Billion Dollar Bankruptcy Gets WORSE

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  • เผยแพร่เมื่อ 16 พ.ค. 2024
  • this is probably illegal and Mark Cuban is a terrible crypto investor.
    Voyager is a crypto broker that recently went bust, filed for chapter 11 bankruptcy and customers are worried about their money. I'm here to breakdown what Voyager did, why it matters and why what they're doing might not fly in court.
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    This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch.
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  • @Coffeezilla
    @Coffeezilla  ปีที่แล้ว +2780

    when subscribing--use code MAV100. It's a *nearly* risk free investment.

    • @bitpat7008
      @bitpat7008 ปีที่แล้ว +87

      Shieet you don’t need to tell me twice

    • @troar237
      @troar237 ปีที่แล้ว +38

      it's been really cool watching you make your ascent doing good work and getting good money the right way, don't drop it 👑

    • @claudiopalmeri8882
      @claudiopalmeri8882 ปีที่แล้ว +39

      We need a video on Andrew Tate!!

    • @DontBeStoopid
      @DontBeStoopid ปีที่แล้ว +8

      That’s a lie, I lost all of my money.

    • @magiala5577
      @magiala5577 ปีที่แล้ว +18

      This man is saving the internet. Internet Batman

  • @timothyswindell4924
    @timothyswindell4924 ปีที่แล้ว +4506

    Nothing screams “decentralized finance” more than partnering with a bank…

    • @CrocodileWhispers
      @CrocodileWhispers ปีที่แล้ว +267

      Dang fed only prints money when it gets in trouble!!
      Voyager: so our plan is to mint more useless coin.

    • @RemyBeast
      @RemyBeast ปีที่แล้ว +23

      I was scratching my head about that one.

    • @treyshawnee
      @treyshawnee ปีที่แล้ว +9

      IRONIC!

    • @alexs1540
      @alexs1540 ปีที่แล้ว +11

      just Fi doesn't have the same ring to it as calling your project DeFi

    • @23Butanedione
      @23Butanedione ปีที่แล้ว +10

      @@investwax you are out of your mind if you think crypto is going to end anytime soon. Crypto is in desperate need of regulation, a lot of fat has to be trimmed and meme coins need to die. BTC, ETH is going anywhere homie.
      You sound like don't like crypto, why wouldn't you agree with it on concept at minimum? Wouldn't be nice to have an alternative to banking? I don't understand people like you

  • @GREENBANANAS999
    @GREENBANANAS999 ปีที่แล้ว +2930

    The fact that this is a sustainable weekly series is unsettling

    • @kavky
      @kavky ปีที่แล้ว +165

      Coffe could upload daily and still not run out of material.

    • @enttropy7382
      @enttropy7382 ปีที่แล้ว +47

      And here's the real elephant in the room...

    • @randomuserame
      @randomuserame ปีที่แล้ว +118

      It's the beautiful destruction of a corrupted and unsalvageable market. I _briefly_ got into crypto, and exited quickly once I figured out there's nothing to do with it, no reason to have it, and most "projects" are just pump and dump ponzi scams. The only crypto I have left is what I can't sell off becuase I can't pay the transaction fee to get rid of them.

    • @dwiatmika9563
      @dwiatmika9563 ปีที่แล้ว +39

      Crypto and NFT are cancer

    • @WolfHound911
      @WolfHound911 ปีที่แล้ว +53

      It 'was' the Crypto 'Gold Rush' era and much like the Klondike era, only the pickaxe sellers walk away rich.

  • @tommygun5035
    @tommygun5035 ปีที่แล้ว +184

    Imagine loaning Alameda over 350 million and calling it nearly risk free 😂

    • @harleyspeedthrust4013
      @harleyspeedthrust4013 ปีที่แล้ว +29

      this hits different after the ftx crash lmao

    • @warlordnipple
      @warlordnipple ปีที่แล้ว +7

      Well there is a risk something happens and a risk it won't. This company failed to mention they meant there was a 100% guarantee to lose your money, not the opposite.

  • @mosescosme8629
    @mosescosme8629 ปีที่แล้ว +158

    5:37 Anyone notice that they also loaned out to Alameda?

    • @IEatDirtForFun
      @IEatDirtForFun ปีที่แล้ว +20

      Or that a ton of the shark tank members are in a lot of these scams

    • @hthring
      @hthring ปีที่แล้ว +4

      yep, thought he was going to point them out instead .. lol

    • @nczioox1116
      @nczioox1116 ปีที่แล้ว +9

      @@hthring this video was before ftx/alameda scandal

    • @astronemir
      @astronemir ปีที่แล้ว +3

      Then they loaned out more to Alameda to get out of it.

    • @kalubshores5323
      @kalubshores5323 ปีที่แล้ว +16

      based on the numbers there, this would mean AT LEAST 91% of their loans were based in companies that were likely insolvent at that time. Like damn, how much of Crypto ISNT a scam? Even the scammers are getting scammed out of billions

  • @fauciliedbeaglesdied6537
    @fauciliedbeaglesdied6537 ปีที่แล้ว +562

    "Like all ponzi schemes, this one was different." 🤣

    • @Gyrfalcon312
      @Gyrfalcon312 ปีที่แล้ว +9

      That line never fails to make me laugh, either.

    • @mayakashisagan4025
      @mayakashisagan4025 ปีที่แล้ว +11

      Not like other ponzi schemes

    • @TheebX92
      @TheebX92 ปีที่แล้ว +3

      Voyager had a plan

    • @destroyerinazuma96
      @destroyerinazuma96 ปีที่แล้ว +1

      The hilarious thing is, under one of YT videos explaining what Ponzi schemes are, someone was trying to logically prove how to make a Ponzi scheme that would actually be benefitial to everyone. Except that would be an oxymoron!
      If you have an organisation that doesn't take new members money just to distribute it to older members, but instead uses said money to actually have a real yield (like investment or to directly fund a legit working business, which is also investment), then you don't have a Ponzi scheme!
      In a way I just described how some banks work, or on a lower scale how certain societies worked. You could take a "Nanking people's society in Shanghai" in the 1920's where everyone knew everyone, and Chinese merchant Hu would borrow from his cousins to fund his brother-in-law, Chinese merchant Wan, then Mr. Hu (or even Mr. Wan directly) would later give the money back, with interest if interest was agreed upon.

    • @CODCritic101
      @CODCritic101 ปีที่แล้ว

      They had it all !

  • @jamesrule1338
    @jamesrule1338 ปีที่แล้ว +367

    Before failure: It's the safest way to make money, you can't lose!
    After failure: Look we all knew the risks.

    • @chimchu3232
      @chimchu3232 ปีที่แล้ว +5

      Why I never put my crypto with them or Celsius. Self custody, or stay away imo. If it sounds too good to be true, it is

    • @keit99
      @keit99 ปีที่แล้ว +6

      Crypto: the decentralized world of unregulated centralised institutions.

    • @thatsthejobbb8587
      @thatsthejobbb8587 4 หลายเดือนก่อน +1

      This happened in Ireland post 2008. The Prime Minister there said "well, we all partied" and then proceeded to say people who had defaulted on payments and lost everything should consider "terminating" themselves😅

  • @carlitoconqueso
    @carlitoconqueso ปีที่แล้ว +190

    I had almost $1,000 in crypto with Voyager earlier in the year and decided to sell it all and pull out my cash. Watching your videos opened my eyes to just how volatile every aspect of the crypto space can be. I thought it best to pull everything at a total loss of about $80. So glad I didn’t wait, man. The person that turned me on to Voyager and ADA put his whole 401K in!

    • @heyryanisonx3141
      @heyryanisonx3141 ปีที่แล้ว +10

      What happened to the 401k guy post collapse?? :0

    • @mikesanders8621
      @mikesanders8621 11 หลายเดือนก่อน +1

      What's wrong wit you? I already say you he dead.

    • @myguy2527
      @myguy2527 10 หลายเดือนก่อน +46

      @@mikesanders8621 my guy what are you talking about

    • @samritz742
      @samritz742 9 วันที่ผ่านมา

      LMAO

  • @thedevilsadvodkate
    @thedevilsadvodkate ปีที่แล้ว +259

    Coffee should make a video calculating all the money people lost in all these defi companies and how much promoters made total. It would surely blow people's minds if they saw the total figure.

    • @ShorlanTanzo
      @ShorlanTanzo ปีที่แล้ว +9

      ... that's not defi, but yeah there were a lot of "losses" that ended up in someone else's pocket..

    • @minnesnowda2510
      @minnesnowda2510 ปีที่แล้ว +5

      How many people got rich in the last decade of crypto and defi, Same number of people lost money because it’s a zero sum game

    • @ekki1993
      @ekki1993 ปีที่แล้ว +1

      @@ShorlanTanzo DeFi is just a buzzword. And a contradiction. Finance without centralisation is just scammer heaven. Which is, predictably, what happened with crypto.

    • @ekki1993
      @ekki1993 ปีที่แล้ว +5

      @@minnesnowda2510 Not same number of people, just same amount of dollars. I'm pretty sure the ones who made money are a minority earning money from a lot of people's small losses.

    • @PointsofData
      @PointsofData ปีที่แล้ว

      That'd be difficult, think of the thousands of wallets you'd have to track down and the tens of thousands (if not more) of transactions you'd have to cross reference. Wouldn't really be worth the effort imo.

  • @DonCardboard
    @DonCardboard ปีที่แล้ว +1443

    Imagine if a stock brokerage like Robinhood turned around and told a court "No actually all our clients stocks actually belong to us it turns out" It makes so little sense it hurts to think about. Yet that is what Voyager are trying.

    • @donjean6590
      @donjean6590 ปีที่แล้ว

      Issue is the code is law. And technically the wallet that has the crypto owns the crypto.
      Is disguisting but basically putting your crypto into someone elses wallet is in effect you giving it to them. Yes there maybe some sort of gentelmens agreement about it but since ita not regulated they dont actually have to do anything after you have given it to them.
      This is what so many people do seem to get and why they get scammed over and over. Its been covered on this and other channels before. No regulation means no comeback once they have your crypto in their wallet.
      Asbthe judge says this isnone of those novel decisions because technically what Voyager said is true. They own The crypto not the customers.

    • @ori9761
      @ori9761 ปีที่แล้ว +81

      You think Robinhood wont do that? Who owns a fractional share anyway

    • @kurt-vanmorgan635
      @kurt-vanmorgan635 ปีที่แล้ว +59

      One is regulated and one is not

    • @Palemagpie
      @Palemagpie ปีที่แล้ว +110

      That....that is what they tried during gamestonk remember?
      They liquidated some peoples stocks and claimed they had the right as the brokerage. There was a big stink about it. And nearly a class action lawsuit. That's why they backed off.

    • @doom2avatar
      @doom2avatar ปีที่แล้ว +61

      @@Palemagpie those shares were purchased by users ON MARGIN

  • @kongeethegod
    @kongeethegod ปีที่แล้ว +290

    Why the fuck did the CEO look so nervous with Mark was reading the promo 😂

    • @roseanne1466
      @roseanne1466 ปีที่แล้ว +31

      Because he knows it's a scam! 🤣

    • @jaz6051
      @jaz6051 ปีที่แล้ว +28

      Haha yeah I thought the exact same - dude was stressing out hard!

    • @uhhTabby
      @uhhTabby ปีที่แล้ว +17

      He knew they were going bust and was thinking about all the people that’ll be mad at him 😂

    • @judgykaeru
      @judgykaeru ปีที่แล้ว +8

      He looked high.

    • @TheebX92
      @TheebX92 ปีที่แล้ว +4

      Panic attack on stage 😂

  • @WoRstVoRt3x
    @WoRstVoRt3x ปีที่แล้ว +86

    I feel like at this point, If the CEO or some other representative of these coins say they're still liquid (when there's speculation they aren't) or aren't having any problems. It's a sign you need to take your money out immediately. Their just trying to placate you before they freeze withdrawals

    • @laine3396
      @laine3396 ปีที่แล้ว +2

      and that's how bank runs happen

    • @joshyoung1440
      @joshyoung1440 ปีที่แล้ว

      "At this point" you must be very young to think that this is just a thing "at this point"

    • @joshyoung1440
      @joshyoung1440 ปีที่แล้ว

      @@laine3396 ta-daaaaa lol

    • @nothobbesmufc949
      @nothobbesmufc949 หลายเดือนก่อน

      @@joshyoung1440 well crypto wasn't a thing 30 years ago so....what are you trying to prove here

  • @phatx5219
    @phatx5219 ปีที่แล้ว +20

    When you go to a "crypto" site and realize you are not getting answers on how they operate, invest etc but somehow there are shills on social sites "parroting" elaborate semantics that right there is how you end your research. You hit the "this is a scam/scam" jackpot.

  • @MrDestroys
    @MrDestroys ปีที่แล้ว +1555

    People shouldn't trust companies that don't fully disclose how they actually function

    • @redhairdavid
      @redhairdavid ปีที่แล้ว +71

      Doesn't that describe most companies?

    • @jamesmeow3039
      @jamesmeow3039 ปีที่แล้ว +94

      @@redhairdavid do you honestly trust most companies? I don't.

    • @gradon89
      @gradon89 ปีที่แล้ว +35

      @@redhairdavid no, but it does describes most crypto companies

    • @MochaZilla
      @MochaZilla ปีที่แล้ว +7

      @@redhairdavid hey now you're getting it! 👏

    • @AlexCS8
      @AlexCS8 ปีที่แล้ว +6

      @@redhairdavid what do you mean most companies don't disclose how they function ?

  • @adamzaczek6342
    @adamzaczek6342 ปีที่แล้ว +1259

    Ponzi schemes are bad but your videos make them fun to hear about, and thus, educational. Thanks Coffe!

    • @patrickbaklava7297
      @patrickbaklava7297 ปีที่แล้ว

      Ponzi schemes to me are just a version of natural selection.

    • @fruitbag
      @fruitbag ปีที่แล้ว +23

      It’s called ‘Edutainment’ 🙂

    • @RustOnWheels
      @RustOnWheels ปีที่แล้ว +13

      Yeah thanks Coffeetime!
      I do not gloat about the losses of duped people but I do like to see the tears of the “FUD”-yelling crypto bros.

    • @messwithhelpy
      @messwithhelpy ปีที่แล้ว +4

      Something to watch on the toilet.
      ☺️

    • @royalmike4757
      @royalmike4757 ปีที่แล้ว

      So every business that makes a bad investment is a ponzi scheme?

  • @danielj5136
    @danielj5136 ปีที่แล้ว +18

    Voyager: "Deposit YOUR crypto."
    *deposits crypto*
    *Voyager pulls out Soviet Bugs Bunny meme*
    Voyager: "OUR CRYPTO."

  • @tcgbattlingmaster925
    @tcgbattlingmaster925 ปีที่แล้ว +16

    After seeing everything with the FTX collapse. I sat here thinking “hmm, this seems familiar”.

  • @violetwtf
    @violetwtf ปีที่แล้ว +77

    "but like all ponzi schemes, this one is different"
    nothing sums up crypto better than those 9 words

  • @MyTv-
    @MyTv- ปีที่แล้ว +220

    Was it Warren Buffett who said, “It’s time to get out, when everybody tells you to invest“?

    • @spaceland1071
      @spaceland1071 ปีที่แล้ว +35

      yup and he was right

    • @CloudWalkBeta
      @CloudWalkBeta ปีที่แล้ว +40

      Sounds like him, and wasn't it his pal Charlie Munger who called Crypto a load of rat poison? XD

    • @theotherohlourdespadua1131
      @theotherohlourdespadua1131 ปีที่แล้ว

      Buffet is just paraphrasing what Joseph Kennedy Sr said before the 1929 Stock Market crash...

    • @notvisibleconfusion
      @notvisibleconfusion ปีที่แล้ว +4

      Accurate

    • @larryo6874
      @larryo6874 ปีที่แล้ว +19

      @@CloudWalkBeta I believe Buffett called crypto rat poison squared.

  • @joshuashaw2923
    @joshuashaw2923 8 หลายเดือนก่อน +5

    My favorite part is that a quarter of their loans were also in Alameda… nice job guys

  • @Duckingitout
    @Duckingitout ปีที่แล้ว +7

    Seeing that Voyager had Alameda Research on their top 2 in the books means that this bankruptcy is going to last quite a while.

  • @SrirachaPlz
    @SrirachaPlz ปีที่แล้ว +600

    As a CPA I have to say I really appreciate the accurate and detailed explanation on different types of bankruptcies, FDIC, etc. So many TH-camrs just talk out of their ass about legal and financial matters that they haven’t bothered doing proper research on.

    • @mac23806
      @mac23806 ปีที่แล้ว +1

      Meet Kevin is one of the only legitimate channels I trust he's very transparent

    • @Rok1900
      @Rok1900 ปีที่แล้ว

      meet kevin is trash lol wtf are you talking about

    • @haroldb6773
      @haroldb6773 ปีที่แล้ว

      @@mac23806 absolutely not. The guy promotes shit to uneducated people and then sells courses

    • @dr.z3426
      @dr.z3426 ปีที่แล้ว +5

      "As a cpa" I'm so glad you clearly explained SIPA and chapter 11 because "IM A CPA" and when you highlight these easy to Google things I get to act like I'm so much smarter than youtubers and let people know ImAcPA......that's how you sound

    • @tomrulz444
      @tomrulz444 ปีที่แล้ว +46

      ​@@dr.z3426lol read your angry comment and tell me you don't sound like another sad internet troll.

  • @Football__Junkie
    @Football__Junkie ปีที่แล้ว +118

    I did a spit-take when you said the “hedge fund” took the money and invested in Luna. The incestuous nature of crypto is reminiscent of the systemic exposure in 2008

    • @samsonsoturian6013
      @samsonsoturian6013 ปีที่แล้ว +5

      Technically they were a hedge fund because they used private equity from rich people to fund their investments, but that doesn't mean they were licensed stock brokers.

    • @Football__Junkie
      @Football__Junkie ปีที่แล้ว +1

      @@samsonsoturian6013 I was mainly referring to how one Ponzi scheme was taking money to invest it in another Ponzi scheme to chase returns

    • @samsonsoturian6013
      @samsonsoturian6013 ปีที่แล้ว +1

      @@Football__Junkie yeah, which is why all these grifters are correlated to each other

  • @PeopleofReddit66
    @PeopleofReddit66 ปีที่แล้ว +2

    Man I remember at one point I had over 25k in Voyager and sold all my Cardano during the bull market & haven’t invested invested in the brokerage since

  • @shroombles
    @shroombles ปีที่แล้ว +2

    i found coffees channel a couple months ago and i swear this man had barely a mil subs. he's blowing up!! congrats man

  • @cursedex80
    @cursedex80 ปีที่แล้ว +270

    At this point, crypto and Mark Cuban is like the real life version of the "how many times do we have to teach you this lesson, old man?" meme.

    • @Palemagpie
      @Palemagpie ปีที่แล้ว +1

      When that old man stops making money ripping people off. Clearly

    • @ericv4189
      @ericv4189 ปีที่แล้ว +5

      This isn't an issue with crypto tech. This is an issue of human-driven decisions leading to over-leveraged markets.

    • @bjorn6084
      @bjorn6084 ปีที่แล้ว +18

      Charles Ponzi: "Human-nature never changes"
      As such, the desire of people to engage in wild speculation, will always exist forever.

    • @tjenadonn6158
      @tjenadonn6158 ปีที่แล้ว +9

      @@ericv4189 I don't see those shit happening with this same sort of near-weekly regularity in any other investment sector bucko.

    • @ericv4189
      @ericv4189 ปีที่แล้ว +1

      @@tjenadonn6158 Absolutely, crypto is more volatile over shorter term scales. Now take a look at how assets have performed over the past 10 years and show me a single thing that has performed better than bitcoin.

  • @Tottosmile
    @Tottosmile ปีที่แล้ว +44

    It's the ultimate bait and switch. "Nearly risk free" at the time of investing but "we knew the risks" as soon as it crashes.

  • @rtqii
    @rtqii ปีที่แล้ว +8

    5:35 - Screen Shot - The top three companies on this list are all bankrupted.

    • @hat1324
      @hat1324 7 วันที่ผ่านมา +1

      Heh, that Alemeda Research was the first thing I saw as well 😅

  • @acousticide
    @acousticide ปีที่แล้ว +1

    I have to say again...... this is a great channel. Your work and presentation is awesome.

  • @renaissanceman9034
    @renaissanceman9034 ปีที่แล้ว +1070

    The cognitive dissonance among the people who invest in these scams is off the charts.

    • @id10t98
      @id10t98 ปีที่แล้ว +151

      "It's the blockchain, bro, you just dont get it."

    • @Kolby.with.a.K
      @Kolby.with.a.K ปีที่แล้ว +16

      Voyager was just a medium to invest in crypto. You could just put your cash into USDC and gain 9% interest. Why blame the ppl rather than the company?

    • @jschnabes13
      @jschnabes13 ปีที่แล้ว

      Because the people are gullible morons who do not understand what they are getting into.

    • @brandonburns5365
      @brandonburns5365 ปีที่แล้ว +108

      @@Kolby.with.a.K Do you hear yourself.

    • @petec3250
      @petec3250 ปีที่แล้ว +11

      Blockchains have nothing to do with it. Voyager was an exchange and lending platform.

  • @ChinaExpatsRC
    @ChinaExpatsRC ปีที่แล้ว +116

    Keep hearing the same story "somewhere in this 20 page terms and conditions document is a sentence that says all your money is gone". Are we enjoying being our own bank yet?

    • @xx4248
      @xx4248 ปีที่แล้ว +4

      You don't understand what private keys are I take it lol

    • @ChinaExpatsRC
      @ChinaExpatsRC ปีที่แล้ว +21

      @@xx4248 But if you keep your coins in a private wallet how can you get those delicious 20%APY ponzi scheme rewards?

    • @matthewcastillo9951
      @matthewcastillo9951 ปีที่แล้ว

      @@ChinaExpatsRC , Nice. That’s what cryptos are/ a ponzi, and a fad.

    • @matthewcastillo9951
      @matthewcastillo9951 ปีที่แล้ว

      @@xx4248 Wtf

    • @_VISION.
      @_VISION. ปีที่แล้ว

      @@xx4248 what does that matter?

  • @MartinDurden
    @MartinDurden ปีที่แล้ว

    Loving the videos coffee, keep it up my man.

  • @topminijc
    @topminijc ปีที่แล้ว

    Loving the new camera angles and editing! Keep it up Coffee!

  • @spiritualanarchist8162
    @spiritualanarchist8162 ปีที่แล้ว +396

    The older i get the more i notice how the richest people in the world aren't that smart. Not even with money.

    • @id10t98
      @id10t98 ปีที่แล้ว +81

      It's mostly luck. Being born into the right family, having a banker that believes in you...there's a couple of things that help immediately...

    • @theotherohlourdespadua1131
      @theotherohlourdespadua1131 ปีที่แล้ว +33

      @@id10t98 That's the thing that sucks. One can do everything right and can still go wrong. That is why many people really don't like to accept that idea...

    • @KidddBlast
      @KidddBlast ปีที่แล้ว +12

      They are smart but they still make mistakes. The thing about rich people mistakes is that it wrecks a lot more people

    • @SebtorDude
      @SebtorDude ปีที่แล้ว +37

      They aren't dumb either. It's just that many of them are financial "one-trick-ponies". Things fall apart when they lack the self-knowledge to understand the boundaries of their one trick.

    • @arjunratnadev
      @arjunratnadev ปีที่แล้ว +4

      @@SebtorDude exactly, desperation makes most people vulnerable

  • @zilliq
    @zilliq ปีที่แล้ว +675

    So basically their genius plan was take the assets from their customers, stake them into Luna, cash in the 20% interest of Luna and give back 10% to their customers.

    • @flashypork
      @flashypork ปีที่แล้ว +65

      Lmao, perfectly said

    • @BobbyHo2022
      @BobbyHo2022 ปีที่แล้ว +8

      but why use 3ac?

    • @gregmccauley1687
      @gregmccauley1687 ปีที่แล้ว +67

      That was what 3AC was doing, yes. Voyager lent 3AC their customer's money at high interest. 3AC became unable to pay. RIP

    • @proton8689
      @proton8689 ปีที่แล้ว

      So basically the customers were just cashing into Luna, with just a middle man taking half of the interest. A Ponzi scheme on top of a Ponzi scheme. Ponzi Supreme

    • @Akutukananu
      @Akutukananu ปีที่แล้ว +3

      Checks out 🧐

  • @rg975
    @rg975 ปีที่แล้ว +11

    The best advice I got when I started investing in crypto was:
    “if you don’t have the keys to your wallet, it’s not your wallet”.
    Everyone getting rekt is holding their money in centralized exchanges and don’t have control over their wallet.

  • @DeepBlueDiscoveries825
    @DeepBlueDiscoveries825 ปีที่แล้ว +10

    I knew the risk of investing when it pertains to the market value fluctuating. Never would have expected to have essentially robbed. I certainly did not consider my self a unsecured investor. My understand is the crypto I bought is the crypto I own, including the interest accrued

  • @ChengTeoh
    @ChengTeoh ปีที่แล้ว +75

    Voyager : "We have the experience to back our decisions and weather any bear market"
    1st Bear Market : "No so fast"

  • @livelongandtroll9108
    @livelongandtroll9108 ปีที่แล้ว +111

    *"Our customer's assets are safe and we're processing everything as normal..."*
    Translation: *RUN*

    • @livelongandtroll9108
      @livelongandtroll9108 ปีที่แล้ว +14

      Also valid if Mark Cuban tells you about a project.

    • @lasskinn474
      @lasskinn474 ปีที่แล้ว +2

      also "their cfo showed me proof everything is okay" followed by "I'm not a victim".

  • @thedon1907
    @thedon1907 ปีที่แล้ว

    Been following you since the cigarette video on coffee break, awesome content

  • @DropFrameStudio01
    @DropFrameStudio01 ปีที่แล้ว

    My guy coffee coming thru with the suspenders. Great content man.

  • @samuelwittlinger7790
    @samuelwittlinger7790 ปีที่แล้ว +397

    At this point when I hear Mark Cuban I just expect a new scam.

    • @simbad909
      @simbad909 ปีที่แล้ว +14

      Lol the cuban effect

    • @empoweredwhiteeqyptianking1049
      @empoweredwhiteeqyptianking1049 ปีที่แล้ว

      Jews will jew

    • @DxModel219
      @DxModel219 ปีที่แล้ว +5

      i never liked him

    • @billh.1940
      @billh.1940 ปีที่แล้ว +5

      I bet mark lost none of his own money! They never do!

    • @DxModel219
      @DxModel219 ปีที่แล้ว

      @@billh.1940 billionaire scums never do

  • @waxmeltfan
    @waxmeltfan ปีที่แล้ว

    these videos are so pleasant to throw on and binge over and over. playin some zombs, throw coffee on in the background

  • @mariocerame
    @mariocerame 9 หลายเดือนก่อน

    Really good job breaking down a really complicated legal issue.

  • @NooBLT606
    @NooBLT606 ปีที่แล้ว +569

    I lost 20k on their stock. I followed this company closely and you got everything right. Steve definitely lied to us.
    Keep up the good work

    • @donm2067
      @donm2067 ปีที่แล้ว +133

      If you're just giving away money I could use 5k$.

    • @MundaneThingsBackwards
      @MundaneThingsBackwards ปีที่แล้ว +114

      @@donm2067 You have to promise him low risk and high returns on his "investment" buddy!
      lol. Not gonna roast OP too hard, though. You live and you learn.

    • @V-187
      @V-187 ปีที่แล้ว +18

      Dam sorry to hear that.. Trying to send u some luck so u can triple that!🤞🏽

    • @That_One_Guy...
      @That_One_Guy... ปีที่แล้ว +13

      @Mighty Nooblet Damn what a shame man, i could use 10k of those to buy some real education, what a waste of money.

    • @NooBLT606
      @NooBLT606 ปีที่แล้ว +23

      @@MundaneThingsBackwards I was a stockholder. If anything the high yields were a burden to the balance sheet. That’s why their “marketing budget “ was so high. They used it to pay some of the yield. They justified it by saying it was to acquire new customers.
      I was in it because of the promise of a debit card, being able to buy stocks with crypto, and expanding into Canada and Europe.
      You’re right though. You live and you learn.

  • @customs1003
    @customs1003 ปีที่แล้ว +97

    "Crypto will replace cash in the future!"
    "ok, so how do I get started?"
    "Give me your cash!"
    "so why do you want my cash if it'll be worthless in the future?"
    ...
    (end of call)

    • @alphaomega9563
      @alphaomega9563 ปีที่แล้ว +6

      thats what i never understood cypto such a scam

    • @Elliott_Elliott
      @Elliott_Elliott ปีที่แล้ว

      Crypto is a scam. It's Bitcoin self-custody only.

  • @mithalashraf7419
    @mithalashraf7419 ปีที่แล้ว +9

    Thank you doing all the work you do. There is much corruption and bs in the financial world, we need to have at least a clear vision through all the lies and fraudulent gymnastics these companies do. Thank you!

  • @GGutium
    @GGutium 11 หลายเดือนก่อน +3

    Lent to Alameda Research? Making connections in your videos is literally mind-blowing. The dominoes fall one by one.

  • @CinemaATTACKS
    @CinemaATTACKS ปีที่แล้ว +94

    Their lawyer's name is Sussberg, I'm guessing he was the 2nd choice since Crookstein was on vacation

    • @OU81TWO
      @OU81TWO ปีที่แล้ว +25

      He was on vacation with Scamowitz.
      Edit: "The law offices of Sussberg, Crookstein, and Scamowitz". It's got a nice ring to it. Lol.

  • @squidward1839
    @squidward1839 ปีที่แล้ว +249

    Watching the crypto meltdown is my guilty pleasure.

    • @Lobonova
      @Lobonova ปีที่แล้ว

      People like you will get bad karma.

    • @yousefkiller1293
      @yousefkiller1293 ปีที่แล้ว +6

      Too real

    • @infosneakr
      @infosneakr ปีที่แล้ว +16

      My pleasure, no guilt. No money invested. I dodge bullets baby

    • @Lobonova
      @Lobonova ปีที่แล้ว +5

      @@infosneakr and your also not rich cause if you bought btc or eth a few years ago you would be

    • @squidward1839
      @squidward1839 ปีที่แล้ว +10

      Oh yeah man, I left crypto once the gurus migrated towards NFTs and other bullshit. Just fun to watch from the sidelines. It’s like a slow-motion car crash

  • @rekeshali
    @rekeshali ปีที่แล้ว

    you are my new favorite TH-camr. Love this channel

  • @OinksMcScratchensniff
    @OinksMcScratchensniff 11 หลายเดือนก่อน

    Amazing work as always coffee ❤

  • @DawryMike
    @DawryMike ปีที่แล้ว +410

    Crypto is showing what really happens when you have a market completely devoid of regulation.

    • @djgg8156
      @djgg8156 ปีที่แล้ว +30

      These things happen in dark pools of regular markets all the time. You just don't hear about it cause its behind closed doors. With crypto you can see it all. In fact, the issue here was backdoor deals between Voyager/BlockFi and other entities (3AC). Actual decentralized lending protocols like Aave and Compound are working just fine even through the huge crash across asset classes, because code doesn't lie, people do

    • @andrewg..
      @andrewg.. ปีที่แล้ว +27

      centralized companies built around crypto ≠ crypto

    • @DawryMike
      @DawryMike ปีที่แล้ว +23

      @@andrewg.. LMAOOO

    • @nii_amart
      @nii_amart ปีที่แล้ว +65

      What's happening in crypto happens in the regulated market as well. The difference is that in regulated markets, those in charge are held accountable and get jail time in situations like this.

    • @henryjoseph3584
      @henryjoseph3584 ปีที่แล้ว +6

      I think more over it shows the effect of the greed of people superceding their responsibility to actually investigate what they are investing in. You can't regulate human greed, people will always find ways around the system. If you're going to invest you need to get educated

  • @ugoeze7360
    @ugoeze7360 ปีที่แล้ว +19

    “Like all Ponzi schemes, this one was ‘different’”.
    I’m done. 😂😩

  • @ccdev
    @ccdev ปีที่แล้ว

    Love the techno noir design of the room. Coffee is a mighty fine reporter as well.

  • @TheSynthisis
    @TheSynthisis 4 หลายเดือนก่อน +3

    Coming back and seeing Voyager got a load from Alameda is just a chef's kiss moment. The Ouroboros of scams.

  • @ThePdeHav
    @ThePdeHav ปีที่แล้ว +55

    What unalloyed idiots Voyager were. When investing - diversify. What did they do? Hand over 50% of their assets to a hedge fund to …… invest back into a crypto. Crazy. Like making money as a horse trainer and then taking your winnings and betting against a rank outsider.

    • @FEE8Tth8BEA8T
      @FEE8Tth8BEA8T ปีที่แล้ว +2

      Perfect analogy lol

    • @shehuyakubu3751
      @shehuyakubu3751 ปีที่แล้ว

      No sir, it seems you don't fully understand the scam. When these things "crash" how do you think these scam "ceos" get their cut? THROUGH ALL THESE UNSECURED LOANS AND INVESTMENTS THEY CLAIM THEY MADE! and if you believe Mark Cuban lost any money then you're just as naive as coffeezilla. He might have good intentions but he's a shill too! Just a honest shill! If the story came out that Mark Cuban made money from a rug pull what would that do to his reputation as well as his wealth from potential law suits and criminal investigations?

  • @sonicrushXII
    @sonicrushXII ปีที่แล้ว +325

    Honestly the fact that 'billion' is being thrown around on this channel, shows just how much it has grown

    • @ScorpionXXXVII
      @ScorpionXXXVII ปีที่แล้ว +52

      more like how big scams have become...and how common big scams have become.

    • @biggrocc19
      @biggrocc19 ปีที่แล้ว

      shows how big ponzi schemes are currently, not so much the channel

    • @RustOnWheels
      @RustOnWheels ปีที่แล้ว +4

      Pump the stock!
      $ZILLA to the moon!

    • @ericv4189
      @ericv4189 ปีที่แล้ว

      @@ScorpionXXXVII You think bitcoin is a scam?

    • @roseanne1466
      @roseanne1466 ปีที่แล้ว +9

      @@ericv4189 it is

  • @Roman.7
    @Roman.7 ปีที่แล้ว

    You never disappoint! Quality and highly sophisticated content 🔥😮‍💨

  • @baghodler508
    @baghodler508 ปีที่แล้ว +1

    The whole month prior to this happening I got at least 10 notifications on my phone say your money is safe and fdic insured, that with the ceo claiming they were good had me hooked

    • @toomanyaccounts
      @toomanyaccounts ปีที่แล้ว

      LOL! The fdic didn't insure them since they were not a bank and didn't want to be regulated. They Lied To You! You can verify who is fdic insured on the website setup by the federal gov't. guess what they weren't listed

  • @allenwarfield
    @allenwarfield ปีที่แล้ว +74

    Crypto newbies are finally learning the age old lesson of
    NOT YO KEYS, NOT YO COIN!

    • @xx4248
      @xx4248 ปีที่แล้ว +8

      Amazing how many in this comment section fail to understand this

    • @brycesullivan7950
      @brycesullivan7950 ปีที่แล้ว +2

      Because the majority of these new investors are young and very influeneable.

  • @dr.remulak514
    @dr.remulak514 ปีที่แล้ว +181

    Your investigatory and explanation skills are second to none coffee!! Your a good man.

    • @jiml4987
      @jiml4987 ปีที่แล้ว +5

      Well Dr. Since you have atleast one PHD and I have atleast two. You are, you're a good man.

  • @Acid31337
    @Acid31337 ปีที่แล้ว +6

    It would be 100% fair to use their advertisement as evidence of claim their investors should be secured in case of bankruptcy.
    That would incentivise other companies not to put different words in ToS and marketing camaigns.

    • @ParanoiderNutzer
      @ParanoiderNutzer ปีที่แล้ว +1

      We have something like that in Germany; called "Prospekthaftung". But it doesn't apply to crypto.

  • @StremeSpoats
    @StremeSpoats ปีที่แล้ว +4

    Honestly doing gods work. Thank you coffee

  • @TylerBridwell
    @TylerBridwell ปีที่แล้ว +32

    I'm just happy I can finally buy a reasonably priced video card.

    • @ncournault
      @ncournault ปีที่แล้ว +5

      Underrated

    • @BrentWalker999
      @BrentWalker999 ปีที่แล้ว +1

      Have prices dropped yet?

    • @PointsofData
      @PointsofData ปีที่แล้ว +5

      @@BrentWalker999 yeah they're back to market value

  • @sullychow4123
    @sullychow4123 ปีที่แล้ว +57

    The whole "it's not your asset" very much reminds me of buying digital games in the current state of the industry

    • @ignaciogonzalez8716
      @ignaciogonzalez8716 ปีที่แล้ว +1

      It's just a license to play the game.

    • @arifhossain9751
      @arifhossain9751 ปีที่แล้ว +1

      with how many games that are selling nfts right now, i wonder how long it will be before you need to buy nfts to get access to a game

    • @moshunit96
      @moshunit96 ปีที่แล้ว +2

      @@arifhossain9751 those are all shit games though.

    • @arifhossain9751
      @arifhossain9751 ปีที่แล้ว +1

      @@moshunit96
      agreed

    • @RunBayou
      @RunBayou ปีที่แล้ว

      Why i got gamepass. Rather pay a flat fee every month than have the illusion i own any of my games

  • @louieshaun
    @louieshaun ปีที่แล้ว

    Love your content hate that I’m getting 10 adverts throughout a 12 minute vid

  • @sawjjz
    @sawjjz ปีที่แล้ว

    "such is the life of an internet celebrity" you cup of coffee legend!

  • @delbomb3131
    @delbomb3131 ปีที่แล้ว +49

    "trustworthy" borrowers don't pay more than 9% interest, which they would have to charge a ton in order to pay so much

    • @idontcare9041
      @idontcare9041 ปีที่แล้ว +2

      Yeah... people should really start to ask themselves where the money comes from. It seems that people forget everything when it comes to crypto. I think it's because crypto is complicated enough that a lot of people don't bother second guessing it.

  • @EbonMaster
    @EbonMaster ปีที่แล้ว +18

    "Like all ponzi schemes, this one was different!" Is now my favorite quote from you ever lol

  • @alexgeezy5466
    @alexgeezy5466 ปีที่แล้ว

    Excellent investigative journalism 👏

  • @davidcastro5690
    @davidcastro5690 ปีที่แล้ว

    Love it keep up with the excellent work

  • @ArmanNobari
    @ArmanNobari ปีที่แล้ว +65

    Side note, Coffee's production is so over-the-top good. The light from the blinds on the left matching up with the light in the $10M studio!? Get outta here, this is amazing. Great video as always.

    • @CC-xy5cz
      @CC-xy5cz ปีที่แล้ว +1

      Curious if he pays some external marketing agency and just says hey make the back ground look cool as hell

  • @5urg3x
    @5urg3x ปีที่แล้ว +339

    “We knew the risks” except when you said months ago that there aren’t really any risks and it’s the safest crypto bank out there, lmao. Let’s be real - If you REALLY knew what they were doing with your coins, you would’ve never gone within 100 feet of their app to begin with.

    • @SuperiRix4
      @SuperiRix4 ปีที่แล้ว +26

      Tbf nothing about crypto is safe so saying that it was the "safest" also should mean nothing

    • @larryo6874
      @larryo6874 ปีที่แล้ว +18

      I quoted Warren Buffett a couple of months ago where he warned people to stay away from crypto but people said he was an old guy who just didn’t understand crypto…..

    • @brucelee1279
      @brucelee1279 ปีที่แล้ว +6

      @@SuperiRix4 nOtHING is safe regarding AnYthing, but its safer to hold whatever coins you have, on your own cold wallet, rather than on an app.

    • @joliecide
      @joliecide ปีที่แล้ว +3

      A financial influencer is only good as their last "tip."

    • @5urg3x
      @5urg3x ปีที่แล้ว +4

      @@joliecide Honestly though most influences at least tell newbies to not make the mistake of putting all their fkn eggs in one basket and diversify their portfolio…and it seems that was something that multi billion dollar Crypto bank Voyager didn’t even know how to do. They lent over a billion dollars of customer funds to 3AC 🤯

  • @redstoneablecz5742
    @redstoneablecz5742 ปีที่แล้ว +4

    Watching this after FTX - as soon as I saw Alameda next to Three Arrows I was like NOPE NOPe NOpe Nope nopee

  • @travisbinder9426
    @travisbinder9426 ปีที่แล้ว

    You the only TH-camr that is exposing, these ponzi, crypto scam industry.

  • @IXPStaticI
    @IXPStaticI ปีที่แล้ว +15

    oh man I always love it when they hit you with the bombshell argument of "it works because you can trust us more than the other guys"

  • @rafaelvasques6263
    @rafaelvasques6263 ปีที่แล้ว +24

    I learned more about investment from your videos than from most investment experts teaching about it.

  • @wajihbec1087
    @wajihbec1087 ปีที่แล้ว

    This is amazing to me, how you can know this much about a case. Where I'm from this all would be unknown to the public.

  • @GerryRR
    @GerryRR ปีที่แล้ว

    Bravo to whoever is writing your stuff(if it's you, bravo to you). "Like all Ponzi schemes this one was different." is SUCH a good line. Cracked me up lol.

  • @Ripcookiethief
    @Ripcookiethief ปีที่แล้ว +44

    It boggles my mind that things like this gain this much steam before they inevitably crash.

    • @wintersoilder5676
      @wintersoilder5676 ปีที่แล้ว

      Influencers bruh

    • @Toralian89
      @Toralian89 ปีที่แล้ว +3

      It boggles my mind that people invest in crypto(with any other intention but to scam bigger fools) when all owners minted themselves a hefty 20-80% of it and keep it in their wallets. With fiat at least government can't crash it's value to zero by "cashing out" 20-80% of it at any second.

    • @Ripcookiethief
      @Ripcookiethief ปีที่แล้ว

      @@Toralian89 Exactly. It's a scam made out of a scheme.

  • @sewpoo
    @sewpoo ปีที่แล้ว +37

    these crypto companies getting a little to brave

  • @kajoma1782
    @kajoma1782 ปีที่แล้ว

    I get distracted by how good the lighting is. Wow

  • @oblivian1308
    @oblivian1308 ปีที่แล้ว +1

    3:55 😆 I was laying down I had to sit up after"he seems great 👍" 😂

  • @marquistraylor1255
    @marquistraylor1255 ปีที่แล้ว +88

    It’s alllllmost like there needs to be regulations to keep these companies from doing whatever tf they want.

    • @donm2067
      @donm2067 ปีที่แล้ว +2

      No bro! Defi!

    • @ignaciogonzalez8716
      @ignaciogonzalez8716 ปีที่แล้ว +5

      Believe it or not a lot of people in crypto think the same thing. Of course there are those that want it as unregulated as possible but that's pretty stupid and maybe it benefits them in what they're doing with their crypto.

    • @dandruff3414
      @dandruff3414 ปีที่แล้ว +5

      Yeah. If there's no regulation on something, everything (even illegal ones) are fair game. This is an example of irresponsible freedom

    • @np4029
      @np4029 ปีที่แล้ว +2

      Turns out that the Securities and Exchange Commission should have been putting more energy into going after the 'E' rather than the 'S'.

    • @jacobconcannon4677
      @jacobconcannon4677 ปีที่แล้ว +1

      @@donm2067 a lot of people in crypto want the actual currency to be decentralised, but the companies offering services/using the currency (like voyager) to be regulated

  • @mohamedboudeir1036
    @mohamedboudeir1036 ปีที่แล้ว +15

    Netflix give this guy a show already 📈

    • @xx4248
      @xx4248 ปีที่แล้ว +1

      I still wouldnt buy a netflicks account lol

  • @joshk8554
    @joshk8554 ปีที่แล้ว

    Thank god the people of earth have you coffeezilla

  • @vicca4671
    @vicca4671 ปีที่แล้ว

    I _really_ applaud not only your journalism, but also the fact you managed to not ONCE make a pun on Sussberg being sus.

  • @Jivolt
    @Jivolt ปีที่แล้ว +5

    Fool me once, shame on you.
    Fool me twice, shame on me.
    Fool me thrice, I’m a crypto bro.

  • @fcmaster26
    @fcmaster26 ปีที่แล้ว +112

    I mean caring about others is probably not the key to become a billionaire.

  • @kylebroussard5952
    @kylebroussard5952 3 หลายเดือนก่อน +1

    I have a friend that lost about 90% of his liquid net worth in Voyager. I told him probably about 10 times to only go with a US based company that's FDIC insured, even if theres more fees and less functionality. He could not be saved, still blames everyone but himself to this day.

  • @WazirinJosnEnvirons
    @WazirinJosnEnvirons ปีที่แล้ว

    I just 'like' by reflex. I have grown to have automatic confidence, that I will learn something from your videos.

  • @SolarAB
    @SolarAB ปีที่แล้ว +6

    "It's like hearing someone is a doctor, but then you realize it's not the helpful kind... it's the lecturing kind". lol

  • @Yolomamba24
    @Yolomamba24 ปีที่แล้ว +12

    I came so close to transferring all my crypto to voyager...but stopped myself when news broke that they needed to take a loan from Alameda/ftx. Really dodged a bullet with that one.

    • @Preciousgangster
      @Preciousgangster ปีที่แล้ว

      ☝🏽Let’s chat now:.d

    • @kidd32888
      @kidd32888 ปีที่แล้ว

      My advice is there is no such thing as near risk free investment that give u a 9+% interest per yr

  • @Kevinschart
    @Kevinschart ปีที่แล้ว

    this channel's growth has been incredible

  • @eddycarpenter8989
    @eddycarpenter8989 ปีที่แล้ว +38

    A year ago all of these people were piling into these crypto "brokerages" because they didnt want to be a part of the traditional banking system and all its regulations. Lol now they lost everything and want regulation. If they lose it all, they lose it all... lol

    • @mysecondemailatl
      @mysecondemailatl ปีที่แล้ว +2

      I lost a lot too but I don't want regulations they're still a small amount of people I imagine that are like myself.
      I think this is part of the plan they're going after the crypto first and then they're going to go after the big Banks because the monetary system is actually collapsing unlike what happened 10+ years ago

  • @iVETAnsolini
    @iVETAnsolini ปีที่แล้ว +7

    Voyager kept sending emails out too, 2 weeks before they froze withdrawals, saying that your money not your crypto, was fdic insured up too 250,000……..

  • @Paul_Marek
    @Paul_Marek ปีที่แล้ว

    Sweet. Sweeeeeet. It's so relieving to see the corruption almost everywhere getting uncovered.

  • @DrJarimba
    @DrJarimba ปีที่แล้ว +26

    Well deserved success Coffeezilla, the quality of your channel is gold.

  • @TheVirtualObserver
    @TheVirtualObserver ปีที่แล้ว +39

    I’m so glad I diversified a while ago (& withdrew a bunch from Voyager a bit ago) cuz I’m one of their customers who got hit. 😢😭

    • @MrGuideElk
      @MrGuideElk ปีที่แล้ว +16

      Protip. Don't invest in Cryto.

    • @MochaZilla
      @MochaZilla ปีที่แล้ว +8

      @@MrGuideElk protip. Its a good time to start DCAing into crypto 😎

    • @OU81TWO
      @OU81TWO ปีที่แล้ว

      "customer??" Lol.

    • @MochaZilla
      @MochaZilla ปีที่แล้ว +2

      @ ok. Have fun when btc hits 100k in a few years. Then you'll be dcaing when the next cycle is at all time highs and then it'll crash again and you'll be pissed off again just like you are now.

    • @ignaciogonzalez8716
      @ignaciogonzalez8716 ปีที่แล้ว +1

      I just lost my promotion $100 in btc so I really didn't lose anything I personally invested in. And it was only worth about 30 something bucks at current price anyway. Should have sold a long time ago.