FTX Fallout Grows and TikTok's Project Texas

ties between the two nations. We can discuss the impact on the technology sector, particularly chips and amid crypto concerns. Tech laos and geopolitical warriors can start up still raise money. Yes, we are going to be speaking with legendary VC investor Vinod Kosla, plus an exclusive conversation with Maven Connects CEO on its latest funding round. We want to think about the long term in investment opportunities right now within well crypto.

Many people dialing back that particular trade at the moment they might still be looking in the metaverse, but maybe not f TX. The collapse still being felt, and indeed in Bahamas, the Bahamian police and regulators they're saying that they're working to investigate whether there was actually criminal misconduct

ed in the collapse of the crypto empire. This after interviewing ft x is co founder sand Bankwun Freed on Saturday, Bloomberg's Katanga Johnson is based in Nassau in the Bahamas and has been following this story for us in Katanga. I mean, give us the latest in terms of the impact, particularly on sam bankman Freed at the moment we understand, of course he was sat down with the police on

Saturday here in the Bahamas. Yes, authorities have began investigating sam Bankman Freed and f t X, particularly around Friday's withdrawals from local investors, who at the same time that many local investors were able to withdraw their money from

the platform, global investors had been shut out. And while the company, he said it had gotten a nod from the regulator to allow for this, given a key a loophole in regulations here, the regulators said it did not in any way suggest or approve for FTX to allow such withdrawals. This is just one of the touching points right now on the ground as regulators, both the Bahama Securities Commission as well as the Financial Crimes Unit of

the police look into this matter. Authorities say they're still investigating yet, they haven't come to any sort of conclusion, but once they do, they'll make a recommendation to the public prosecutor, who have then actually begin a criminal misconduct pro Well, that would be my question, Katanga. What kind of trouble is Sam Branktan Freed in in the Bahama is what kind of rebacussions does he and f t

X face. It's a little too soon to tell. It will depend on whether the findings of these investigations suggests that he did engage in criminal misconduct. Uh. Just some of the color on the ground is that many investors that we've spoken to and there's been reporting on this, just feeling so ways betrayed. Some are trying to make sense of the person they knew, who they either worked

with day to day or came to trust. As he was busy building a community center beginning the launch of the other FTX headquarters, were standing in front of the more current one. They're building a new one that including a hotel. Many people felt as if there were so many efforts to to advance to the presence of crypto in the Bahamas and u SPF reputation certainly ruined that potential. Some people have told us, I'm sure a lot of emotions where you are right now, Katanga Johnson, of course

in the Bahamas. We thank you so much for your reporting throughout the day. Now let's get back to, of course, the wider cryptosphere. Right now, Blue motional basket has been all across what is not only a criminal probe for SPF, also looking within the SEC as well. But what about the impact on the money he's lost for others? What are the ripple effects of contagion effects on some big money managers here in the US and worldwide. Yeah, let's take a look directly at the ones that are reporting

their exposures. Some of them have a large amount of their own capital. Eight up Gallos Capital for example, has set up to forty five million dollars worth, a significant amount, they say. I guy also says a large majority of their capital was tied as well to f t X. Galaxy Digital had seventy seven million, Except for that was only about four percent of their capital base. They will walk away from this just fine with a bruise in

terms of what they have lost. Genesis of course, we know has been working with d c G and they have one hundred seventy five million tied to this, So this is just starting to emerge. I had a conversation late Friday with Michael Novograts of Galaxy Digital, and he expects his former estimation of dozens of headge funds failing will only start to exacerbate in this type of a market.

I think Carolina brings us to the next point here, which is that c Z trunk Goings out of finance, wants to start an industry fund here to rescue firms that have exposure to f t X but perhaps are good projects to be working with, ones that were honest projects. There were a variety of responses to this. He had

a Twitter spaces asked me anything this morning. But in terms of what investors were reacting to to this, you have folks like Justin's son saying that a he Tron, Poloniacs and Huobe would be very very reticent or not reticent, veether they would like to echo the recovery fund here and how these builders in a tough time on the reticent side. Now is someone like a Peter Schiff who says that let's maybe not spend money rescuing projects that shouldn't be saved. He said, it's not a good idea

to throw good money after bad. So moral hazard has been a looming questions since the beginning of these crypto industry issues here and now you're really coming to see this debate out to play on who gets saved and how Sonia were really in a situation now where c Z is kind of positioning himself as the industry savior, Well, we sure have him coming out with this industry fund. I think a question here is again who gets saved and who participates in a fund like this? How much

money is put into a fun like this. It's interesting when we were doing all the references add on what this looks the most like, was whether it's an n F global or if it's an LTCM type moment, an idea of an industry wide bailout of sorts has come up a lot to rescue projects that might have had their money tied up into f t X. Otherwise, who would do it at this point? This is not like it's an industry that's backed by the government like other

lending industries are. I would say, what is becoming very clear is that others will come into severe financial stress. Take Block five, for example, which just today had mentioned they hired a financial advisor to sort this. I mean, well, this is the irony, right because c Z is now trying to be the white Knight. Previously it's been some mikemen Free have been the white Knight bailing out Celsius voyage of Block five, as you just mentioned block Fire.

What all these companies that had depended upon ft X sources for resilience. And an interesting thing I would point out myself this morning is that Alan that asked me anything spaces that CZ had health he had mentioned and that he was not relying on venture capital money. Yet you look at all the venture capitals that had poured so much money into the crypto space and have lost

money on the back of it. They may indeed need to also figure out their own ways to figure out how to inject more liquidity into some of the companies that they had provided funding too, because otherwise they may have to take more losses. And so are some of these uh saving opportunities coming out of a point of weakness.

You do hear he did say seasy and this morning on that Twitter spaces that for some people this is a good opportunity to buy its suppressed prices, and that like the past, this might be an opportunity to buy things during a point in time that we may not remember years later. Although I can't imagine not remember everyone's going to remember me for last two weeks. Yeah, well, I mean with all the chaos, and I guess my mind goes to confusion. You start thinking about regulators, right,

Shinali CFTC. How empowering is the negative headlines we've seen to a regulator and how they act in this industry going forward. I wouldn't get so excited about the power of regulators to move forward so quickly. Ed if you think about it. F t X itself f t XS, U S s r U, s ARM had a proposal to change some rules regarding clearinghouse intermediate intermediation in the crypto industry with the CFTC, so clearly the f t

X was working with regulators here. Regulators might not be so quickly to move on certain proposals here with that type of mistrust looming in the industry and being so close to the brink of changing rules from one of the major players. That is the poster child now of the crypto collapse of two. On the other hand, people

have lost money at scale here. So it's not just a CFTC but the SEC and other regulators that might move faster in order to protect consumer funds as they pertain to the United States and where those funds are kept at the end of the day, and how importantly here, how they are classified. Because no matter what, you can you put as many protections as you want in retrospect.

Until the industry and the CFTC and SEC can put definitions on some of these things, which is clearly still an issue out play here, it's hard to imagine the regulators moving forward in any meaningful way. Al Right, Glamductionati Basset, thank you. It's this a story that has many days to run. I'm sure the economy does not look great right now. Things are slowing down. You're seeing layoffs in

many many sectors of the economy. People are are slowing down. Um, the probabilities say, if we're not in a recession right now,

we're likely to be in one very soon. So my advice to people, whether they're small business owners or you know, is, uh, take some risk off the table Amazon found to Jeff Bezos there on CNN earlier talking what about the layoffs, and of course then we learned that Amazon itself is planning for its largest ever round of layoffs, cutting well to potentially ten employees according to sources, we wouldn't dive into the current pullback and tech hiring the valuations when

none other than a silicon value venture capitalists you know well phone Cosla founder. Cosla Venture is one of the largest global venture firms with approximately fifteen billion dollars in assets on the management. It is times like this we turn to you and your experience, your expertise. More layoffs to become more more reticence to invest, even from a VC perspective, do you think. I don't think there's rest rediscence to invest from a VC perspective, but there will

be more layoffs to come. I think the error of exuberance cause companies to take on a lot of fat. Good margins, good cash flows, allow people to be sloppy about expense control and what really matters. Everything is okay to do because one can afford it. I think now it's a very good time to do that reckoning and fix things. Cut off the extra fat, get back to the basics. I do think I do think we'll see

the best investing in the next decade. Technogal you have been in this industry for thirty six years, and respectfully, you've seen a few recessions, and we keep hearing that we're destined for recession. But some of the best companies are born out of recession. Do you agree with that?

I absolutely agree with that. You know, when when Google and Amazon and Facebook are cutting off their most advanced projects and their best, most radical projects, those are the very people who do great startups, they will be leaving and starting new companies, and that those will show up on your radar screen five years from now, but our radar screen very soon. The talk to us a little bit about the area of crypto, the ripple effects at ups had, and indeed what we're learning in terms of

the legacy of a founder. When you've invested money within people, of course you keep on believing in that individual. How do you know when it's the right time to pull the plug? Well, that's why every week venture capitalists to decide for themselves. And venture capitalists are big boys, so we don't need to worry about venture capitalists. There's a lot of other people, consumers that get hurt in this

that we need to worry about. I'm actually optimistic with the SPX fiasco that the regulators will step up and be much more aggressive. I was a little bit optimistic when they've imposed a fine on Kim kardation. I think way more enforcement, way more clarity on what the regulations are, less fighting between the various agencies doing regulation. I think this is a real opportunity to enable crypto for the

real world of business, not the crypto world alone. I separate crypto as crypto for crypto world and crypto for the real world building real businesses that impact what we know as businesses today. And I think if the regulators step up, as I hope they will, this will really enable that. I mean much of this. The blame can be laid on the sec and others who haven't stepped up and provided clarity on what is possible, what's the token, what's the security, what can you do, and what can't

you do. I think it's a real opportunity, and I hope the crumbling off ft X provides pressure to do this on the regulators. Then a cryptocurrency meltdown has kind of dominated headlines. So as President Biden's meeting ping. You told us in June that the US and China were headed for a techno economic war. Were you right, Well, I've always believed that, and I think this is a

twenty thirty year perspective. They're not one year perspective. I totally believe that, and it will continue to be the case. But we can compete in a more civilized manner with a clearer setup rules of what is acceptable behavior in

this For example, cyber spin espionage is not acceptable. Um. I think it will help to talk, and it will, but we will still be in this battle, and frankly, the world will be better off if two people are competing with the good set of well defined rules for technology. But if the Western world wins the technology battle, they'll win the political and economic battle too. In another area

you're focused on is climate tech. Our latest data from Bloomberg New Energy Finance showed the third straight quarter drop in VC and private equity investment into climate tech. You wrote in the op ed in The Economist that we are too focused on twenty thirty climate goals and we need to be more focused on the longer term twenty fifty climate goals. How does that drive your investment decisions? The startups that you are or are not putting money

into in that sector. So our job is to invest early, you know, when people are requiring five or ten million dollars to do something. The bulk of the deployment comes in mature technologies, and that's not our business. But what we invest in should be a prototype or proven technology by twenty and deployed by twenty forty and hopefully fully deployed by That's sort of the perspective we keep in mind.

Nothing we invest in gets to liquid it in less than five to ten years, and so with that in mind, the current perturbations up and down don't matter as much except to keep these companies funded, which is what we worry about by being more or less conservative, depending upon what the markets are doing. But of course you've written about the thing that you need to be if your a VC is optimistic. So let's finish on an optimistic moment,

where are you thinking of allocating money? Which are the areas that you think will be the diamonds in the rough at this particular market where we are worried about an economic dial back. We are worried about the amount of money being put to work. Well, the largest investment we've ever made was an opening, so AI is definitely more transformative than most people imagine. We did that five years ago, and I'd say that world has accelerated dramatically

over the last five years. So I'm very happy with that. I think it will be a very very rich area. It will be more disruptive to incumbents than most people realize, uh, and that is something we do need to both take advantage of as the disruptors and mostly on the disruptive inside, but also in how to partner with the right incumbents to cause lt change to happen. Climate will continue to be a big area, and I think the application of AI to healthcare will be very very important. I've talked

a lot about that. I'm much more confident that that will be disrupted in the way people can't imagine today in in the next decade or so. So lots of areas and lots of technology enablers, whether it's AI, three D printing, UM computational techniques in general, all leading to very very promising areas for tech based investing. All right, then, a Coastler, founder of Coast la Vengeres. Thank you. What an honor is to have you on the show this Monday.

Coming up Apples working on its next major product and mixed reality headset. We'll talk about metaverse, composition and more. Next this is Bloomberg time for talking tech. Apples mixed reality headset maybe a year away. But we've been asking you in the audience which company you think wins out in the race to the metaverse. Most people responded Apple, even though Meta, the parent company of Facebook, already dominates the market for virtual reality. It's an interesting one because

Meta has such a big head start. But you out there think that it's Apple that's gonna win in the long run, and we have some clues about what they'll do. We think that will have a three D virtual world, according to job postings on Apple's site and Bloomberg's reporting, and a video service is going to be a key feature. Keep watching. Sticking with virtual and the metaverse, Nike announcing an online store for trading and purchase of virtual sneakers.

Bear with me on this one. This is dot swoosh, where you can go to the platform and it's the latest bet from a Key's management on the metaverse all for a marketplace on digital sneakers. That's your talking tech Caroline. Someone somewhere still caring about that metaverse, but caring about those n f T s that are related to it and Nike among them, Top Swoosh, I love it ed, this is a bloom meg Technology and Ludlow there in

San Francisco. I'm Caroline Hyde in New York and before we go out to you, we want to be discussing how geopolitic politics front and center this week, G twenty upon us. It appears that the US and China relationship it's kind of warming up. Is that what you're watching? Yeah, we're trying to read the markets because the on camera relationship between Biden and g might be a little different to what we're hearing from inside China and Chinese officials.

You look at the technology sector a lot of red on the board to start the week, but it was actually the US listed China a d r s that did better outperform. Looking at the NAZ that Golden Dragon China index on camera, there's a warming of relationships going into this meeting. We were super focused on semiconductors. The socks actually closing down one percent because a lot of what policy action from the US has focused on is curving technology exports chip exports to China. Now that's on camera.

Off camera, we actually got a pretty blunt state from from the Chinese Foreign Ministry that pointed out, referring to existing US policy, that starting a trade war or technology war is not what China wants to be doing right now. They're talking about it not being in the best interests

of the economy. So even though we had a very sort of public show of affection between the two nations, there's a lot of concern here about what the US is doing to curb technology exports to China, and China's tech sector has been here it's a clear global laggage. You look at the Hang Seng Tech Index for example, those are Hong Kong listed Chinese tech stocks. It's really lags behind tech stocks, not just in the United States,

but in Europe as well. November has been better. We've seen a recover very in that sector in China, big part of that being the easing of COVID zero policy in China. But the issue around US curbing chip technology exports to United States still kind of top of mind when it comes to the relationship between the two nations, even if the macro or the economic picture is improving slightly. Yeah, and really well put, and let's just go even more

broad with that relationship. Because President Biden Jijing paying of course, did meet for about three hours we understand in Bali, Indonesia, and look, they did agree on a series of good will gestures, but there were still some areas of disagreement. To take a listen, I've made it clear to President Jijimping that I thought they had an obligational attempt to make it clear to North Korea that they should not

engage and long range nuclear tests. And I made it clear as well that if they did, they meaning North Korea, that we would have to take certain actions that would be more defensive on our behalf, and it would not be directed against North Korea. I'm assuming we're not being directed against China, but it will be to send him a clear message to North Korea. Concerns about North Korea, concerns about of course Russia, Ukraine, and then the ongoing

concerns about economic ties. Let's go back into the whole chip sector. Now, a blue bags Debbie Wou, who typically is in Taipei. She's visiting US right now. She's in San Francisco. And Debbie go back to what seemed to be a real effort from both the Biden camp and Sejing Things camp to try and warm up relations to at least start ties once again, relationships to be a little bit better and progressive. Is that going to help

the chip sector a little? Perhaps so? Prot Biden said today that he didn't see the need for a year new court war after a meeting with Chinese Theaterial City

Team ping. But what we have seen over past a few months, it's also a little bit worrying because US US veiled sweeping restrictions in early Act all bird to restrict China's access to UH chip technologies, and Washington also wants allies including the Netherlands and Japan to come on board to help suppress China's development of a domestic chip

industry at home. And as to how this will well build out, I think we need a little bit more time to see what happens after Biden and and she's meeting earlier today and then uh Brien Biden is also a plane too, sent the Secretary of State UH Anthony Lincoln to China early next year to sort of help resume a collaboration on a series of issues including a climate change and food security and whether are the two countries my warm lea take from I think we all

have to await and see that. It's interesting. We talked about the on camera relationship between President Biden Energy and then the off camera statements from China's foreign ministry. But the reality is that in the background, the United States has been trying to get allies on board as as

to participate right in in technology export curbs. How do they go about convincing their allies to participate so to Two senior US officials are expected to visit the Netherlands this month to speak with their Dutch counterpart about expo control issues, although there is no deal expected out of

this new round of talks. And at the same time, though American officials has repeatedly said in public that if allies do not come on board with the UH to UH sort of aligned with the US on the latest extra control measures, that the what the US has in its tool boxes to ban the sales of foreign chip production equipment that contains even the smallest amounts of American technology to China, so that's what the US can do.

So clearly there's the implicit threat from Washington that the consulant l a UH course or forced the ELLI to do some things. Although right now what we see is it seems like the balminisiation still wants UH allies to kind of like more collaborate rather than sort of single hendly being forced by US to UH go towerlet direction Debbie is interesting. Of course, later this week we have in video with its numbers, its revenue coming from China,

a deep relationship there. How much have you seen the knock on effects of the steps taken so far by the administration, and how much Corporate America and indeed Corporate China been speaking out against it so well in video together with several other U S CHIP firms have said that the latest expert control measures will cause them millions or even billions of dollars in ourselves UH in the Chinese market. So clearly they would hope to see a

bit more UH lostening up restrictions in the future. But at the same time, in the media's case, they help. What they are trying to do is to sort of design are a new set of products that can sort of meet the US expo export control thresholds, so that way they can continue to do our business in China uh and minimize impact from our The latest US rules were definitely into those numbers come sixteenth three. Thank you

so much, de w As always. Meanwhile, back here in the United States, let's just talk about a virtual health platform, maven Clinic, because it's just raised ninety million dollars, bringing it's funding now up to in excess of three million. As it expands the care for women and family health. It's a seriously got led by general catalysts as well as CBS Health ventchers to name but a few of

the players. I was lucky enough to catch up with Mayven Clinic CEO Cape Writer exclusively about her vision for the growing company and men of course his tech layoffs

and the economic uncertainty. What we represent in terms of an investment is not just kind of you know, reducing health care costs um for tilly image are some of the top costs um you know, at at companies and and so certainly we we have that as part of our value proposition, but really it's about investing in diversity equity and inclusion, and I think that's still very top

of mind for for a lot of employers. And so you know, given if they're looking at where to prioritize, you know that we have a double bottom line value proposition of book cost reduction as well as improving d E. I. I mean, we're also that the labor market may be loosening up, but we're still at a time where you know, there's been the lowest rates of female participation in the workforce in decades, and you know, and from an inclusion

and belonging standpoint, I think employers are still trying to figure out how to build those strategies and so maybe in supports across all those fronts. So interesting, So you don't feel that there might be any wavering from a leadership perspective in businesses to be thinking about d I

at the time that the pendulum slightnes swings. From an economic perspective, you know, we've we've certainly seen a few of our of our prospects this year um in our pipeline high to say okay, we're going to pull back

a little bit, We're not going to invest. But but no, I mean, I think that when you do have to make tough decisions around labor force and and and you know, driving layoff and putting out layoffs, you also want to deliver some good news alongside of that, and uh and and make sure that you're you're continuing to build a really strong culture and take care of the people you had. And so you know, maybe maybe is a is a way to do that and enhancing benefits here for for

working families. Is it's certainly one way to do that. I mean even internally, UM, for us, it's it's something we think about. Yeah, talk up to us about how you're thinking internally at the moment your own people. Are you hiring freeze? Is a hiring freeze? Are you still hiring? How you looking to expand the team or have to cut it? Yeah, no, we're not. We're very fortunate UM where we are continuing to grow not quite as aggressively

maybe as we would have grown in UM. And we are really kind of looking at where every single dollar is spent. I think every single business now, UM, you know is really sharpening those pencils and ensuring that if if they're not are already profitable, that you are on that path And and and certainly your core products are UM. But for us UM, you know, we we are still in in in high growth mode and so we're able to you know, we're expecting to grow our our head

count by twenty next year. UM. Not across UM you know, all teams, but certainly you know our core product engineering, clinical teams. UM. We will still be hiring quite a bit. And that's okay when you're thinking of your people and also recompensing them. What about an exit strategy here? You're not worth in the billions You've just raised another funding around. You're good in terms of money raised, But do you look at the public markets and think, what is our

exit strategy here? Or is it not not entering the head Well, I can tell you I'm very happy that we're not a public company right now, UM, but I think absolutely that is in our future when it's the right time. I don't think it's an end event in

and of itself. But for us, you know, I do think that we are in the very early innings of of of innovation in healthcare, of digital health, of women's and family health, and so you know, I think the world needs big for profit, a political healthcare companies that are just deeply focused on underserved populations like we are UM and so you know we we want to stay independent and continue to grow and probably eventually exit UM in the in the public markets when the time's right,

mayven Clinic CEO Kate right of that coming up, we are joined by an early investor in f t X. See thinking now this is bad. No one can protect a bad player, to be very frank, um, Well, if a guy is very good at lying, and it's very good at just pretending to be one night, well he's not. Somebody wants Violet the law. The law is not going to prevent that. The law can help to reduce that UM. As the industry players, we should be more vocal about it.

We should, we should set very transgenders for the industry. Finance CEO CZ throwing a little bit of shade there at f t X and indeed the bad actors the G twenty summit over in Balley. He went on to say that clearer crypto standards are more important than ever.

Let's talk about the shade being throne, about how investors feel sunny seeing former chief commercial officer of a bit pay who invested in ft X when the round was volluing the company about sixteen billion, and went on to raise another load of money at a thirty two billion dollars or thereabouts valuation. Overall sunny, do you feel there's a lot of still water to go under a bridge, a lot of learnings to be made. But do you think he's a liar? Do you think in some way

that he was a bad actor? What do you make of your investment? Yeah? I think he uh, he got a little over his head. I think. You know, the team is very young. That's the first thing you know us when you meet people from ft X, they're all very young, kind of inexperienced. You know, Sam had worked a couple of years at a hedgephone and a quantrator maybe something like that, and all of a sudden, now he's running a sixteen billion dollar global company that was

hiring people all over the world. So it's very tough to manage. And normally companies like that you see you know, Mackenzie, contol X, McKenzie people working their executives at Harvard Business School people and none of those people were there, which is a very young team that was very well. They're all great people and they worked seven and so I'm not sure what they knew, what Sam was doing and all that, but that that's how it ended up where

it is today. Unfortunately, when you sat down with Sam and he pitched his vision to you and you decided to invest, what was it about him that pushed you to invest? Was it data? Empirical analysis? Was it him? Yeah?

So I have met Sam once on a call we were doing trying to explain the crypto payments as and while I was at bit pay, and we spent a lot of time together on that, and I spent a lot more time with the rest of his team actually, And so when they were raising around, they invited me if I wanted to invest, and the deck they sent me it was actually pretty white for a sixteen billion

dollar around. It was only ten slides, but one of the slides happened to say that in one will do one point two billion of revenue, eight hundred million of net income and only a hundred employees. That really was the selling point actually, and what they were doing, so that was premarkable. What was absent from that deck was any mention of Alameda Research or FTX tokens. What do you feel now, Sonny? So I feel a little bit. You know. Again, I didn't invest two hundred million dollars

in ways coated and only have to answer to my wife. Um, so it's a little different that way. I'm more much more important. Yes, I'm more upset for the industry and what happened. It's another black eye. Obviously there were some red flags, but in investing, people go with momentum. Anyways, it was more that he really preached himself as the leader of this whole movement, working with regulators and all that.

And I went to the f t X conference which was in Bahamas last year, which is very professionally done. F t X is going to be an investor in my new company I'm launching pretty soon. So I really allowed trust and faith in them, and I love the team. The teamwork seven, they are great people. They're hustling and they all unfortunately probably lost everything and equity and all that. So it is a shame what happened, but it's more a black eye for the industry and we need to

we keep shooting ourselves in the foot again. Bitcoin didn't fail us, right, Bitcoin, the crypto companies, crypto currencies were all fine. It was bad actors doing bad things. Again, which is why bitcoin was creating the first place. Sonny, you just said, I think that ft X is an investor in your new company. What was that experience like, because there's been some remarkable reporting coming from Antonio Bloomberg about how that seemed very muddied at the time of

where the money and the funds were coming from. Did you get the money from an f t X related in the play institution? Yeah, so we never actually called that money at luckily so we never had to worry about that um. But yes, that is gonna be half to unravel. F t X slash Almeda, by the way, is an investor in many companies throughout the crypto industry. And how that unwindes now we're not sure. And what does f t X do with all the tokens they owned to like Salanta tokens own several bi down and

Salant tokens. If they have to unload all that, what happens to the Salanta market and things like that. So there's a lot of companies that have f t X slash Almeda again on the captain, I think al Meda invested in more companies than f t X UM And what happens with all that remains to be seen. However you recalibrates it, then have you had to reevaluate everything

that you know and think about this industry. So I've been in crypto for eight years, so nine years probably now, so we've seen a lot of Upton downs and again not your keys, not your coins are becoming more of a saying again. And the thing about f t X was it wasn't why do we use by a lot of people, especially in America. It was more used by kind of hedge fund crypto funds offshore that we're doing a lot of trading and all that, and they had a great user experience. So they're the ones that are

going to get hit. So I don't see it affecting many other crypto companies throughout the world like coin based, Gemni, hit pay Crap and et cetera, all the order companies. Never FIC just came out in the last three years. We didn't have a chance to even work with them. We didn't They came on so fast, and so unfortunately the last three years, what's happened this cycle is all

about leverage and that never happened six years ago. That's a new thing that's created in the industry now, which again didn't need to happen, which again is us shooting ourselves in the foot. I feel like, well, we saw this conversation talking about how you invested in SPF. You have also sought to raise money for your own ventures.

Do you just c vcs canceling meetings now? Yes, So the traditional silicon vale vcs are spooped, to say the least, crypto vcs aren't as much spoop because they see this as Bitcoin performed. Well, it wasn't Bitcoin's fall. This was a bad actor and this is why bitcoin was created to help prevent these types of things and unfortunate when we got hit by that. So they believe bitcoin will be a hundred thousand dollars the next three years, and so they have big funds, all right, So they're investing

still at the same pace. That's their belief and all that. Traditional silicon by vcs are much more hesitant now to invest in crypto companies. Actually we're seeing that and they're investing there. Hasn't en us in anything right now, So it's silicon value dcs anyways right now, Sonny, almost the failure here was the centralization of decentralized crypto, and I'm interested in therefore, when we see a cz trying to be the new white knight, is that the way in

which the industry resurrects itself another centralized position there. Yeah, so that that is the big question, right, And that's the problem, right. And you know, Binance, funny enough, was the one three or four years ago the regulators hid the most. Actually they are the ones having all the

issues with the regulators. And coin Base was kind of the golds there, and f t X was new on the scene trying to become like coin Base and saying we're not finance, we're like coin based and all that, and so c Z, I think, you know, was always buying in a bad with the regulators, and now he's coming on as this white knight. But you know, he's still got to buy and still have a lot of issues to sort out with regulators too. So I don't

think they're the savior. The savior is higher having proper governance, getting regular regulations involved in Unfortunately, I think regulations will probably happen, but they'll probably overdo it, which I guess is better than not doing it. So I think we'll see that coming probably the next year or so. Really great to get your personal anecdotes, your professional take, and indeed, well thank you for coming on when you're still being

raising money for your own new venture. We thank you so much, former chief commank you guys very much a bit pay come back with the new company that you're with. Well, if you haven't checked out what's trending on Twitter, if you failed to notice all the TikTok's and the instagram reels about it, well you should have known that it was a record breaking weekend for the box office of Black Panther Wakanda Forever. It's a past all expectations. A d eighty million dollars taken in here in the United

States alone, three million dollars raked in worldwide. Now, this makes it the best ever opening at the box office from the month of November. Now, it's about thirteenth in line if you're looking and opening weekends overall. And let's stack it up to how it's helped the likes of theater change such as AMC. Look, at one point the shares popped as much as about nine percent or so, they came back down. That's still AMC on the highest side as people get excited about us returning to the

theaters getting that popcorn. Let's look at there it compares against some of the other Marvel franchises because look, Avengers Endgame cleaned it up. We know that born in three hundred fifty seven million dollars. And actually it's still below the takings for the opening weekend of Black Panther itself. Nevertheless, a great turnout overall. And and really my key question is have you watched it yet? I have not, but it's on the weekend list. Carrot, you wan't say my

word for it, That does it. For this edition of Bloomberg Technology Tuesday, we have Andrea Warney to discuss how vcs are recalculating valuations of crypto ferns. And do not forget check out our podcast because we are everywhere you want to be socially. Look at the terminal you go to Apple, Spotify, I Heart if you want to have us in our audio version. But for now, from New York, from San Francisco, this brave new world of a new tech show. This is Bloomberg