[CC may contain inaccuracies] We've been talking about contagion from the RTX fallout.
How much more contagion are we likely to see in the coming days, in the coming
weeks? Which other dominoes are likely to fall?
I think we'll see a little bit of contagion whenever one player goes down,
especially a trading platform. There are many other people or
institutions with money on the platform. I think we've seen Genesis halting with
flaws. I think there probably maybe one or two
more, a couple others. I don't know how many, but each time
there's cascading effects, the effects become smaller.
So I think overall the industry is fine, but there will be some probably.
You tweeted, then deleted a tweet suggesting perhaps liquidity issues at
the likes of Coinbase as well as grayscale.
Is there reason to worry about that? I don't think I tweeted about grayscale
and also I didn't say there's a liquidity issues at Coinbase.
I was just referring to two articles. One article says.
Coinbase says the grayscale has 635 K bitcoins with them.
The other article four months ago says Bitcoin only has 60 K 600 k bitcoins on
the exchange. I understand the exchange is separate
from the custody. So I just posted this a question.
Those two numbers. Correct.
But of course, they cost a lot of misunderstandings among communities.
So I delivered a tweet. Other solvency issues to do with those
companies, some say that perhaps you tweeted because you wanted to build your
own empire, to spread the fear, the rumors, not NASDAQ.
OK. So I don't know if there are issues with
those with those other businesses. The thing with other businesses is
unless we get very accurate financial statements, wanted addresses, we don't
know for sure. But I.
But I'm not putting in that because we want to build our empire.
I think actually reflect on the FTSE situation.
And I kind of blame myself for tweeting that too late.
We let I think as an industry, we let RTX go to the two big before we question
before we started. Question some of those things.
So I'm taking the approach where we question asked questions much earlier.
It does not mean any attacks on any of our industry peers.
We just want to build more transparency and more scrutiny into the industry.
Well, having said that, you know, Coinbase has been operating for 10, 12
years. I think, you know, the listed company in
the U.S., I'm sure they already have a lot of audited financials.
We just we don't see that on the block for people in the industry.
We like to see data on the bloodshed, which is actually the most transparent
way to display information. You've talked about launching a crypto
recovery fund. Where are you on that?
You've talked about interest being quite substantial.
Who who's interested? Yes.
So we should have a blog article going out today.
There's been back and forth on how to structure that.
Do we make it out or lose a fund? Or do we make it our actual fund fund?
I think we're kind of going with a loose approach where different industry
players will just contribute as they wish.
So I think a blog post is what we are today.
I think we are structuring. So that is going to be quite public.
Whoever contributors move that move funds to a into a big block and crypto
address that people can look at. So it's not just some behind the scenes
fund. So I think that's I think that's kind of
being finalized now. And I think a blog blog post is only
asking. But who are you in talks with, Susan?
Some say that perhaps the entities related to the UAE national security
adviser. Can you confirm that?
Who else are you in talks with? So we talked to her for the industry.
Covid Fund. We talked to a number of other industry
players and none in Abu Dhabi. So that Bloomberg article was wrong.
I wasn't up with Abby last week for the Milken conference.
I was there for three days. And of course, I met a lot of different
people in Abu Dhabi, including the Abu Dhabi AGM to Abu Dhabi global markets
regulator and a bunch of other people. So people there's various different
reports about who I met, who I talked about, but I won't disclose those
discussions. But that Bloomberg report is accurate.
All right, setting the record straight. That's easy.
When might you launch this fine, whether it be by your red light, you look at
2023. Give us some indication when this launch
will be. It is going to be much faster.
I think, look, the industry needs saving now and not in 2023.
The industry moves pretty fast in a couple of months.
The industry probably would have largely recovered.
So I think we're going to move on this aren't day basis.
So and also it's not a traditional fund to fund.
I think we're going with a loose structure for for industry players to
help other people. You need.
Seizing lots of distressed crypto assets out there, are you setting aside an
amount of money to to buy some of these assets?
Give us a sense of how you're thinking about them.
I think roughly, but we're thinking about setting aside a billion dollars
first and then if that's not enough, we can allocate more.
And if that's too much, I think we're roughly angling for six months.
If after six months this are used funds still left and there's not many
projects. Hopefully the industry would recover by
then. If they still use funds, we can we can
restore it back. That's kind of the rough thinking about
it. A blog post will go out with some more
details today. Might you bid for RTX assets?
And if so, why it might look interesting for you right now.
We definitely want to look at those assets when they become when it comes to
a liquidation court. I think originally we want to engage
directly with RTX, but then we found out that based on what Bloomberg reports,
there are potential investigations going on.
So we said hands off. But when those but they they invest in a
number of different projects. Some of them are okay.
Some of them are bad. But I think there are certain assets
that may be salvageable and that may be of interest.
So we'll look through that when they become available.