1 00:00:00,150 --> 00:00:03,029 S1: We don't know exactly how many people were impacted by 2 00:00:03,029 --> 00:00:06,480 S1: the crypto scandals of the past year, but retail investors 3 00:00:06,480 --> 00:00:11,160 S1: lost billions of dollars tied up in Ftxs Celsius, Luna, 4 00:00:11,160 --> 00:00:14,720 S1: Three Arrows and others. Today we're joined by Mark saidI, 5 00:00:14,730 --> 00:00:18,119 S1: CEO of X, claim to discuss how they are helping 6 00:00:18,120 --> 00:00:20,880 S1: people recover a portion of the money that they might 7 00:00:20,880 --> 00:00:24,090 S1: not otherwise see. Again, if you're one of these investors, 8 00:00:24,090 --> 00:00:27,030 S1: we hope you'll find hope in recovering your crypto from 9 00:00:27,030 --> 00:00:34,190 S1: bankruptcy on episode number 671. Of the Bad Crypto podcast. Five. 10 00:00:34,490 --> 00:00:43,010 UU: Four, three, one, zero. Ignition. Who's bad? 11 00:01:02,130 --> 00:01:04,110 S1: And welcome to the MAD Crypto podcast, the show for 12 00:01:04,110 --> 00:01:07,830 S1: the crypto curious and the crypto serious, the best blockchain 13 00:01:07,830 --> 00:01:11,009 S1: and crypto show in the world. According to our moms. 14 00:01:11,010 --> 00:01:15,809 S1: I'm Sir Joel and that is Sir Lord Travis, right? Hello, sir. 15 00:01:16,200 --> 00:01:19,110 S2: It's not the best, but it's the best one that 16 00:01:19,110 --> 00:01:20,580 S2: you're listening to right now. 17 00:01:20,580 --> 00:01:23,709 S1: It's the best, according to our moms. That's true. Or 18 00:01:23,910 --> 00:01:24,120 S1: I don't. 19 00:01:24,120 --> 00:01:25,649 S2: Know my mom. I don't even know if my mom 20 00:01:25,650 --> 00:01:26,490 S2: thinks that's true. 21 00:01:26,490 --> 00:01:28,770 S1: They're like, you know, we like you guys. We love 22 00:01:28,770 --> 00:01:30,960 S1: you guys even. But it's you're not the butt. 23 00:01:31,020 --> 00:01:33,029 S2: Don't know what the hell you're talking about over there 24 00:01:33,030 --> 00:01:33,350 S2: with that. 25 00:01:33,420 --> 00:01:37,140 S1: Don't understand anything about this. And why do you guys 26 00:01:37,140 --> 00:01:39,870 S1: why do you guys have to call yourselves crypto clowns 27 00:01:39,870 --> 00:01:43,949 S1: and defi defi and and algorithmic asshats? That's not nice. 28 00:01:43,950 --> 00:01:46,169 S2: Why are you bad? Why don't you get good? 29 00:01:46,170 --> 00:01:49,200 S1: Let's get good. Well, think we still own good crypto 30 00:01:49,200 --> 00:01:54,570 S1: podcast which was registered years ago in response to. Yeah. 31 00:01:54,570 --> 00:01:56,460 S2: Just in case there was a troll out there going 32 00:01:56,970 --> 00:01:58,800 S2: well we're the good crypto. Like no you're not Dick 33 00:01:58,800 --> 00:01:59,970 S2: because we got it already. 34 00:02:00,240 --> 00:02:02,670 S1: So travel a lot of people lost a lot of 35 00:02:02,670 --> 00:02:06,660 S1: money in Celsius as we've talked about previously on the show. 36 00:02:06,810 --> 00:02:10,890 S1: Brad Mills was a hero because he called Luna before 37 00:02:10,889 --> 00:02:12,930 S1: it happened and then came on this show and called 38 00:02:12,930 --> 00:02:15,150 S1: Celsius before it happened. And I got my money out. 39 00:02:15,150 --> 00:02:19,019 S1: A lot of people didn't. But today's interview is super interesting. 40 00:02:19,020 --> 00:02:21,420 S1: If you've got any money that was tied up in 41 00:02:21,419 --> 00:02:24,540 S1: any of these services because there might be hope for you. 42 00:02:25,050 --> 00:02:26,940 S2: There might be hope. Yeah. Yeah. This is this is 43 00:02:26,940 --> 00:02:30,510 S2: really interesting how they're able to kind of go in 44 00:02:30,510 --> 00:02:34,860 S2: and leverage the future potential returns of this money that 45 00:02:34,860 --> 00:02:37,459 S2: may be lost, that may not get back for 4 46 00:02:37,460 --> 00:02:39,690 S2: or 5 years down the road. Some people are still 47 00:02:39,690 --> 00:02:42,810 S2: waiting for Mt. Gox. So. Right. You know, this right 48 00:02:42,810 --> 00:02:46,230 S2: here is something that is a service that is needed 49 00:02:46,230 --> 00:02:48,420 S2: and hopefully it's working out pretty good for the people 50 00:02:48,419 --> 00:02:50,919 S2: that's using it. We'll find out why I so right here. 51 00:02:50,970 --> 00:02:57,300 S1: Here we go. There's been a lot of sadness in 52 00:02:57,300 --> 00:03:00,660 S1: the crypto world, especially for those who have had their 53 00:03:00,660 --> 00:03:06,209 S1: crypto locked up in services like Voyager and Celsius. I 54 00:03:06,210 --> 00:03:11,640 S1: am fortunate enough to have escaped Celsius two weeks before 55 00:03:11,639 --> 00:03:15,390 S1: the thing got shut down because we had Brad Mills 56 00:03:15,389 --> 00:03:17,610 S1: on this show. Remember that, Trav? Brad? 57 00:03:17,850 --> 00:03:20,369 S2: Brad was like, Yeah, get your shits out of that 58 00:03:20,370 --> 00:03:22,560 S2: because it's going to happen next. And we're like, What? 59 00:03:22,560 --> 00:03:25,650 S2: And and then Joel was like, okay. But then one 60 00:03:25,650 --> 00:03:28,110 S2: of our friends actually didn't had left a lot of 61 00:03:28,110 --> 00:03:31,530 S2: his money in Celsius and in Voyager to the tune 62 00:03:31,530 --> 00:03:35,110 S2: of a couple two, $300,000 sitting in there. So, yeah, 63 00:03:35,130 --> 00:03:36,090 S2: that's no bueno. 64 00:03:36,450 --> 00:03:39,720 S1: Painful. And a lot of these companies are now in 65 00:03:39,720 --> 00:03:44,760 S1: bankruptcy proceedings. There's talks about other, you know, like Binance acquiring. 66 00:03:44,760 --> 00:03:48,030 S1: And we'll dig more into this. We've got a specialist 67 00:03:48,030 --> 00:03:52,290 S1: today who's been a chief restructuring officer helping companies in 68 00:03:52,290 --> 00:03:55,470 S1: various industries and now is the CEO of a company 69 00:03:55,470 --> 00:04:01,170 S1: called Exclaim X Dash claim. They say if your crypto 70 00:04:01,170 --> 00:04:04,590 S1: is now in bankruptcy proceedings, that you can trade your 71 00:04:04,590 --> 00:04:08,370 S1: claim for cash. His name is Matt Sardi. Did I 72 00:04:08,370 --> 00:04:12,030 S1: pronounce that right? Siddig Siddiq All right, nailed it. Matt, 73 00:04:12,030 --> 00:04:14,670 S1: welcome to the Bad Crypto podcast. Thank you for having me. 74 00:04:14,670 --> 00:04:15,990 S3: Excited to have the conversation. 75 00:04:16,500 --> 00:04:22,380 S1: Yeah. So there's been a whole string of crypto exchanges 76 00:04:22,380 --> 00:04:26,940 S1: or custodial services that have failed. I've named two of 77 00:04:26,940 --> 00:04:32,010 S1: them Voyager and Celsius. We also know that, of course 78 00:04:32,010 --> 00:04:36,180 S1: FTX screwed over a good many people and Three Arrows 79 00:04:36,180 --> 00:04:40,380 S1: has got problems because of their exposure to some of these. 80 00:04:40,380 --> 00:04:42,270 S1: What are some of the other ones that might be 81 00:04:42,270 --> 00:04:45,030 S1: lesser known where people could have gotten hurt? 82 00:04:45,150 --> 00:04:49,860 S3: Yeah, you named four of the big ones. But in December, 83 00:04:49,860 --> 00:04:56,160 S3: Blockfi also filed for bankruptcy and and Genesis in January, 84 00:04:57,510 --> 00:04:59,790 S3: if we go further back, there were actually some other 85 00:04:59,790 --> 00:05:05,190 S3: bankruptcies like nearly two years ago, but in the last 86 00:05:05,190 --> 00:05:09,630 S3: 6 or 7 months is really when it exploded. And unfortunately, 87 00:05:09,630 --> 00:05:11,070 S3: a lot of people got hurt by that. 88 00:05:12,310 --> 00:05:13,060 S4: Luna. 89 00:05:13,480 --> 00:05:14,890 S2: That was crazy. I mean, there was like a there 90 00:05:14,890 --> 00:05:18,880 S2: was like a couple of months there that was like, boom, boom, boom, boom. 91 00:05:18,880 --> 00:05:21,070 S2: And it was like, uh oh, is this is this 92 00:05:21,070 --> 00:05:23,380 S2: the end of crypto? Is crypto going to crash here? 93 00:05:23,380 --> 00:05:26,229 S2: What's going on here? This It was insane. As you saw, 94 00:05:26,230 --> 00:05:29,380 S2: Bitcoin just sort of go down with the ship a 95 00:05:29,380 --> 00:05:31,810 S2: little bit. Now it looks like it's rising up again, 96 00:05:31,810 --> 00:05:34,330 S2: but man, what a ride that was, huh? 97 00:05:34,600 --> 00:05:38,619 S3: You can actually plot on a timeline these bankruptcy cases 98 00:05:38,620 --> 00:05:42,159 S3: and the value of Bitcoin and watch the watch them 99 00:05:42,160 --> 00:05:45,850 S3: fall off a cliff within 24 hours of a bankruptcy filing. 100 00:05:46,000 --> 00:05:49,779 S3: Because each time a bankruptcy occurs, people are losing, are 101 00:05:49,779 --> 00:05:52,990 S3: having less confidence and there's less faith in the system 102 00:05:52,990 --> 00:05:55,300 S3: to protect their money and get them paid out. 103 00:05:57,630 --> 00:06:00,750 S1: Well, the markets are emotional, right? People buy and sell 104 00:06:00,750 --> 00:06:06,690 S1: on emotions. Most people don't have the the patience and 105 00:06:06,690 --> 00:06:10,380 S1: the strength to not FOMO in or not sell out 106 00:06:10,380 --> 00:06:13,620 S1: of fear. And so is there an have you actually 107 00:06:13,620 --> 00:06:17,130 S1: plotted that out with the points of each of the, 108 00:06:17,130 --> 00:06:20,099 S1: you know, the announcements of these failings? 109 00:06:21,270 --> 00:06:23,520 S3: We haven't plotted it out. But you're exactly right about 110 00:06:23,520 --> 00:06:28,469 S3: the emotion of driving these things, driving these trading decisions. 111 00:06:29,660 --> 00:06:32,599 S3: But it's not so dissimilar from the bank runs that 112 00:06:32,600 --> 00:06:36,470 S3: we've all heard of, of. Throughout history, when when people 113 00:06:36,470 --> 00:06:38,599 S3: feel like their money is locked up or is going 114 00:06:38,600 --> 00:06:40,789 S3: to be locked up, they'll try and pull it out. 115 00:06:40,790 --> 00:06:44,730 S3: And unfortunately, that just spirals the whole situation further down. 116 00:06:44,750 --> 00:06:49,280 S3: It's how FTX lost several billion dollars in a matter 117 00:06:49,279 --> 00:06:51,020 S3: of 72 hours. 118 00:06:52,130 --> 00:06:55,010 S1: How much do you think, you know, put put aside 119 00:06:55,010 --> 00:06:58,400 S1: the the institutional money for a moment. Let's talk about 120 00:06:58,400 --> 00:07:03,500 S1: the retail investor with all of these companies that have 121 00:07:03,800 --> 00:07:06,620 S1: are going belly up or in bankruptcy or may not 122 00:07:06,620 --> 00:07:11,030 S1: be coming back. How much retail money has been lost? 123 00:07:12,270 --> 00:07:18,210 S3: Um. Well, lost, I don't know. But trapped in bankruptcy 124 00:07:18,210 --> 00:07:20,100 S3: is about $10 billion. 125 00:07:21,690 --> 00:07:25,320 S1: Wow. That's a lot of money. 126 00:07:25,470 --> 00:07:29,720 S3: It's a lot of money. And and it's pretty tragic. 127 00:07:29,730 --> 00:07:33,420 S3: We hear stories all the time of people that had 128 00:07:33,420 --> 00:07:37,800 S3: their life savings in these accounts who can't make payments 129 00:07:37,800 --> 00:07:44,110 S3: on medical bills right now and have. Really, really sad 130 00:07:44,110 --> 00:07:48,850 S3: stories being mailed to the judge asking for for leniency 131 00:07:48,850 --> 00:07:53,680 S3: and mercy to get their cash out. And unfortunately, that's 132 00:07:53,680 --> 00:07:56,320 S3: just not the way it works. And people have been. 133 00:07:57,300 --> 00:08:02,020 S3: A lot of harm has been done, but. For that reason, several, 134 00:08:02,040 --> 00:08:06,080 S3: many people have decided that they're not willing to be 135 00:08:06,080 --> 00:08:08,540 S3: harmed anymore and they're willing to take the money that 136 00:08:08,540 --> 00:08:11,960 S3: they can get and decide and control it so they 137 00:08:11,960 --> 00:08:13,640 S3: can decide what to do with it going forward. 138 00:08:14,300 --> 00:08:17,420 S2: We're not going to take it anymore, Joel. We're not 139 00:08:17,420 --> 00:08:19,580 S2: going to take it. You're just being. 140 00:08:19,580 --> 00:08:21,200 S1: Twisted, sister. 141 00:08:21,470 --> 00:08:25,010 S2: Man. So that's just bizarre. So it's like when this 142 00:08:25,010 --> 00:08:27,890 S2: stuff is stuck, like, for example, some people still haven't 143 00:08:27,890 --> 00:08:31,160 S2: gotten their money back from Mt. Gox. Like, that was 144 00:08:31,160 --> 00:08:33,320 S2: years ago. And think about that. When they were they 145 00:08:33,320 --> 00:08:37,370 S2: were buying Bitcoin. Then a couple hundred bucks a Bitcoin, 146 00:08:37,370 --> 00:08:40,730 S2: it goes down, Bitcoin makes it up to almost $70,000. 147 00:08:40,730 --> 00:08:43,010 S2: They can't get their money out even though their money 148 00:08:43,010 --> 00:08:48,410 S2: has gone up so much. Man, it's insane. How about 300% 149 00:08:48,410 --> 00:08:51,650 S2: 300 x sometimes from what? They bought it, they couldn't 150 00:08:51,650 --> 00:08:54,290 S2: get it. But then like, oh, you had $200 in 151 00:08:54,290 --> 00:08:57,170 S2: there at the time. Here's your $200. Like, no, no, no, 152 00:08:57,470 --> 00:09:00,590 S2: where's my big money? And it's like sometimes seems like 153 00:09:00,590 --> 00:09:02,420 S2: people get screwed in that whole scenario. 154 00:09:02,570 --> 00:09:05,750 S3: That's that's exactly right. Mt. Gox is a great example 155 00:09:05,750 --> 00:09:09,020 S3: of where nine years ago people had their funds locked 156 00:09:09,020 --> 00:09:11,930 S3: up in that bankruptcy and they still haven't been paid. 157 00:09:11,929 --> 00:09:14,750 S3: But talking about trading mentality that we spoke of a 158 00:09:14,750 --> 00:09:21,300 S3: moment ago, um, imagine. Be selling at the bottom and 159 00:09:21,300 --> 00:09:22,350 S3: not getting paid. 160 00:09:22,440 --> 00:09:23,610 S1: I can imagine this. 161 00:09:24,360 --> 00:09:27,780 S3: Selling at the bottom and not getting paid and then 162 00:09:27,780 --> 00:09:31,260 S3: watching the whole thing go up and not benefiting from it. 163 00:09:31,740 --> 00:09:36,240 S3: That's what's happening right now to anybody that anybody who's 164 00:09:36,240 --> 00:09:39,990 S3: trapped in these bankruptcies. They got crushed when the when 165 00:09:39,990 --> 00:09:45,030 S3: bitcoin was at. What did it drop to? 13 at 1.14. 15? 166 00:09:45,330 --> 00:09:48,240 S1: Yeah, we were we're definitely in the 13 range, maybe 167 00:09:48,240 --> 00:09:50,280 S1: even 12. Right. 168 00:09:50,370 --> 00:09:53,100 S3: So when it drops that low and that's when you 169 00:09:53,100 --> 00:09:56,730 S3: get frozen and now it's up to 22 and you 170 00:09:56,730 --> 00:09:59,640 S3: don't get the benefit of any of that. That's why 171 00:09:59,640 --> 00:10:03,239 S3: people are becoming more urgently saying, I want to participate 172 00:10:03,240 --> 00:10:07,620 S3: in the recovery of Bitcoin rather than or crypto generally, 173 00:10:07,620 --> 00:10:09,990 S3: rather than just sit on the sidelines for up to 174 00:10:09,990 --> 00:10:11,520 S3: nine years like Mt. Gox. 175 00:10:12,000 --> 00:10:15,390 S1: So let's talk about what you're doing here. The website 176 00:10:16,350 --> 00:10:22,560 S1: claim is the site and you guys are buying claims. 177 00:10:23,850 --> 00:10:25,890 S1: I'm going to click on the how it works here 178 00:10:25,890 --> 00:10:28,890 S1: and maybe you can kind of explain this to us. 179 00:10:29,250 --> 00:10:32,130 S3: Sure. So to be first off, claim is not a 180 00:10:32,130 --> 00:10:36,840 S3: buyer of claims. We're a marketplace. So we allow account 181 00:10:36,840 --> 00:10:39,630 S3: holders from all of these different crypto bankruptcies that we 182 00:10:39,630 --> 00:10:43,680 S3: mentioned to list their claim on X claim and expose 183 00:10:43,679 --> 00:10:47,370 S3: it in a marketplace to buyers. There are hundreds of 184 00:10:47,370 --> 00:10:51,840 S3: investors around the world distressed debt, institutional or even retail 185 00:10:51,840 --> 00:10:56,069 S3: investors that are interested in buying these claims and waiting 186 00:10:56,070 --> 00:11:00,510 S3: it out. It's really interesting actually, the difference between a 187 00:11:00,510 --> 00:11:03,960 S3: buyer and a seller. A seller in these cases is 188 00:11:03,960 --> 00:11:08,250 S3: effectively selling a loss. They're cashing out their loss and 189 00:11:08,250 --> 00:11:11,429 S3: they're taking that those dollars to reinvest and use it 190 00:11:11,429 --> 00:11:14,490 S3: for a better purpose. Buyers, on the other hand, are 191 00:11:14,490 --> 00:11:19,020 S3: making a speculative investment that the future payoff is worth 192 00:11:19,080 --> 00:11:24,809 S3: the investment today. So even if even if it pays 193 00:11:24,809 --> 00:11:29,970 S3: off at $0.50 five years from now, a seller can 194 00:11:29,970 --> 00:11:32,730 S3: cash out for half of what they are owed. But 195 00:11:32,730 --> 00:11:35,760 S3: a buyer can make a decent return if they're paying 196 00:11:36,000 --> 00:11:37,980 S3: $0.25 for it today. 197 00:11:42,090 --> 00:11:45,240 S1: All right. So I'm on this claim calculator here looking 198 00:11:45,240 --> 00:11:48,630 S1: at this and it's kind of gives me an idea 199 00:11:48,630 --> 00:11:52,500 S1: of of what I can make on this. Do you 200 00:11:52,500 --> 00:11:55,620 S1: have a calculator? Doesn't require me to put in my information. 201 00:11:57,050 --> 00:11:57,830 S3: No, we don't. 202 00:11:58,640 --> 00:12:01,520 S1: All right. So can I put a fake one in? 203 00:12:01,700 --> 00:12:02,330 S5: Sure. 204 00:12:02,840 --> 00:12:07,729 S3: The idea of the calculator is, first off, everybody, of course, 205 00:12:07,730 --> 00:12:12,530 S3: wants to receive full recovery. 100 cents on the dollar 206 00:12:12,530 --> 00:12:17,300 S3: payment immediately. But that's not the reality. And people don't 207 00:12:17,300 --> 00:12:21,830 S3: typically give enough credit or weight to the the duration 208 00:12:21,830 --> 00:12:24,410 S3: of how long it takes to recover these funds. And 209 00:12:24,410 --> 00:12:29,450 S3: if you're waiting five years, you know, simple math, the 210 00:12:29,900 --> 00:12:35,720 S3: $1 today is worth more than a dollar tomorrow. So. 211 00:12:36,750 --> 00:12:39,300 S3: What we're trying to do is give people the opportunity 212 00:12:39,300 --> 00:12:42,750 S3: to put in their own expectations of what they believe 213 00:12:42,750 --> 00:12:47,130 S3: claims are worth and how long until they're going to 214 00:12:47,130 --> 00:12:51,270 S3: see a recovery and then determine whether selling today is 215 00:12:51,270 --> 00:12:52,440 S3: in their best interest or not. 216 00:12:52,620 --> 00:12:56,099 S1: Okay. So in this case, it fills in the default. 217 00:12:56,220 --> 00:13:00,180 S1: I'm expected let's say I've got $1,000 in Celsius. I 218 00:13:00,179 --> 00:13:02,880 S1: expect that I'm going to get 600 of that. It's 219 00:13:02,880 --> 00:13:05,850 S1: going to take 2.8 years to get it. Is this 220 00:13:05,850 --> 00:13:12,210 S1: inflation rate accurate Right about now? That's 8.5%. And the 221 00:13:12,210 --> 00:13:15,390 S1: email give me my money at aol.com from I lost 222 00:13:15,390 --> 00:13:24,450 S1: bigly and calculated is today I could get $477.47 instead 223 00:13:24,450 --> 00:13:25,199 S1: of waiting. 224 00:13:25,230 --> 00:13:29,640 S3: So if a buyer pays for 77, which is what 225 00:13:29,640 --> 00:13:33,990 S3: it's worth today and recovers 600 in 2 point eight years, 226 00:13:34,200 --> 00:13:37,050 S3: that's their return. But if you're a seller and you 227 00:13:37,050 --> 00:13:41,850 S3: sell for 47 today, you're getting the same discounted value 228 00:13:41,850 --> 00:13:44,550 S3: of what you would be getting if you waited 2.8 years. 229 00:13:47,460 --> 00:13:50,700 S3: And that that trade is happening all day, every day 230 00:13:50,700 --> 00:13:53,160 S3: in a very hot market right now because buyers and 231 00:13:53,160 --> 00:13:59,040 S3: sellers are increasingly finding exclaim and buyers directly of how 232 00:13:59,040 --> 00:14:03,210 S3: to how to transact. We're aware of about $1 billion 233 00:14:03,210 --> 00:14:06,719 S3: of claims that have traded hands over the last six months. 234 00:14:08,530 --> 00:14:13,270 S2: Wow. So which are the the properties that that people 235 00:14:13,270 --> 00:14:15,670 S2: got maybe hosed on that you guys are able to 236 00:14:15,670 --> 00:14:21,490 S2: help them with claim is that with Ftxs Luna Celsius 237 00:14:21,490 --> 00:14:24,430 S2: what are all of the properties that you guys have 238 00:14:24,430 --> 00:14:26,740 S2: identified that you're able to work through now. 239 00:14:27,990 --> 00:14:32,760 S3: We've traded claims in all of the above. Celsius and 240 00:14:32,760 --> 00:14:37,380 S3: FTX have been the most active and the most popular. Um, 241 00:14:37,830 --> 00:14:42,810 S3: but each of these cases has unique characteristics, even if 242 00:14:42,810 --> 00:14:46,560 S3: even in a case where the claims are almost worthless, 243 00:14:46,560 --> 00:14:50,160 S3: there's no expectation of recovery. There is still usually a 244 00:14:50,160 --> 00:14:54,770 S3: buyer that will buy it for. Nearly nothing because they 245 00:14:54,770 --> 00:14:57,680 S3: believe that five years from now they can make $0.05 246 00:14:57,680 --> 00:15:01,370 S3: a dollar. Okay. From again, from a buyer, it's all 247 00:15:01,370 --> 00:15:04,640 S3: about the gain. And from a seller, it's about the recovery. 248 00:15:04,640 --> 00:15:07,610 S3: And we try to make it as easy as possible 249 00:15:07,610 --> 00:15:11,510 S3: for sellers to come on the site, get as many 250 00:15:11,510 --> 00:15:14,450 S3: offers as possible from as many buyers as possible, and 251 00:15:14,450 --> 00:15:17,120 S3: make a decision of what's in the best interest of 252 00:15:17,270 --> 00:15:22,280 S3: of of their lives to whether it's worth waiting or 253 00:15:22,280 --> 00:15:24,560 S3: whether they can do better things with that money today. 254 00:15:24,680 --> 00:15:27,050 S1: Yeah, it's an interesting service for people because a lot 255 00:15:27,050 --> 00:15:29,239 S1: of people don't know they have options or like, All right, 256 00:15:29,240 --> 00:15:31,250 S1: my money's tied up here and now I just got 257 00:15:31,250 --> 00:15:33,830 S1: to wait and see what happens. So you're giving people 258 00:15:33,830 --> 00:15:36,290 S1: an option and you're providing a service that, of course, 259 00:15:36,290 --> 00:15:40,430 S1: this is a for profit service. So how does X 260 00:15:40,430 --> 00:15:43,310 S1: claim make a profit on this? 261 00:15:43,490 --> 00:15:50,790 S3: Yeah, So. I come from the restructuring bankruptcy industry. And 262 00:15:50,790 --> 00:15:52,860 S3: the reason I started the business because I saw kind 263 00:15:52,860 --> 00:15:55,770 S3: of the unfairness of the market and I always felt 264 00:15:55,770 --> 00:16:00,240 S3: that account holders or sellers of claims had already suffered. 265 00:16:00,240 --> 00:16:05,370 S3: They've they've already been receiving less than what they did. 266 00:16:05,370 --> 00:16:06,810 S3: They put in a hard day's work and they're getting 267 00:16:06,810 --> 00:16:10,050 S3: less for it. So we don't charge anything to sellers. 268 00:16:10,680 --> 00:16:12,330 S3: If you want to come to us and list your 269 00:16:12,330 --> 00:16:16,200 S3: claim and explore what selling could mean, even if it 270 00:16:16,200 --> 00:16:20,040 S3: includes getting offers from 50 buyers and you choose not 271 00:16:20,040 --> 00:16:23,790 S3: to sell, there's no cost. If you choose to sell 272 00:16:23,790 --> 00:16:26,670 S3: and a buyer buys it. Buyers do pay us a 273 00:16:26,670 --> 00:16:31,710 S3: commission for helping them find their investment. That's how we 274 00:16:31,710 --> 00:16:33,900 S3: make money. We charge commissions to the buyer. 275 00:16:35,710 --> 00:16:38,229 S1: Makes a lot of sense. Well, you guys can go 276 00:16:38,230 --> 00:16:42,880 S1: check this out. X dash claim to learn more about it. 277 00:16:42,880 --> 00:16:46,750 S1: You could speak with a claim holder advocate. And how 278 00:16:46,750 --> 00:16:52,060 S1: much recovery have you guys done to date and quantify 279 00:16:52,060 --> 00:16:53,410 S1: it in a dollar amount. 280 00:16:53,800 --> 00:16:59,410 S3: We've traded about $200 million worth of claims. Each of 281 00:16:59,410 --> 00:17:02,530 S3: these cases are different. We've been actually very active in 282 00:17:02,530 --> 00:17:08,860 S3: the Genesis case and the FTC's case, and currently we 283 00:17:08,859 --> 00:17:12,670 S3: have almost $400 million of claims listed on our platform. 284 00:17:15,540 --> 00:17:18,629 S6: Excellent stuff going on, so. 285 00:17:19,619 --> 00:17:21,690 S2: Well, I think that this could be something very valuable 286 00:17:21,690 --> 00:17:23,460 S2: for some of the people who are maybe pissed off 287 00:17:23,460 --> 00:17:27,390 S2: about crypto because, you know, FTX went down, Voyager went 288 00:17:27,390 --> 00:17:30,030 S2: down Celsius, went down, some of these all went down. 289 00:17:30,030 --> 00:17:32,460 S2: And so they need to find a way to to 290 00:17:32,490 --> 00:17:35,250 S2: to remedy that in some way to to capture some 291 00:17:35,250 --> 00:17:38,729 S2: sort of value from that because something is better than nothing. 292 00:17:38,730 --> 00:17:41,310 S2: And if you can even take 50% of what you 293 00:17:41,310 --> 00:17:44,699 S2: thought you were, you had lost forever. Right. That's a 294 00:17:44,730 --> 00:17:46,620 S2: win for a lot of people. Then they can take 295 00:17:46,619 --> 00:17:49,200 S2: that and invest in other things. It's not so much 296 00:17:49,200 --> 00:17:51,930 S2: what you had, it's what you have access to now 297 00:17:51,930 --> 00:17:54,930 S2: that then you can then leverage into more. So, you know, 298 00:17:54,990 --> 00:17:57,120 S2: think this could be a viable option for a lot 299 00:17:57,119 --> 00:18:00,000 S2: of people, not not financial advice by any means, but 300 00:18:00,000 --> 00:18:02,100 S2: something is better than nothing, right? 301 00:18:03,080 --> 00:18:03,830 S5: I think so. 302 00:18:04,280 --> 00:18:07,430 S3: I agree, certainly. And I think that's exactly the right 303 00:18:07,430 --> 00:18:10,369 S3: mentality because we hear it all day. There are people 304 00:18:10,369 --> 00:18:12,770 S3: that are ready to sell their claim so that they 305 00:18:12,770 --> 00:18:15,980 S3: can get the cash and reinvest it. As we all know, 306 00:18:15,980 --> 00:18:20,090 S3: the crypto community really believes, and they've been proven right 307 00:18:20,090 --> 00:18:24,410 S3: many times, that you can tend your investment quickly if 308 00:18:24,410 --> 00:18:26,000 S3: you've got the cash in the right place at the 309 00:18:26,000 --> 00:18:26,660 S3: right time. 310 00:18:26,900 --> 00:18:28,550 S1: So which, which coin, Matt. 311 00:18:31,010 --> 00:18:34,310 S3: But letting it sit in a bankruptcy court for a 312 00:18:34,310 --> 00:18:39,560 S3: decade and personally I will I will bet that Ftxs 313 00:18:39,800 --> 00:18:44,210 S3: creditors account holders will be waiting 5 to 10 years 314 00:18:44,359 --> 00:18:48,770 S3: before they see anything. Really, it's going to take bankruptcy 315 00:18:48,770 --> 00:18:54,080 S3: is not a fast process. Just an example. Bernie Madoff, 316 00:18:54,260 --> 00:18:57,199 S3: many of many of you and your listeners may remember 317 00:18:57,200 --> 00:19:01,840 S3: that name. That was 15 years ago. Wow. And the 318 00:19:01,850 --> 00:19:04,609 S3: the people that are owed money in that bankruptcy are 319 00:19:04,609 --> 00:19:08,240 S3: still getting paid little pennies here at a time. So 320 00:19:08,240 --> 00:19:12,500 S3: Ftx's is just as big, just more complex. It's going 321 00:19:12,500 --> 00:19:14,390 S3: to take a long time. 322 00:19:15,050 --> 00:19:17,420 S1: Why is it the names of these people, you know, 323 00:19:17,420 --> 00:19:21,140 S1: Bernie Madoff, he made off with people's money. Sam Bankman-fried. 324 00:19:21,140 --> 00:19:23,960 S1: It sounds like fraud. It's like was it baked in? 325 00:19:23,990 --> 00:19:24,840 S1: Do we need to be careful? 326 00:19:25,090 --> 00:19:25,629 S6: Man was. 327 00:19:25,640 --> 00:19:28,430 S2: Freed. That's what happened was the bank man got arrested 328 00:19:28,430 --> 00:19:31,639 S2: in Bahamas and then he was freed immediately on coming 329 00:19:31,640 --> 00:19:33,200 S2: to America. So weird. 330 00:19:33,200 --> 00:19:35,330 S1: And all the investors got fried. 331 00:19:35,780 --> 00:19:36,410 S5: They did. 332 00:19:36,590 --> 00:19:39,980 S3: They did. There should be some diligence on last names. 333 00:19:39,980 --> 00:19:42,620 S3: When people invest with with a with a newfound. 334 00:19:42,619 --> 00:19:46,040 S1: Well, I just want to say Travis is right. There 335 00:19:46,040 --> 00:19:49,159 S1: you go. And I'm and I'm what is calm? I mean, 336 00:19:49,160 --> 00:19:52,850 S1: I just you're very peaceful. I'm just communicating and I'm 337 00:19:52,940 --> 00:19:58,300 S1: mostly peaceful, so. I had a brilliant question for you. 338 00:19:58,300 --> 00:20:00,609 S1: And and it went with the bad joke. 339 00:20:01,830 --> 00:20:04,900 S2: With the Madoff joke, because I was thinking the same thing, 340 00:20:04,900 --> 00:20:06,640 S2: which knows we're on the same line because he made 341 00:20:06,640 --> 00:20:08,650 S2: off with a whole lot of money. And then Joe 342 00:20:08,650 --> 00:20:10,150 S2: just got it and I was like and. 343 00:20:10,150 --> 00:20:13,660 S1: It made off with my question is, is exactly what 344 00:20:13,660 --> 00:20:16,750 S1: it did there. So you guys go check it out. 345 00:20:16,859 --> 00:20:20,410 S1: Zcash claim do your own due diligence. Make sure you 346 00:20:20,410 --> 00:20:22,660 S1: check it all out for yourself before you do anything. 347 00:20:22,660 --> 00:20:26,140 S1: And Matt, thanks for coming on today and sharing with us. 348 00:20:26,140 --> 00:20:27,370 S1: I'm having a breath mint. 349 00:20:28,119 --> 00:20:28,899 S7: Of course. 350 00:20:28,900 --> 00:20:32,139 S3: Thanks for having me. We're across the the cameras. I 351 00:20:32,140 --> 00:20:34,210 S3: can't actually smell your breath, but I'm sure it's delightful. 352 00:20:34,210 --> 00:20:35,950 S1: It's minty fresh, I guarantee you. 353 00:20:37,900 --> 00:20:39,340 S2: There we go. So if you're interested in that, make 354 00:20:39,340 --> 00:20:41,230 S2: sure you go check that out. This is not, again, 355 00:20:41,230 --> 00:20:44,440 S2: not financial advice. This is not a sponsored thing, just 356 00:20:44,440 --> 00:20:47,800 S2: a potential good service to maybe help you out in 357 00:20:47,800 --> 00:20:50,840 S2: this scenario that you're in. So there you go. 358 00:20:52,930 --> 00:20:55,640 S1: Get your money back. I got my money back. 359 00:20:56,710 --> 00:20:58,420 S5: Oh, my gosh. Oh, that's not. 360 00:20:58,630 --> 00:21:00,430 S2: Oh, my God. How did we just have the same 361 00:21:00,430 --> 00:21:01,030 S2: dad joke. 362 00:21:01,030 --> 00:21:02,139 S5: Simultaneously. 363 00:21:02,140 --> 00:21:05,889 S1: Was just that's like combustion. Like that type of thing 364 00:21:06,490 --> 00:21:09,429 S1: is people's people's MP3 players might be. 365 00:21:09,430 --> 00:21:10,090 S5: On fire. 366 00:21:10,090 --> 00:21:11,980 S2: Right? Oh, my God. It's a gusher. 367 00:21:12,790 --> 00:21:13,630 S5: That's what you. 368 00:21:13,630 --> 00:21:15,820 S2: Know what a gusher is? No. So you ever seen 369 00:21:15,820 --> 00:21:19,300 S2: that movie Stand By Me? Yeah. Like River Phoenix and 370 00:21:19,850 --> 00:21:23,619 S2: Wil Wheaton. Wil Wheaton, those guys. Yeah. Yeah. So that's 371 00:21:23,619 --> 00:21:25,689 S2: what happens whenever you say the same thing at the 372 00:21:25,690 --> 00:21:28,450 S2: same time. Back in the day. Now you say jinx, 373 00:21:28,450 --> 00:21:30,490 S2: but back in the day it was a gusher. 374 00:21:30,490 --> 00:21:30,909 S5: And for a. 375 00:21:30,910 --> 00:21:34,450 S1: While it was pinch, poke, Buy me a Coke, Was it? Yeah. 376 00:21:34,450 --> 00:21:36,190 S1: Never heard. Pinch poke. Buy me a Coke. 377 00:21:36,609 --> 00:21:37,959 S2: Buy me a Coke. Now, I've heard of the pinch, 378 00:21:37,960 --> 00:21:40,419 S2: the Penske pinch. Like if you see a Penske vehicle 379 00:21:40,420 --> 00:21:42,700 S2: drive by, you got to pinch somebody or the slug bug, 380 00:21:43,150 --> 00:21:45,040 S2: but not the poke. Buy me a coke. 381 00:21:45,310 --> 00:21:48,000 S1: So if you guys are not yet members of that 382 00:21:48,010 --> 00:21:52,629 S1: crypto nifty club, you will want to be because we 383 00:21:52,630 --> 00:21:55,359 S1: are dropping nfts. All you need to do is go 384 00:21:55,359 --> 00:21:58,600 S1: to bad crypto dot uncut dot FM and pick up 385 00:21:58,600 --> 00:22:03,520 S1: this cool ultra spinny bad crypto nifty club membership. NFT. 386 00:22:03,520 --> 00:22:07,270 S1: It's rare because Uncut says it's rare and it is 387 00:22:07,270 --> 00:22:12,130 S1: 0.002 eath, which equates to $3.13. You will be in 388 00:22:12,130 --> 00:22:14,950 S1: good company to have this. Airdrops will be coming your 389 00:22:14,950 --> 00:22:16,600 S1: way and if you're. 390 00:22:16,600 --> 00:22:19,120 S2: Already coming to people who've got them right, there's some 391 00:22:19,119 --> 00:22:21,460 S2: really cool ones that's in there. And guess what cost 392 00:22:21,460 --> 00:22:23,859 S2: you three bucks? And you get all kinds of cool 393 00:22:23,859 --> 00:22:26,320 S2: drops and you get it doesn't make us any money 394 00:22:26,320 --> 00:22:28,420 S2: at all. It actually takes us time, but it's fun 395 00:22:28,420 --> 00:22:30,969 S2: to do and you guys get cool excitement out of it. 396 00:22:30,970 --> 00:22:32,800 S2: Some of the people who've received some of these are 397 00:22:32,800 --> 00:22:35,080 S2: literally really excited about some of the cool things. 398 00:22:35,080 --> 00:22:35,680 S5: We've dropped them. 399 00:22:35,680 --> 00:22:38,500 S1: But and I hope that you bag crypto nifty club 400 00:22:38,500 --> 00:22:41,170 S1: members that are currently holding or paying attention to what 401 00:22:41,170 --> 00:22:45,790 S1: we said about our new sister show, The Bad I Show. 402 00:22:45,790 --> 00:22:49,480 S1: And currently as of now you can get a free 403 00:22:49,480 --> 00:22:52,930 S1: founder's NFT, but that is not an automatic drop. You 404 00:22:52,930 --> 00:22:57,520 S1: need to go to bed. I show forward slash NFT. 405 00:22:57,520 --> 00:23:02,830 S1: These founder's passes are so badass looking and they're going 406 00:23:02,830 --> 00:23:05,710 S1: to entitle you to things and stuff and you'll be 407 00:23:05,710 --> 00:23:06,520 S1: an OG. 408 00:23:06,550 --> 00:23:08,680 S2: Yeah. So check this out. So you see this one 409 00:23:08,680 --> 00:23:11,379 S2: right here where we're just all static inside there. The 410 00:23:11,380 --> 00:23:14,620 S2: new one, it's not static like it's moving around. It's 411 00:23:14,619 --> 00:23:16,899 S2: really cool. We're learning some really awesome tricks when it 412 00:23:16,900 --> 00:23:19,720 S2: comes to this, you know, using AI and some of 413 00:23:19,720 --> 00:23:22,660 S2: these different tools. And then also our buddy Alex, who's 414 00:23:22,660 --> 00:23:25,929 S2: helping put the finalized touches on some of this stuff. Dude, 415 00:23:25,930 --> 00:23:28,660 S2: it's just really cool. This stuff is going on. I 416 00:23:28,660 --> 00:23:31,150 S2: don't know how many hours. Last night I was watching 417 00:23:31,150 --> 00:23:35,109 S2: different AI tool videos on on YouTube last night. Joe 418 00:23:35,109 --> 00:23:36,880 S2: Just checking. I'm gonna go on. Oh, my God, I've 419 00:23:36,880 --> 00:23:38,649 S2: never even heard of that. And I go, Oh, and 420 00:23:38,650 --> 00:23:42,610 S2: I finally got access to runway ML. That one. I've 421 00:23:42,609 --> 00:23:44,169 S2: been waiting for that one for a while. It's got 422 00:23:44,170 --> 00:23:47,650 S2: like 30 different creators tools inside this thing. And I said, Yeah, 423 00:23:47,650 --> 00:23:49,480 S2: I'm going to go ahead and pay for the membership 424 00:23:49,480 --> 00:23:51,430 S2: because I know I'm going to use this like crazy. 425 00:23:51,430 --> 00:23:53,650 S2: That's the one where you can import a video and 426 00:23:53,650 --> 00:23:55,689 S2: then tell that video what you want it to do, 427 00:23:55,690 --> 00:23:57,639 S2: and it'll make it in the form of like, Oh, 428 00:23:57,640 --> 00:23:59,679 S2: here's a picture of Joel and Travis walking down the street, 429 00:23:59,680 --> 00:24:01,359 S2: turn these guys into claymation. 430 00:24:01,359 --> 00:24:03,310 S5: And then their header gummy. 431 00:24:03,430 --> 00:24:06,820 S1: Their header on the page. Their tagline is Everything you 432 00:24:06,820 --> 00:24:09,729 S1: need to make anything you want. And so we're going 433 00:24:09,730 --> 00:24:13,510 S1: to be covering that on the Bad AI show. You're 434 00:24:13,510 --> 00:24:15,730 S1: going to want to go subscribe and make sure you 435 00:24:15,730 --> 00:24:19,570 S1: get this free founder's pass NFT while you can, but 436 00:24:19,570 --> 00:24:22,990 S1: you have to claim it at Bad II dot show 437 00:24:22,990 --> 00:24:26,859 S1: forward Slash NFT. Thanks for listening to the Bad Crypto podcast. 438 00:24:26,859 --> 00:24:30,490 S1: We appreciate you guys. We love crypto, we love blockchain, 439 00:24:30,490 --> 00:24:35,040 S1: we love Web3, we love Nfts and Metaverse and gaming. 440 00:24:35,050 --> 00:24:38,320 S2: The future of technology. Joel We love technology and as 441 00:24:38,320 --> 00:24:40,750 S2: technology advances, we like to learn about it and then 442 00:24:40,750 --> 00:24:43,060 S2: teach you about it. So that's really what it is. 443 00:24:43,060 --> 00:24:46,240 S2: We probably when we named our show Bad Crypto, it 444 00:24:46,240 --> 00:24:49,420 S2: probably just the bad technology show because we're talking about 445 00:24:49,420 --> 00:24:51,730 S2: all kinds of badass technologies. Really? Yeah. 446 00:24:51,730 --> 00:24:55,869 S1: But they did that in another timeline and it didn't work. Yeah. Yeah. 447 00:24:55,869 --> 00:24:58,000 S1: Those guys failed. Nobody knows who they are. Yeah. 448 00:24:58,000 --> 00:24:58,330 S5: Yeah. 449 00:24:58,630 --> 00:25:00,850 S2: I guess that was. I guess we're on the proper timeline. 450 00:25:00,850 --> 00:25:03,399 S1: We're in the right timeline, which is here and now. 451 00:25:03,400 --> 00:25:06,370 S1: And as much as we love talking about technology, we 452 00:25:06,369 --> 00:25:09,430 S1: also love telling you guys that one thing you should 453 00:25:09,430 --> 00:25:10,330 S1: do is. 454 00:25:10,330 --> 00:25:11,270 S8: To stay back. 455 00:25:29,359 --> 00:25:30,110 S9: Who's bad? 456 00:25:31,700 --> 00:25:35,480 S1: The Bad Crypto podcast is a production of Bad Crypto LLC. 457 00:25:35,510 --> 00:25:38,360 S1: The content of the show, the videos and the website 458 00:25:38,359 --> 00:25:42,500 S1: is provided for educational, informational and entertainment purposes only. It's 459 00:25:42,500 --> 00:25:46,400 S1: not intended to be and does not constitute financial investment 460 00:25:46,400 --> 00:25:49,460 S1: or trading advice of any kind. You shouldn't make any 461 00:25:49,460 --> 00:25:53,119 S1: decisions as to finances, investing, trading or anything else based 462 00:25:53,119 --> 00:25:57,620 S1: on this information without undertaking independent due diligence and consultation 463 00:25:57,619 --> 00:26:01,040 S1: with a professional financial advisor, Please understand that the trading 464 00:26:01,040 --> 00:26:06,109 S1: of bitcoins and alternative cryptocurrencies have potential risks involved. Anyone 465 00:26:06,109 --> 00:26:08,510 S1: wishing to invest in any of the currencies or tokens 466 00:26:08,510 --> 00:26:11,869 S1: mentioned on this podcast should first seek their own independent 467 00:26:11,869 --> 00:26:13,910 S1: professional financial advisor.