you know I'd be uh

skeptical if I was on crypto.com the

problem is you have those three month

lockups if you're in those coins so

you're going to get a lot of people that

are like man stop spreading fud

crypto.com is just fine sure that's what

people said about Voyager that's what

people said about block five you know

block fi on the same day blockfy sent a

tweet going we're processing withdrawals

as normal and we will continue normal

operations the same day uh they posted

like 13 hours later I posted this on

Twitter I'm like seriously they're like

oh um yeah um now we have to pause all

operations because FTX is going bankrupt

and we don't know what to do yeah yeah

because they were getting bailed out by

FTX anyway so take a look look at this

basically there's this drama about 400

million dollars being sent from

crypto.com which usually says that they

hold 100 of the cryptocurrencies of

their users in Cold Storage well

apparently 400 million dollars 400

million dollars of crypto.com customer

deposits were accidentally sent not to a

new Cold Storage address as the CEO says

but we're accidentally sent to a

whitelist at external change address

exchange address we worked with the gate

team and the funds were subsequently

returned to our Cold Storage new

processes and features were implemented

to prevent this from recurring yeah that

doesn't really give much confidence that

at the same time the crypto world is

collapsing FTX Voyager block fi all

bankrupt Celsius bankrupts right binance

concerns happening you know we know CZ

is kind of a shady character anyway uh

all everything is collapsing yet at the

same time as that's happening now the

sudden you're saying don't worry

everything's fine at crypto.com we just

made an accidental 400 million dollar

transfer while you were transferring

that money anyway it blows my mind I it

seems like such a large Trend like break

it up I I don't know I don't know it

seems mind-blowing and clearly the

systems and procedures to prevent this

from happening are so weak before why

does it take something like this to

actually have somebody double check

what's going on that's scary uh but

whatever they say they fixed it they say

they fixed it uh and uh and not only do

you have this happening but then you

combine this with with the affiliate

push I don't know to me it's just uh

it's a sign again not your keys not your

crypto get off and unfortunately by me

saying this you know it could

potentially uh and if other creators say

it as well which that's what happened

with FTX us after I made my video last

week it was either Sunday or Monday

saying get off of FTX us they're next a

bunch of other creators started saying

get off of FTX us which is smart because

hey if we could get the a message out

and people can get out and then they get

out before it freezes up but let's just

say the first warning signs for

crypto.com are now shown but again I've

also been making the warnings about

binance so I think binance will be more

resilient and I do think it's very

interesting that Kevin O'Leary suggests

that the bottom could be marked by these

uh these sort of bankruptcies uh I don't

I think it's way too soon to call a

bottom but uh if you're wondering when I

would invest in crypto again it would

probably be uh like it'd be very

tempting if crypto went under crypto.com

went under and then binance went under

or we saw some stresses at coinbase or

gemini or something not that I wish it

but if you started seeing some of these

go you're probably getting close

although you then wonder what the value

is of of uh coins when you start seeing

these dominoes fall scary times anyway

stay safe out there good luck thank you

so much for watching we'll see in the

next one bye