Chamath Palihapitiya And Brian Armstrong Reacts To FTX Crash - Prepare For This After SBF

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FTX 붕괴 직후 시장 전염(contagion) 우려와 자금 흐름을 다룬 영상이다. 결론: 영상은 FTX·Alameda 사태로 인한 암호화폐 업계 연쇄 충격 가능성을 경고하며, 특정 자산의 가격 방향에 대한 구체적 예측은 없다. FTX 사태 개요: 파산 신청 직후 해킹 피해(약 3.83억 달러)가 발생했고, 이용자 잔고가 0으로 표시되는 사례와 대규모 자금 이탈이 보고되었다. Armstrong 주장: Alameda가 이전 업계 충격(Terra, Celsius, Three Arrows 등) 때 이미 큰 손실을 입었고, 이를 숨기기 위해 고객 자금을 유용한 것이 사기 선이라고 평가했다. 고객 자산은 1:1로 보관해야 하며 Coinbase는 감사받은 재무제표로 이를 증명한다고 강조했다. 전염 리스크: 여러 기업이 FTX에 자금을 예치했고, 멀티코인은 포트폴리오의 약 10%가 FTX에 있다고 공개했다. 일부 기업은 긴급 자금 조달 문의를 받고 있으며, 블록파이 등은 출금을 중단했다. 레버리지 투자자의 강제 청산도 연쇄 충격을 키울 수 있다고 봤다. 토큰 구조: Alameda가 FTT 토큰을 담보로 고객 자금 약 60억 달러를 빌렸고, CZ의 FTT 매도 신호로 담보 가치가 급락하면서 뱅크런이 발생했다는 분석이 소개되었다. 법적·절차 쟁점: 파산법원이 자산을 찾아 매각 후 고객에게 배분하는 절차가 예상되나 세부 절차는 불확실하다. SBF가 Alameda로 100억 달러를 이체했다는 로이터 보도와 백도어 의혹이 언급되었고, SBF는 혼란스러운 내부 라벨링 때문이라고 반박했다. 출연자 전망: 암호화폐 시장은 추가 혼란과 불확실성이 이어질 것으로 보며, 추가 기업의 긴급 자금 요청과 파산이 예상된다고 언급했다. 다만 특정 종목·자산의 1~3개월 가격 방향에 대한 명시적 예측은 없다.

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01. I do think there's there is some contagion risk here I think there's other firms that had first of all there's firms that had money just sitting in FTX and that's now going through bankruptcy court so that's been bad I mean multi-coin came out publicly and said that they had 10 of their portfolio sorted on FTX there's other firms that Alameda may have had loans with and those firms are probably struggling I you know I don't want to say who but we have received a couple of inbound calls from other people trying to get emergency financing there's people who may have just totally different from fgx and Alameda they may have just had their own portfolio that they took margin or leverage on to buy crypto and now as the prices have come down a little bit they're getting stopped out after the turbulence of the past week a cryptocurrency market is gearing up for another week of chaos uncertainties and confusion as you would recall from our previous videos on the issue it all began with news of Sam bankman Freed's crypto firms ft gex and Alameda research going in solvent according to statements from ftx's telegram channel the crumbling cryptocurrency exchange was hacked a few hours after it filed a chapter 11 bankruptcy claim on Friday a few hours after news of the bankruptcy filing a flood of FTX users began reporting sudden zero dollar balances several Unchained analysts also started tracking the transactions as millions of dollars exited the exchange Ryan Miller The exchange's General Counsel released this statement on the firm's telegram channel ftgas has been hacked chat is open don't go to FTX site as it might download Trojans note that some funds were retrieved on Twitter The General Counsel stated investigating abnormalities with wallet movements related to consolidation of FTX balances across exming's unclear facts as other movements not clear we'll share more info as soon as we have it according to unchain analyst zakhexbt the hack was to the tune of 383 million dollars while the situation continues to unravel Brian Armstrong coinbase's chief executive officer recently appeared on the all-in podcast to discuss the collapse and the possibility of another crypto contagion that would swallow more trading firms lenders and exchanges my understanding is and again this is from people I've talked to and I spoke with Sam and CZ briefly during this but I didn't get details from them I got it from other people you spoke to them this week yeah I mean this was all going down I mean I spoke to Sam about you know he was trying to raise emergency financing and things like that and I spoke to CZ about why he was considering buying the asset I thought it was a bad idea but my understanding of what happened at this point again I don't have all the facts this is just my my understanding is that you know FTX was in a position where they had this Market maker Alameda that was investing in Risky things and that's fine like market makers hedge funds they're designed to take more risk it appears at this point that back during the last shake up in the crypto industry where you know it's Terra Luna and Voyager and Celsius and three arrows went under it appears that Alameda took a big loss at that time as well they may have even been underwater and instead of just saying hey you know this hedge fund's going to blow up too which would have been unfortunate people would you know Sam would have lost money it's embarrassing but it's not illegal for a hedge fund to blow up it happens with some regularity instead of just letting it blow up it seems like at this point he took customer funds yeah so it seems they had this solvency issue and instead of just letting it blow up Sam basically said hey we have a bunch of customer assets over here at FTX or he somehow basically made a loan from FTX into Alameda to try to prop it up I don't know why he did that I mean that that's the moment in my mind where he crossed the line into probably committing fraud and I I think he probably lied to users lied to investors and he went around and tried to bail out these different companies like like Voyager and blockfi and to sort of prop up this thing and maybe he thought he could trade his way out of it or something I I'm not sure but that seems to be where the mistake was made if you're a regulated financial service business um that's but you're not a bank you know we're regulated as a Trust Company a money transmitter Etc you're required to hold customer assets one for one and denominated in the the asset so in other words if you say you the customer has one Bitcoin you have to hold one Bitcoin if they say they have a hundred dollars you have to hold a hundred dollars and so that's the case with coinbase you don't have to take our word for it by the way you can look at our audited public financial statements as a pub company with a independent you know big four accounting firm who went to go verify all of that and that's what various custodians and exchanges that's what they all should be doing if by the way if you're regulated as a bank you can actually uh go invest some of those but there's very strict regulation around that and capital requirements and whatnot and we're not a bank so we we hold one to one now if you're an investment fund or a hedge fund or or something like that then you can try to take positions in different coins and different assets and they could go up and they could go down you know you may you may lose your investors money but there's no such thing as the customer assets being involved in that there needs to be clear segregate irrigation of those customer funds and from from what an investment fund would be or corporate funds and that's where they got in trouble they basically co-mingled customer funds with their hedge fund classified yeah can you explain the contagion by the way just so we can because everyone's been talking about the contagion and understanding what's next so that's why I just want to yeah because I think people are going to be asking that a lot this weekend yeah so I do think there's there is some contagion risk here I think there's other firms that had first of all there's firms that had money just sitting in FTX and that's now going through bankruptcy court so that's been bad I mean multi-coin came out publicly and said that they had 10 percent of their portfolio sorted on FTX um there's other firms that Alameda may have had loans with and those firms are probably struggling I you know I don't want to say who but we have received a couple of inbound calls from other people trying to get emergency financing there's people who may have just totally different from fgx and Alameda they may have just had their own portfolio that they took margin or leverage on to buy crypto and now as the prices have come down a little bit they're getting stopped out so um that's all been very challenging and I again just for the sake of clarity I should say that coinbase did not have any material exposure to Alameda FTX or ftt token during the podcast Armstrong discusses the possibility of another crypto contagion according to the billion business executive has already received calls from several crypto firms seeking emergency funds and all this is in addition to block five's announcement that it was blocking withdrawals because of the FTX situation we believe we will see similar announcements in the coming weeks as other firms scramble and fail to avoid the Fallout because this is really shocks of the issue from a legal standpoint right I mean I remember when I was doing PayPal like 22 years ago and the company was like six months away from running out of money I remember the lawyers told us really clearly you cannot use customer deposits to fund the operating expenses of your business in other words if this business ends up going bankrupt you'll still have all the customer money there and they'll be able to get it back and you know it was really clear like hey if you use customer funds to pay for the burn of the business to operate the business that is a do not pass go go directly to jail type offense and so like that's really the heart of this now I read in some articles covering this that the way it worked is that Alameda had a bunch of these ftt or F these ftxt called ftt and they basically use that as like a marker as collateral so that they basically borrowed what is it like six billion of customer funds from FTX and then they use their own token to then as collateral so back stop it yeah exactly and then what happened is apparently like CZ got wind of this and he owned a whole bunch of these tokens and he signaled that he was going to dump it and the price basically went down and so now all of a sudden the collateral for the customer loans was insufficient and then there was a run on the bank and by the way this has happened this happens in the public markets a lot as well so like when you see heavily shorted names or when you know that certain hedge funds are on the brink other hedge funds will go in and essentially Force a margin call and a stop out because then it's what causes all these runs and if you look actually inside a GameStop the reason why you got all this gamification in the game stock equity and a bunch of these other names was in part because of this Dynamic folks that are highly levered folks that don't have the right matching of risk and what happens is they're solvent but a liquid and then if you run the instrument into the ground they both become insolvent and illiquid all at the same time look I I don't know who inside ftx's and its orbit of companies actually knew that the the fraud had been taking place I it would not surprise me I have no idea to be honest but it would not surprise me if FTX U.S people and employees had no idea that this was happening I'm imagining if Sam was doing when he when he started doing this he probably wanted to keep it to a very small group otherwise this is the kind of thing that leaks and the whole thing blows up now that being said I don't necessarily think FTX us is worth anything as a business right now because of the brand being so tainted and there probably was not great separation of these entities in the sense of you know like did they have truly separate boards and beneficial owners and governance and it Sam seems to have you know it appears that they didn't FTX didn't really have a CFO or maybe even like a real board or anything like that and so it's hard to imagine we found it on there was an article that appeared that said that the head of compliance at FTX was also the head of compliance at a poker site called ultimate bet which in the 2010s did this exact thing apparently some version of this where they went in and they looked at hole cards of poker players and then a few employees inside the business would basically play against these folks knowing what the whole cards were ran this cheat stole millions of dollars somehow that person found going to be out of compliance at FTX yeah 10 years later which is incredible but back to this question so so now what happens now is you have the international business and the US business and Alameda research all rolled up into this one Frozen entity right with now Regulators having to so do you know what happens in a process like this like is it that the the doj and the SEC get priority or is there some international monetary like who who's who unwinds all of this how how do people get their money back if at all yeah so I'm not an expert at this but my high level understanding is that the bankruptcy courts will essentially and I believe they filed bankruptcy in the U.S which is an interesting thing I didn't know why they did that versus Bahamas but anyway the bankruptcy court will basically go through and try to find any assets of value so I mean they must they still have some tokens and value they have a venture portfolio they you know I think Sam owns nine percent of Robin Hood there's various things that they may own and then they'll kind of auction those off to various bidders on distressed assets and then try to distribute those funds to the customers I I don't know the exact process beyond that though though we still don't have the full information about what really went down is certain that greed recklessness and a disturbing God complex play huge roles according to recent reports from Reuters FTX legal and finance teams discover that SBF FTX founder and former CEO implemented a back door in the exchange's bookkeeping system using bespoke's software the said back door reportedly allowed SBF to alter the company's Financial records through silent commands that went unnoticed by other FTX Executives and external Auditors according to the report the 30-year-old reportedly used the back door to move 10 billion dollars to Alameda research without triggering internal compliance or counting red flags Reuters also noted that SBF denied the allegations of the back door and the 10 billion dollar transfer from FTX to his trading firm in text messages between the former crypto billionaire and the news agency SBF reportedly said this about the transfer we didn't secretly transfer we had confusing internal labeling and misread it Reuters also noted that he didn't clarify his statement or respond to questions about the missing funds what are your thoughts on the latest developments in the FTX collapse please to stay updated on the crypto markets thanks for watching