WEBVTT - Celebrities and NFTs

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<v Speaker 1>I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News,

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<v Speaker 1>and this is Bloomberg Crypto and new Daily Bloomberg I

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<v Speaker 1>Heart Podcast. It's Wednesday, June. Em Did you know that

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<v Speaker 1>both Madonna and Justin Bieber own expensive digital images of apes?

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<v Speaker 1>It's true, board apes and other non fungible tokens are

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<v Speaker 1>must have celebrity accessory these days. But should you put

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<v Speaker 1>your trust in movie stars, pop singers or athletes when

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<v Speaker 1>it comes to crypto? What are some of the legal

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<v Speaker 1>questions that play with these kinds of celebrity endorsements. Today

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<v Speaker 1>I'm joined by Bloomberg Reporto Mr Lena a gulf of

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<v Speaker 1>Polo for a look at what's behind the buzz with

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<v Speaker 1>celebrities interests in crypto investments. Mr Lenna, thank you so

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<v Speaker 1>much for joining us. It is such a delight to

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<v Speaker 1>have you here. Thank you for having me. I am

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<v Speaker 1>gonna ask you abou to questions about non fungible tokens,

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<v Speaker 1>starting from what exactly isn't an f T? So the

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<v Speaker 1>simplest way to describe an n f T would just

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<v Speaker 1>be to say that it's a digital image, uh that

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<v Speaker 1>someone can purchase, uh. And own on the blockchain, and

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<v Speaker 1>so there is an address that you own as the

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<v Speaker 1>owner of the n f T And it essentially started

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<v Speaker 1>with images JPEG's um but you know, it's now something

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<v Speaker 1>that you can find in the form of a song

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<v Speaker 1>or an animation or really any sort of art. I

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<v Speaker 1>would say, so an n f T if I'm if

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<v Speaker 1>I'm hearing you correctly, there's a couple of parts. There

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<v Speaker 1>is the address and then there is the assets at

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<v Speaker 1>the end of that address. Is that fair? Yep, that's

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<v Speaker 1>exactly it. And what you've been reporting on is that

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<v Speaker 1>some of these assets that are largely images, largely illustrations

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<v Speaker 1>have been selling for tons of money, millions millions. Why well,

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<v Speaker 1>I think it's most easily explained as demand and supply.

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<v Speaker 1>There is a lot of demand for particular collections of

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<v Speaker 1>n f t s that we're the first sort of

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<v Speaker 1>collections to launch, and so Crypto Punks is one of them,

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<v Speaker 1>which is this digitized avatar that you can purchase board

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<v Speaker 1>Eate Yacht Club is another collection that was among the originals.

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<v Speaker 1>And you know a lot of these communities of n

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<v Speaker 1>f T s sort of always are backed by a

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<v Speaker 1>lot of hype, right, So the more hype you can

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<v Speaker 1>create for an n f T collection, the more its

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<v Speaker 1>value will go up. And that's where we've seen a

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<v Speaker 1>lot of celebrities play a very crucial role, because you know,

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<v Speaker 1>if Justin Bieber buys a board eate yacht club, which

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<v Speaker 1>he did, I think a lot of the community takes

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<v Speaker 1>that as a stamp of approval, as this legitimizes the

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<v Speaker 1>collection in some sense, because if someone as important as

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<v Speaker 1>Justin Bieber to the eyes of so many people, to

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<v Speaker 1>the followers, to the millions of followers that he has

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<v Speaker 1>joins in, then that means this is an asset that's

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<v Speaker 1>worth something. So it's almost like you know, a Sneaker

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<v Speaker 1>drop or a supreme drop or somebody else where you're

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<v Speaker 1>like this, this person who is influential in my life

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<v Speaker 1>and what I consider to be interesting and what I

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<v Speaker 1>consider to be valuable. We're seeing the dynamic play out

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<v Speaker 1>in n f T s. That's exactly it. It's very

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<v Speaker 1>much the same. I think the problem with n f

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<v Speaker 1>T s is no one really knows how to define them, right,

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<v Speaker 1>Like are they just a picture or are they a

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<v Speaker 1>security security? A financial asset funded by a pool of

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<v Speaker 1>investors who intend to profit from that assets managers given

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<v Speaker 1>the fact that they do trade in a market and

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<v Speaker 1>its price goes up and down based on several factors

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<v Speaker 1>you know, that impact it. And so I think that's

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<v Speaker 1>one thing that's really become a challenge for a lot

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<v Speaker 1>of regulators, but also for celebrities that are jumping in

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<v Speaker 1>on this. What is an n f T and if

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<v Speaker 1>it is a security which hasn't been defined in any

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<v Speaker 1>cases yet by the SEC, but if it is the

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<v Speaker 1>security because it's price goes up and down, you know,

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<v Speaker 1>does this mean that celebrities who are jumping in on

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<v Speaker 1>n f T s should be subject the same rules

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<v Speaker 1>that they would be if they were promoting, uh, you know,

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<v Speaker 1>a stock. Right, So you mentioned something that's really important

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<v Speaker 1>to understand, which is, like many other parts of crypto,

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<v Speaker 1>the regulatory framework is shall we say, ambiguous at best.

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<v Speaker 1>But in that context, you know, I don't think in

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<v Speaker 1>general celebrities who are surrounded by PR people and lawyers

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<v Speaker 1>are the most risk tolerant people out there, necessarily, like

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<v Speaker 1>they get a lot of guidance on this is good

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<v Speaker 1>for your brand, this is bad for your image, given

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<v Speaker 1>you know, some of the shadier parts of crypto why

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<v Speaker 1>are so many celebts so comfortable getting involved in these

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<v Speaker 1>endorsement deals? Yeah, I mean because no one really checks

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<v Speaker 1>up on them. I think that's a reason, right, Like

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<v Speaker 1>I know you said managers, And I want to bring

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<v Speaker 1>in the example of Madonna here, right, I mean, Madonna

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<v Speaker 1>has an agent and the same agent represents her, but

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<v Speaker 1>also the board at Yacht collect Action a parent company, um,

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<v Speaker 1>and here she is sort of jumping in and buying

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<v Speaker 1>one of her own. I think it's really important that

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<v Speaker 1>people know that a lot of thought, on conversation went

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<v Speaker 1>into creating these videos, and you know it really we're

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<v Speaker 1>not saying she did anything wrong, but it really does

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<v Speaker 1>raise that sort of um conflict of interest. Is Madonna's agent,

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<v Speaker 1>who's representing both her and the company that she invested

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<v Speaker 1>in sort of giving her guidance on the back end

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<v Speaker 1>that we don't know about, and she really doesn't have

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<v Speaker 1>to disclose it. Neither does does he, because again the

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<v Speaker 1>regulation has not caught on. And so if Justin Bieber

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<v Speaker 1>buys a board at yacht Club, which he did for

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<v Speaker 1>one point five million dollars at the time, the um

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<v Speaker 1>it's around that now as well? You know, does this

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<v Speaker 1>mean that he essentially paid it for it himself or

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<v Speaker 1>did he get the money from somewhere else. And if

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<v Speaker 1>you look at the wallet transactions that we found that

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<v Speaker 1>are open in the black chain, you'll see that there

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<v Speaker 1>was a really big amount of money that was transferred

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<v Speaker 1>into his account before he made this purchase. So the

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<v Speaker 1>money he used to buy the n f T was

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<v Speaker 1>actually given to him by another n f T collection.

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<v Speaker 1>And when we asked that n f T collection, their

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<v Speaker 1>spokesperson to tell us why they were paying Justin Bieber,

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<v Speaker 1>what they said was because he was a promoter of

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<v Speaker 1>the n f T collection it's called the in between Ers,

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<v Speaker 1>and that wasn't really disclosed to anyone before we sort

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<v Speaker 1>of reported on it, and so I think that's, you know,

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<v Speaker 1>we're a conflict of interest here becomes very crucial because

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<v Speaker 1>if Justin Bieber is posting this n f T project

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<v Speaker 1>called in between Ers all over his Instagram, all over

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<v Speaker 1>his Twitter, making people believe that he believes in the

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<v Speaker 1>project but is actually being paid on the back end

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<v Speaker 1>to do so, that should be disclosed. But it actually

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<v Speaker 1>shouldn't because the regulation doesn't expire him to do it. Yeah,

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<v Speaker 1>So when when we talk about while it's you know,

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<v Speaker 1>I find fascinating that crypto exists in the space both

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<v Speaker 1>of as you accurately describe, intense transparency and intense obfuscation

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<v Speaker 1>at the same time, because looking at a crypto walls

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<v Speaker 1>is like being able to look directly into someone's bank account,

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<v Speaker 1>at least for crypto, like this is what's going in,

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<v Speaker 1>this is what's going out, unbelieve double amounts of transparency.

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<v Speaker 1>What you don't necessarily know is who the people are

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<v Speaker 1>that I'm moving money in into into walls and out

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<v Speaker 1>of something they don't even necessarily have to disclose, whether

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<v Speaker 1>they're the actual owners of a wallet or not. So

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<v Speaker 1>I might think that this wallet is justin Bieber's wallet

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<v Speaker 1>because it's called justin Bieber's n f t S, And

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<v Speaker 1>when I go into it, I can see that, you know,

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<v Speaker 1>it has a lot of the n f t s

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<v Speaker 1>that he's been posting about. But is he the one

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<v Speaker 1>that is actually managing that wallet behind you know, the

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<v Speaker 1>computer and is actually doing the transactions, or is it

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<v Speaker 1>a team of his that is managing his sort of

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<v Speaker 1>entire portfolio. And so there's no way to know. But

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<v Speaker 1>what we do know is that they have major influence

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<v Speaker 1>and so every time they decide to jump in on

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<v Speaker 1>one of these projects, it influences the way consumers also

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<v Speaker 1>decide what to jump in on. And I know when

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<v Speaker 1>we look at whenever we have intense periods of volatility

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<v Speaker 1>like we did when Luna and and Tear crashed. You know,

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<v Speaker 1>that is also another really big example of a large

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<v Speaker 1>community of cri don't influencers coming in and telling people, hey,

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<v Speaker 1>look at this really cool project that you should invest

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<v Speaker 1>in a lot of investors got into it, and you know,

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<v Speaker 1>after the stable coin crash, I think it was a

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<v Speaker 1>learning lesson for a lot of people. I hope it's

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<v Speaker 1>a learning lesson. We hope it's a learning lesson for

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<v Speaker 1>a lot of people that you know, first of all, influencers, celebrities,

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<v Speaker 1>whoever has power in the crypto community in the form

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<v Speaker 1>of followers has some responsibility um but also investors, individual

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<v Speaker 1>crypto investors who look to these people for tips on

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<v Speaker 1>what to buy next should just be very cautious to

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<v Speaker 1>use the crypto phrase do your own research. Do I

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<v Speaker 1>are exactly back in a moment with miss Relina and

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<v Speaker 1>to look at how the company moon Pay is carving

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<v Speaker 1>out its space within the n f T market ms Relina.

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<v Speaker 1>There's a company that comes up a lot when celebrities

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<v Speaker 1>and a f T S are mentioned in the same sentence,

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<v Speaker 1>and it's moon Pay. Why are they always in the conversation?

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<v Speaker 1>What's their relationship to this market? Yeah, So, I think

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<v Speaker 1>the easiest way to explain what moon Pay is trying

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<v Speaker 1>to do is when it comes to celebrity culture in Hollywood,

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<v Speaker 1>is to really redefine what royalties mean. And so what

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<v Speaker 1>moon Pay, which is essentially a platform where you can

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<v Speaker 1>buy and sell n f T s, is hoping to

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<v Speaker 1>do is to help celebrities take rid of the middlemen

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<v Speaker 1>that have often sort of existed between artists and consumers

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<v Speaker 1>and make sure that any artwork, movie song that they

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<v Speaker 1>produce can be directly sold and purchased on a platform

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<v Speaker 1>without middlemen. And this is where a moon Pay sort

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<v Speaker 1>of comes in and promises Hollywood to change the way

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<v Speaker 1>it has functioned for for a really long time. And

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<v Speaker 1>there is a lot of promise to that, and you know,

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<v Speaker 1>there are benefits to consider darring how artists can take

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<v Speaker 1>ownership of their own work and really be the ones

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<v Speaker 1>controlling what it should cost and how it should be sold.

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<v Speaker 1>And this is a big argument in favor of what

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<v Speaker 1>folks like coal Web three right. It is giving creators

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<v Speaker 1>a much more direct relationship to their ability to monetize

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<v Speaker 1>their work exactly. And here's you know, moon Pay, this

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<v Speaker 1>company that is trying to sort of center itself in

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<v Speaker 1>the middle of this debate. And so in their recent

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<v Speaker 1>funding round that they announced, we saw a long list

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<v Speaker 1>of celebrities come in and say I will back you.

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<v Speaker 1>And so a lot of the people that they actually

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<v Speaker 1>raised money from were artists, producers, actors, even some athletes

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<v Speaker 1>in their musicians, rappers, you have the whole list. When

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<v Speaker 1>I spoke to the CEO of Moon Pay for this

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<v Speaker 1>story and I asked him, you know, how are you

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<v Speaker 1>guys making sure that everything that's happening is sort of

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<v Speaker 1>on par with regulation. They you know, they don't necessarily

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<v Speaker 1>have an answer yet, and I think for them, it's

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<v Speaker 1>also part of the broader Web three argument is we

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<v Speaker 1>don't really want regulation. We we don't really want to

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<v Speaker 1>be told by the government what to do, and so

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<v Speaker 1>they don't even really want the government to come in

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<v Speaker 1>and tell them how to run. Uh, these ideas that

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<v Speaker 1>they have out there. We've talked a lot about consumer protection.

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<v Speaker 1>But there is a degree to which regulation also protects

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<v Speaker 1>the creators right, because one of the things is that

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<v Speaker 1>the very baseline of royalties is the idea of copyright

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<v Speaker 1>and trademarks and the ability to say I made this,

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<v Speaker 1>this is mine, and therefore I should be able to

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<v Speaker 1>derive value from it. And I find it so fascinating

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<v Speaker 1>that something that is saying, hey, we'll get creatives pay

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<v Speaker 1>it is simultaneously averse to a regulatory framework that could

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<v Speaker 1>enforce the mechanism to make sure those creators are paid.

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<v Speaker 1>If you know, a hundred different copyright um copycats pop

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<v Speaker 1>up overnight, Yeah, I mean it's it's it's crazy to

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<v Speaker 1>see so much uh sort of power and influence congregate

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<v Speaker 1>in these companies and all these sort of new ways

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<v Speaker 1>of doing business popping up, and you see that across

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<v Speaker 1>the crypto community. Yet again, the regulation isn't there to

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<v Speaker 1>necessarily guide the way these businesses are being handled and

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<v Speaker 1>the way these transactions are formed. But again, you know,

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<v Speaker 1>it's the centralized right, it's supposed to be um untouched

0:12:21.400 --> 0:12:24.280
<v Speaker 1>and sort of left alone to be managed by the community.

0:12:24.320 --> 0:12:31.920
<v Speaker 1>That is a part of it. I think that it's

0:12:31.960 --> 0:12:35.080
<v Speaker 1>only a matter of time before we see how this

0:12:35.160 --> 0:12:37.560
<v Speaker 1>is actually going to pan out. And you know, and

0:12:37.600 --> 0:12:40.920
<v Speaker 1>I think going back to the Tara Luna meltdown, that

0:12:41.080 --> 0:12:45.360
<v Speaker 1>is a great example of of a situation that could

0:12:45.480 --> 0:12:48.800
<v Speaker 1>prompt more oversight. And I wouldn't be surprised if we

0:12:48.840 --> 0:12:51.600
<v Speaker 1>see that, um, you know, regulators coming in and taking

0:12:51.640 --> 0:12:53.680
<v Speaker 1>in a closer look at stable coins. And maybe that's

0:12:53.720 --> 0:12:57.000
<v Speaker 1>what needs to happen in the next sort of celebrity

0:12:57.120 --> 0:13:00.280
<v Speaker 1>and f t up pairing some sort of to Mike

0:13:00.360 --> 0:13:03.760
<v Speaker 1>meltdown that finally gets people to think about, you know,

0:13:03.800 --> 0:13:06.440
<v Speaker 1>ways to better manage this. One of the things I

0:13:06.480 --> 0:13:09.120
<v Speaker 1>find so there's so many things about crypto that you're like,

0:13:09.559 --> 0:13:12.280
<v Speaker 1>this directly contradicts what you just said five minutes ago.

0:13:12.320 --> 0:13:14.959
<v Speaker 1>And so an example of that is these folks were

0:13:14.960 --> 0:13:18.680
<v Speaker 1>buying into you know, Terra and Luna. We're partly doing

0:13:18.679 --> 0:13:20.679
<v Speaker 1>it because they're like, this is not like other currencies.

0:13:20.760 --> 0:13:24.120
<v Speaker 1>It has none of the disadvantages of central banks and etcetera, etcetera.

0:13:24.559 --> 0:13:27.240
<v Speaker 1>And then when it collapsed, partly because it had none

0:13:27.240 --> 0:13:30.240
<v Speaker 1>of the advantages of central banks, various folks who lost

0:13:30.240 --> 0:13:33.560
<v Speaker 1>money are you know, sending Twitter messages, etcetera to some

0:13:33.679 --> 0:13:36.839
<v Speaker 1>of those influencers that you mentioned saying how are you

0:13:36.880 --> 0:13:39.640
<v Speaker 1>going to help me get my money back? Right, and

0:13:39.679 --> 0:13:41.480
<v Speaker 1>that the idea of getting your money back is something

0:13:41.480 --> 0:13:45.199
<v Speaker 1>baked into traditional finance, right, that there there's deposited insurance,

0:13:45.280 --> 0:13:49.160
<v Speaker 1>there are ways to make claims, and you know, the

0:13:49.200 --> 0:13:51.880
<v Speaker 1>crypto has this sort of have its cake and eat

0:13:51.920 --> 0:13:55.160
<v Speaker 1>it two vibes sometimes where they only want the best

0:13:56.200 --> 0:13:58.840
<v Speaker 1>of the things and the and are unwilling to accept

0:13:58.880 --> 0:14:03.000
<v Speaker 1>any of the constraints. Definitely, I think that when you

0:14:03.040 --> 0:14:05.680
<v Speaker 1>invest in something that has the word you know, stable

0:14:05.720 --> 0:14:08.600
<v Speaker 1>in it, you assume that there is some sort of

0:14:08.640 --> 0:14:11.880
<v Speaker 1>stability in it. And I think that, you know, I don't.

0:14:12.160 --> 0:14:14.400
<v Speaker 1>I think that's okay. I think that a lot of

0:14:14.400 --> 0:14:18.160
<v Speaker 1>people go into a lot of these investments not necessarily

0:14:18.240 --> 0:14:20.760
<v Speaker 1>understanding the way they function. And hey, I get it.

0:14:20.760 --> 0:14:23.800
<v Speaker 1>It's not easy. I mean, understanding the way Tara and

0:14:23.880 --> 0:14:27.920
<v Speaker 1>Luna actually functions is quite complicated for your average investor,

0:14:28.240 --> 0:14:30.320
<v Speaker 1>even for sophisticated one. Yeah, I mean I had to

0:14:30.360 --> 0:14:32.080
<v Speaker 1>report on this story and just to get to the

0:14:32.120 --> 0:14:34.160
<v Speaker 1>bottom of like what it actually all is and how

0:14:34.160 --> 0:14:36.560
<v Speaker 1>it functions, I mean, was a challenge just for us

0:14:36.600 --> 0:14:38.520
<v Speaker 1>trying to do our jobs, you know. And so I

0:14:38.560 --> 0:14:44.080
<v Speaker 1>think that um, going into different investment or asset classes

0:14:44.080 --> 0:14:48.200
<v Speaker 1>that you don't necessarily understand, uh is a very sort

0:14:48.200 --> 0:14:52.560
<v Speaker 1>of difficult um part of investing in crypto. And I

0:14:52.600 --> 0:14:56.560
<v Speaker 1>think that you know, you have a lot of these

0:14:56.600 --> 0:15:03.840
<v Speaker 1>influencers that have remained quiet since the Terra Luna meltdown,

0:15:03.920 --> 0:15:07.320
<v Speaker 1>which I think is you know, again something you're gonna

0:15:07.560 --> 0:15:11.480
<v Speaker 1>have to see change eventually because there needs to be

0:15:11.520 --> 0:15:15.600
<v Speaker 1>you know, repercussion. There's no accountability right now or accountability

0:15:15.680 --> 0:15:18.760
<v Speaker 1>for anyone who has openly said like, hey, this is

0:15:18.800 --> 0:15:21.240
<v Speaker 1>the coolest project that you should be investing in right now,

0:15:21.680 --> 0:15:24.840
<v Speaker 1>you do so, and and then when it all goes

0:15:25.120 --> 0:15:28.360
<v Speaker 1>you know, down the drain, um, where what is the

0:15:28.360 --> 0:15:31.200
<v Speaker 1>accountability that these people should be facing and how responsible

0:15:31.240 --> 0:15:33.760
<v Speaker 1>are there um? And so I think those are things

0:15:33.800 --> 0:15:36.960
<v Speaker 1>that investors going into the space should be considering. And

0:15:37.040 --> 0:15:38.280
<v Speaker 1>going back to n f t s, you know, if

0:15:38.280 --> 0:15:42.040
<v Speaker 1>your favorite celebrity buys an n f T UM know

0:15:42.240 --> 0:15:45.640
<v Speaker 1>that it could go well, but it also couldn't. So

0:15:45.920 --> 0:15:47.840
<v Speaker 1>one of the things I hear in crypto is there's

0:15:47.840 --> 0:15:51.840
<v Speaker 1>this kind of difference between like crypto kick statas, which

0:15:51.880 --> 0:15:53.520
<v Speaker 1>is a bunch of people get together and they try

0:15:53.520 --> 0:15:56.920
<v Speaker 1>to buy the Constitution. And then there is you know,

0:15:56.960 --> 0:16:00.560
<v Speaker 1>I remember a story. There's this group of writers who

0:16:00.600 --> 0:16:03.160
<v Speaker 1>are you know, trying to create an n f T

0:16:03.320 --> 0:16:07.760
<v Speaker 1>of a novel. Yeah, Jenks, Jenkings is really cool. That's

0:16:07.760 --> 0:16:10.280
<v Speaker 1>a great example of an n f T And so essentially,

0:16:10.560 --> 0:16:13.720
<v Speaker 1>the easiest way to explain it is, these two former

0:16:13.760 --> 0:16:16.360
<v Speaker 1>writers bought one of the Board eight Yacht Club um

0:16:16.560 --> 0:16:19.640
<v Speaker 1>n f T s made it into this character called Jenkings.

0:16:19.720 --> 0:16:21.560
<v Speaker 1>They really thought he looked like a valet because of

0:16:21.600 --> 0:16:24.400
<v Speaker 1>his accessories, so they named him Jenkings the Valet. And

0:16:24.400 --> 0:16:27.160
<v Speaker 1>then essentially they started selling more n f t s

0:16:27.160 --> 0:16:29.800
<v Speaker 1>that were adjacent to to Jenkings, and whoever bought an

0:16:29.880 --> 0:16:33.320
<v Speaker 1>n f T um of that Jenkings collection sort of

0:16:33.440 --> 0:16:36.720
<v Speaker 1>based on how much money they spend, became a writer

0:16:36.960 --> 0:16:40.760
<v Speaker 1>into a broader Jenkings the Valet book that is meant

0:16:40.800 --> 0:16:42.920
<v Speaker 1>to come out later on in a few years, I think,

0:16:43.160 --> 0:16:45.360
<v Speaker 1>And based on how much money they spent would have

0:16:45.440 --> 0:16:49.080
<v Speaker 1>voting power that would help sort of take the plot

0:16:49.160 --> 0:16:51.240
<v Speaker 1>of the book in a certain direction. And so you

0:16:51.320 --> 0:16:54.400
<v Speaker 1>choose your own adventurous exactly. And so here's how you know,

0:16:54.520 --> 0:16:57.760
<v Speaker 1>you are, your fans are able to sort of purchase

0:16:57.880 --> 0:17:01.960
<v Speaker 1>something that they think is valuable because it's something you created,

0:17:01.960 --> 0:17:04.440
<v Speaker 1>their owners of something that you created, and they're able

0:17:04.480 --> 0:17:06.920
<v Speaker 1>to participate in it in a way that they haven't

0:17:06.920 --> 0:17:09.880
<v Speaker 1>been able to before. Right. And so there's obviously that

0:17:10.000 --> 0:17:12.760
<v Speaker 1>part of n f t s that's extremely interesting for

0:17:12.840 --> 0:17:17.080
<v Speaker 1>celebrities and for artists, which is transforming the way they

0:17:17.119 --> 0:17:19.520
<v Speaker 1>do business. But I would argue another one is just,

0:17:19.640 --> 0:17:22.600
<v Speaker 1>you know, the popularity of it. I mean, these are

0:17:23.160 --> 0:17:25.840
<v Speaker 1>n f t s that are being talked about across

0:17:26.040 --> 0:17:29.320
<v Speaker 1>the world, that are the constant talk of town, across

0:17:29.359 --> 0:17:32.800
<v Speaker 1>social media platforms, and so it's essentially being part of

0:17:33.040 --> 0:17:36.160
<v Speaker 1>the cool club, right, And they want to show that

0:17:36.200 --> 0:17:38.840
<v Speaker 1>they're on top of Web three, they want to show

0:17:38.880 --> 0:17:42.160
<v Speaker 1>that they know how the world is evolving. And so

0:17:42.320 --> 0:17:45.600
<v Speaker 1>this is both, you know, something that not only raises

0:17:45.640 --> 0:17:48.800
<v Speaker 1>their profile in terms of awareness and in terms of

0:17:49.119 --> 0:17:53.160
<v Speaker 1>coolness level, but also it helps them understand the way

0:17:53.280 --> 0:17:57.080
<v Speaker 1>that they can do business in the future. Thanks so much,

0:17:57.080 --> 0:17:59.480
<v Speaker 1>miss really enough for joining us. You can find more

0:17:59.560 --> 0:18:02.639
<v Speaker 1>of her porting on the Bloomberg terminal at Bloomberg dot

0:18:02.720 --> 0:18:06.879
<v Speaker 1>com and on Twitter at ms Relina that's m I

0:18:07.080 --> 0:18:11.080
<v Speaker 1>S Y R L E n E. Thanks again for

0:18:11.160 --> 0:18:17.440
<v Speaker 1>joining us on the next episode of Bloomberg Crypto. In March,

0:18:18.560 --> 0:18:22.120
<v Speaker 1>hackers stool about six hundred million dollars from a crypto network.

0:18:22.600 --> 0:18:24.639
<v Speaker 1>It was one of the biggest exploits to hit the

0:18:24.640 --> 0:18:29.080
<v Speaker 1>asset class to date and left many investors shaken. Tomorrow

0:18:29.520 --> 0:18:33.400
<v Speaker 1>a roundtable discussion with Bloomberg reporta Olga Karif and Bloomberg

0:18:33.400 --> 0:18:36.840
<v Speaker 1>opinion writer Pommy Olson on what these massive hacks might

0:18:36.880 --> 0:18:42.720
<v Speaker 1>mean for the market. I'm Stacy Marie Ishmael and this

0:18:42.960 --> 0:18:46.280
<v Speaker 1>is Bloomberg Crypto, a daily podcast from Bloomberg and I

0:18:46.400 --> 0:18:49.760
<v Speaker 1>Heeart Radio. For more shows from I Heart Radio, visit

0:18:49.760 --> 0:18:53.120
<v Speaker 1>the iHeart Radio app, Apple Podcasts, or wherever you get

0:18:53.160 --> 0:18:58.240
<v Speaker 1>your podcasts. Email your comments, questions or suggestions to Crypto

0:18:58.280 --> 0:19:02.200
<v Speaker 1>at Bloomberg dot net and follow us on Twitter at Crypto.

0:19:03.119 --> 0:19:05.960
<v Speaker 1>The producer and editor of this episode is Vicky Vergelina.

0:19:06.400 --> 0:19:10.880
<v Speaker 1>Our engineer is Desto wonder At. Original music by Leo Sidron.

0:19:11.359 --> 0:19:13.720
<v Speaker 1>Bloomberg's head of Podcasts is Francesca leav