WEBVTT

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<v Speaker 1>I've got urgent news for you. Coinbase suffers a massive

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<v Speaker 1>data breach and the hackers are calling for a twenty

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<v Speaker 1>million dollar ransom. This is not good. I'll share the

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<v Speaker 1>details what coinbased CEO is saying and what you can

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<v Speaker 1>do to protect yourself. And MasterCard is making another big

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<v Speaker 1>move in crypto, partnering with Tether and the sec versus

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<v Speaker 1>Ripple is having some issues with its resolution as Judge

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<v Speaker 1>Torres is pushing back. I'll share the details. Let's get

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<v Speaker 1>into it. Hey, everybody, welcome into the Thinking Crypto podcast.

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<v Speaker 1>You're home for cryptocurrency news and interviews. I'm your host,

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<v Speaker 1>Tony Edward. On your weight and please sit that subscribe

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<v Speaker 1>button as well as the thumbsup button and leave a

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<v Speaker 1>comment below. If you're listening on a podcast platform such

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<v Speaker 1>as Spotify or Apple, please leave a five star rating

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<v Speaker 1>and review. Folks. Breaking news. Coinbase has suffered a data breach.

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<v Speaker 1>So essentially, if you are a coinbase customer, your name, address,

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<v Speaker 1>phone number, email address and other data has been leaked

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<v Speaker 1>now Coinbase. They tweeted out the following saying cyber criminals

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<v Speaker 1>bribed and recruited rogue overseas support agents to pull personal

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<v Speaker 1>data on less than one percent of coinbase customers. No passwords,

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<v Speaker 1>private keys, or funds were exposed. Crime accounts are untouched.

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<v Speaker 1>We will reimburse impacted customers now, They continued here, saying

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<v Speaker 1>we will pursue the harshest penalties possible and will not

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<v Speaker 1>pay the twenty million dollar ransom demand we received. Instead,

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<v Speaker 1>we are establishing a twenty million dollar reward fund for

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<v Speaker 1>information leading to the arrests and conviction of the criminals

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<v Speaker 1>responsible for this attack. Folks, this is not good. However,

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<v Speaker 1>Coinbase is going to reimburse the customers who lost their funds.

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<v Speaker 1>Last week. I told you, guys, I've been getting a

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<v Speaker 1>lot of spam calls, spam emails, spam texts of saying

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<v Speaker 1>my coinbase account was hacked, and much more. And when

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<v Speaker 1>I reported that to you guys, I told you to

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<v Speaker 1>be careful, don't click on anything, don't get emotional, don't

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<v Speaker 1>panic if you get those texts, because they are created

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<v Speaker 1>in a way to trigger you and to get an

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<v Speaker 1>emotional response where you don't think first, right, And unfortunately

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<v Speaker 1>a lot of people fell for this. In fact, the

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<v Speaker 1>reports are coming out that coinbased customers lost three hundred

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<v Speaker 1>million dollars through these social engineering scams. And last week

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<v Speaker 1>I reported that on chain sleuth zach xbt was reporting

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<v Speaker 1>about forty five million dollars was lost. Will that number increase?

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<v Speaker 1>So if you are a coin based user and you

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<v Speaker 1>were getting those texts and emails and getting bombarded, this

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<v Speaker 1>is the reason why this data was leaked by the

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<v Speaker 1>overseas customer support person or persons, and unfortunately this is

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<v Speaker 1>really bad and Coinbase CEO shout out to him though,

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<v Speaker 1>Brian Armstrong. He put out a video addressing it, and

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<v Speaker 1>let me play a clip for you here.

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<v Speaker 2>Hey, everyone, I want to make you aware of a

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<v Speaker 2>disturbing email that we received recently at Coinbase. It was

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<v Speaker 2>a ransom note demanding twenty million dollars in bitcoin in

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<v Speaker 2>exchange for these attackers not releasing some information they claim

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<v Speaker 2>to have obtained on our customers. Now, we like to

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<v Speaker 2>do things transparently here at Coinbase, and so I'm going

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<v Speaker 2>to respond publicly to these attackers by saying no, we

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<v Speaker 2>are not going to pay your ransom. In fact, I

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<v Speaker 2>have a few next steps in mind that I'm going

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<v Speaker 2>to share at the end of this video. But for

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<v Speaker 2>the rest of you watching, wondering what happened. We did

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<v Speaker 2>an investigation here, and these attackers have been approaching our

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<v Speaker 2>overseas customer support agents looking for a weak link, someone

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<v Speaker 2>who would accept a bribe in exchange for sharing some

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<v Speaker 2>customer information with them. Now, our support tools have limited

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<v Speaker 2>access to customer information. There was no passwords or private

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<v Speaker 2>keys or funds accessed as part of this, but customer

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<v Speaker 2>support agents do have access to personal information like name data,

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<v Speaker 2>birth address, etc. And attackers still want access to this

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<v Speaker 2>information because it allows them to conduct social engineering attacks

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<v Speaker 2>where they can call our customers impersonating coinbased customer support

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<v Speaker 2>and try to trick them into sending their funds to

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<v Speaker 2>the attacker. And unfortunately they were able to find a

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<v Speaker 2>few bad apples. Our systems are designed to mitigate the

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<v Speaker 2>impact of something like this, so less than one percent

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<v Speaker 2>of our monthly transacting users had their records accessed. But

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<v Speaker 2>this is still unacceptable and I want to tell you

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<v Speaker 2>what we're doing about it. So first, any customers that

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<v Speaker 2>were socially engineered as a result of this incident, we're

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<v Speaker 2>going to reimburse them. There's more details on our website

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<v Speaker 2>on our blog posts about the reimbursement process. You can

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<v Speaker 2>read more. There any customers who have been impacted by

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<v Speaker 2>this or have been notified at this point. Number two,

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<v Speaker 2>we're hardening our systems around customer support to make something

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<v Speaker 2>like this much more difficult in the future. And third,

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<v Speaker 2>we're actually relocating some of our customer support operations as

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<v Speaker 2>a result of this. But the last step is maybe

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<v Speaker 2>the most important, which is that instead of paying this

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<v Speaker 2>twenty million dollar ransom, we're turning it around and we're

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<v Speaker 2>putting out a twenty million dollar award for any information

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<v Speaker 2>leading to the arrest and conviction of these attackers. For

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<v Speaker 2>these would be extortionists or anyone seeking to harm coinbased

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<v Speaker 2>customers know that we will prosecute you and bring you

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<v Speaker 2>to justice. And now you have my answer.

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<v Speaker 1>So really great update here from Brian Transparency. They're not

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<v Speaker 1>giving into the ransom, I mean, the hackers they want

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<v Speaker 1>twenty million dollars in bitcoin. This is crazy. So folks,

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<v Speaker 1>what you need to do. Make sure your teaser cross,

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<v Speaker 1>your eyes are dotted here. Do not click on any

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<v Speaker 1>links or any emails that look suspicious that your account's

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<v Speaker 1>been hacked, and this and that. Do not call any number.

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<v Speaker 1>Do not apply to any text I've been blocking them

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<v Speaker 1>and reporting them as spam. And if I have any

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<v Speaker 1>concern or questions, I go directly to my coin base account.

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<v Speaker 1>Now many of you know I believe in self custody.

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<v Speaker 1>I put the majority of my crypto on hardware wallets,

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<v Speaker 1>and I've been on the record saying this for years

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<v Speaker 1>and years and years. Don't leave your coins on the exchanges.

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<v Speaker 1>And I'm a user of the Treasure Save five. This

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<v Speaker 1>is a beautiful hardware wallet that makes it easy to

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<v Speaker 1>safely store your crypto. Treasure is a sponsor of this podcast,

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<v Speaker 1>but I think it's timely here. So if you are

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<v Speaker 1>keeping all your coins on an exchange, I highly recommend

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<v Speaker 1>you get a hardware wallet like the Treasure Save five.

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<v Speaker 1>Put your coins on here and put it in a

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<v Speaker 1>safe in your home or a safety deposit box. And

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<v Speaker 1>guess what, you can sleep at night. You don't have

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<v Speaker 1>to worry. I do have exchange accounts because I swing trade,

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<v Speaker 1>so I have a little bit of a crypto on

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<v Speaker 1>the exchanges like coinbas and others, and I swing trade.

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<v Speaker 1>But the major already of my holdings are on hardware wallets, folks,

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<v Speaker 1>and the private keys are backed up and all that stuff,

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<v Speaker 1>so I can sleep at night. If anybody tries to

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<v Speaker 1>go into my coin miss account, you're not going to

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<v Speaker 1>get anything like, Okay, you got some money, but you're

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<v Speaker 1>not getting like all my crypto holdings. So this is

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<v Speaker 1>why I use Treasure folks. And they've been at this

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<v Speaker 1>since twenty thirteen. They're the ones that created the hardware wallet.

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<v Speaker 1>It's open source and they support all the major coins Bitcoin,

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<v Speaker 1>xrpiece of On and so forth, even new coins like

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<v Speaker 1>black Rocks Biddle. So I highly recommend folks that you

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<v Speaker 1>get a hardware wallet, and you can get a five

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<v Speaker 1>percent discount by using the code thinking crypto all one word.

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<v Speaker 1>So check out the link in the description to learn

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<v Speaker 1>about Treasure's products. So, folks, keep an eye out, watch

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<v Speaker 1>your emails. Don't click on stuff that look fishy. Make

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<v Speaker 1>sure you double check those emails, and obviously you don't.

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<v Speaker 1>If you pick up a call and they say they're

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<v Speaker 1>from coinbase, immediately block the hell out of it. And

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<v Speaker 1>those texts that come through. Don't click on anything, don't

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<v Speaker 1>call it anything. Just reported as spam and blocked in numbers.

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<v Speaker 1>That is what I've been doing to protect yourself. Now,

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<v Speaker 1>this could happen to other exchanges. As well crack in

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<v Speaker 1>and others because this was not a breach of the

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<v Speaker 1>security system, but essentially they compromise an employee overseas, and

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<v Speaker 1>they probably gave them a ton of money, right, more

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<v Speaker 1>than they usually make because many of them are probably

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<v Speaker 1>making minimum wage just answering calls and stuff like that.

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<v Speaker 1>So it really sucks. But I hope the crypto industry

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<v Speaker 1>is able to use the blockchain technology and start putting

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<v Speaker 1>different data on the blockchain where it can't be compromised. Right,

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<v Speaker 1>it has to be multiple layers of security, so hopefully

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<v Speaker 1>we can get there. But this really sucks. I mean,

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<v Speaker 1>just protect yourself and watch out. Again. It can happen

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<v Speaker 1>to other exchanges as well, and I have accounts with

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<v Speaker 1>all the major exchanges uphold crackincrypto dot com because I

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<v Speaker 1>use them as on and off ramps. If one exchange

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<v Speaker 1>or two exchanges go down they're having issues due to traffic,

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<v Speaker 1>I can go to other exchanges, so that's why I

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<v Speaker 1>have these accounts. So just be careful, folks, and watch

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<v Speaker 1>out even for regular mail, because these scammers have your

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<v Speaker 1>physical address. They can send you mail and tell you

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<v Speaker 1>to do stuff, So just watch out, be careful. Be

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<v Speaker 1>skeptical of anything. And if you get something that says, oh,

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<v Speaker 1>you just lost your funds or whatever, don't panic, don't

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<v Speaker 1>have any emotional reaction. Slow down, take a deep breath,

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<v Speaker 1>and then slowly go through the process and double check everything,

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<v Speaker 1>and don't click on links, right, Just go directly to

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<v Speaker 1>the app or the website and log in, and just

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<v Speaker 1>check everything first before you go down any path of

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<v Speaker 1>calling anybody or clicking on any links. It's very important, folks.

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<v Speaker 1>It would really suck to lose your funds. But shout

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<v Speaker 1>out to coinbase that they are going to reimburse folks

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<v Speaker 1>who have lost their funds, and they're going after these

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<v Speaker 1>scammers and they're putting out the reward out there. All right.

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<v Speaker 1>Moving ahead, huge update. MasterCard has partnered with moonpay and

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<v Speaker 1>this is to enable stable coin payments and spending at

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<v Speaker 1>one hundred and fifty million global businesses. We are seeing

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<v Speaker 1>all the big credit card companies integrating stable coins. Visa

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<v Speaker 1>is doing the same thing with USDC. And what's interesting,

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<v Speaker 1>MasterCard is using USDT. The card itself has USDT branded

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<v Speaker 1>on it. What a time to be alive. We are

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<v Speaker 1>seeing incredible adoption of crypto from tradified giants, whether you're banks,

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<v Speaker 1>credit card companies, stock exchange, and much more. MasterCard tweeted

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<v Speaker 1>out stable coins meet one hundred and fifty million plus

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<v Speaker 1>checkout counters, Enterprises and FinTechs can now offer MasterCard branded

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<v Speaker 1>cards linked to consumers stable coin balances, unlocking new ways

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<v Speaker 1>to pay and be paid. In partnership with Moonpay, we're

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<v Speaker 1>combining our trusted global payments network and advanced stable coin

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<v Speaker 1>infrastructure to bring seamless, secure digital assets payments to life. Folks.

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<v Speaker 1>This is why I'm bullish. You are just seeing capitulation

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<v Speaker 1>on many fronts. You know, years ago many of the

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<v Speaker 1>folks that these companies were saying this is not then

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<v Speaker 1>blockchain blah blah blah, crypto blah blah blah. Now they're

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<v Speaker 1>all in a race to adopt the technology. It's incredible. This,

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<v Speaker 1>this paradigm shift continues to amaze me. Moving ahead, we

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<v Speaker 1>have a big company out in Brazil that is adding

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<v Speaker 1>bitcoin to its treasury and I've been saying this trend

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<v Speaker 1>is not going to die down, and it's a global

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<v Speaker 1>movement where these companies are adding bitcoin to their balance

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<v Speaker 1>sheet to protect their cash reserves and to grow it

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<v Speaker 1>as well to outpace debasement and inflation. So meluse if

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<v Speaker 1>I'm saying that right buys twenty eight point four million

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<v Speaker 1>dollars a bitcoin, becoming Brazil's first bitcoin treasury company. You're

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<v Speaker 1>going to see a lot of companies in different countries,

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<v Speaker 1>do their folks okay? Moving ahead? Some not so good news.

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<v Speaker 1>In the SEC versus Ripple case, many of you know

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<v Speaker 1>the SEC and Ripple have settled. XRP was deemed not

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<v Speaker 1>a security intrinsically by Judge Torres, and this case is

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<v Speaker 1>pretty much wrapped up. However, Judge Torres is not making

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<v Speaker 1>it easy for both the SEC and Ripple to fix this.

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<v Speaker 1>So Judge Torres has denied a party's motion for an

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<v Speaker 1>indicative ruling, saying if jurisdiction were restored to this court,

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<v Speaker 1>the court would deny the party's motion as procedurally improper. Now,

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<v Speaker 1>Attorney fred Rispoli said, the meeting here is that the

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<v Speaker 1>parties didn't request relief under the right rule of civil procedure,

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<v Speaker 1>so they will refile it under the correct rule. But

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<v Speaker 1>me reading between the lines is that Ripple and the

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<v Speaker 1>SEC need to get on all fours and beg for relief.

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<v Speaker 1>So they're going to have to really get the judge

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<v Speaker 1>to address this now. Is this something detrimental to the

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<v Speaker 1>market or XRP. Of course not, because xrp's been moving

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<v Speaker 1>without all of this stuff being done, even before we

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<v Speaker 1>got this news. Because the market already sees the direction

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<v Speaker 1>we're heading in. The settlement is there with the SEC,

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<v Speaker 1>so there's no dark cloud and worry and ambiguity and

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<v Speaker 1>all that, right, and the SEC lost when it comes

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<v Speaker 1>to is XRP intrinsically a security And that was the

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<v Speaker 1>major issue, right. Secondary sales are not security, So it's

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<v Speaker 1>clear as day out there. But you want to get

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<v Speaker 1>all the legal loose ends tied up, which is things

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<v Speaker 1>like this. But the good thing is the SEC's working

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<v Speaker 1>with Ripple, so it's not like the SEC's going against Ripple.

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<v Speaker 1>Eleanor Turrett says, after speaking with my three legal sources

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<v Speaker 1>and tuning into John Deeton's live analysis, my read is

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<v Speaker 1>that Judge Torres is playing hardball here. She's not making

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<v Speaker 1>it easy for the party so simply walk away. Instead,

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<v Speaker 1>she'll make them work for it. Deaton raises a valid

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<v Speaker 1>point from Taurus's perspective, the SEC has spent the last

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<v Speaker 1>or the past five years, doubling down on a narrative

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<v Speaker 1>and legal stress that resulted in thousands of hours of

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<v Speaker 1>legal and judicial manpower, only for the agency to suggest

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<v Speaker 1>that those five years were essentially a waste. While Torres

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<v Speaker 1>has denied their initial requests, she's outlined a clear path

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<v Speaker 1>forward provided the SEC in Ripple can meet the legal

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<v Speaker 1>standards and presents a compelling case that withdrawing her ruling

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<v Speaker 1>is in the best interests of the public and institutional

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<v Speaker 1>buyers of XORP. Stuart Olleradi, which is Ripple's chief legal officer,

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<v Speaker 1>mentioned Ripple will work with the SEC to revisit the

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<v Speaker 1>issue together. Pretty while considering they've been on opposite sides

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<v Speaker 1>for nearly five years, it'll be even more interesting to

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<v Speaker 1>see if Torres eases up once they've done the necessary work,

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<v Speaker 1>or if she sticks to her guns and makes this

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<v Speaker 1>even more of a political fight. So this could be

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<v Speaker 1>a little bit messy. I do think that she will

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<v Speaker 1>ultimately do with the right thing here, because if the

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<v Speaker 1>SEC's working Ripple and you know, I think they'll do.

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<v Speaker 1>But as Attorney Fred Wispoli was saying, they're gonna have

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<v Speaker 1>to beg They're gonna put some work in right, they're

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<v Speaker 1>gonna have to come in and saying please Judge, please

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<v Speaker 1>write and keep at it. But I think, guys, this

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<v Speaker 1>thing is done right. It's just tying up the loose

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<v Speaker 1>ends and eventually Judge tourists will get there. But just

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<v Speaker 1>an FYI on what's happening here now, this is interesting

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<v Speaker 1>Dave Portnoy. Now, I don't take financial advice from Dave Portnoy,

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<v Speaker 1>But the reason why I'm sharing this with you he

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<v Speaker 1>was at Consensus and the information he's putting out there

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<v Speaker 1>is for the masses essentially, not for us who are

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<v Speaker 1>educated and do our research.

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<v Speaker 2>Right.

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<v Speaker 1>We don't take our investment if I from Dave Portnoy.

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<v Speaker 1>We look at the charts, we look at the on

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<v Speaker 1>chain data, we look at the macro. So I want

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<v Speaker 1>to make sure that's clear. I'm not sharing this to say, oh,

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<v Speaker 1>look at Dave port Nois. He's the best, but he

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<v Speaker 1>represents retail and the mentality of retail, right, who may

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<v Speaker 1>not be as educated about crypto, but they are jumping

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<v Speaker 1>into the market. And you know, he was asked, why

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<v Speaker 1>do you own XRP and he said, fomo, it's not

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<v Speaker 1>like I have some grand belief in it. It's what

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<v Speaker 1>two dollars, two bucks forty cents? What if that's the

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<v Speaker 1>next bigcoin. Let me play the clip here for you.

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<v Speaker 3>I remember I was trying to buy an apartment in

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<v Speaker 3>Miami and I got out bid by crypto bro. Yeah,

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<v Speaker 3>I'm just like that at Bastard.

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<v Speaker 1>Yeah, he just bought.

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<v Speaker 3>You know, he heard about bitcoin when it was I

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<v Speaker 3>don't know, eight bucks, seven bucks. It's upbout one hundred.

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<v Speaker 3>I've slaved for twenty years and he just outbid. So, yes,

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<v Speaker 3>there's one hundred percent of fomo on everything. I think

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<v Speaker 3>that's the mean coin. That's general. I mean, I I

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<v Speaker 3>don't know Bitcoin. I don't know if there's as much

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<v Speaker 3>fomo now it's so established. But like that's why I'm

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<v Speaker 3>in XRP like that that it's fomo. It's not like

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<v Speaker 3>I have some grand belief in it. But it's what

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<v Speaker 3>two bucks forty cents or something like that is, Like

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<v Speaker 3>what if that's the next bitpoint? So fomo I think

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<v Speaker 3>plays a huge part.

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<v Speaker 1>So interesting statements, right, And once again, this is not

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<v Speaker 1>for you and I. We're not sitting here, Oh Dave Portnoy,

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<v Speaker 1>give us more financial advice. That's not what this is

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<v Speaker 1>about he represents once again that crowd. He has a

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<v Speaker 1>huge following, well known, so imagine the Normans that are

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<v Speaker 1>listening to him and what they're going to do, and

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<v Speaker 1>how XRP has performed. And I've been seeing a lot

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<v Speaker 1>of retail fomo as he mentioned, So it's interesting and

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<v Speaker 1>I do believe XRP will continue to do well in

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<v Speaker 1>this bull market for many different reasons, but fomo certainly

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<v Speaker 1>one of them. So, folks, that's the news. Let me

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<v Speaker 1>know what you think. I know it's not all great news,

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<v Speaker 1>and the coin based news is a bummer, but you know,

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<v Speaker 1>at least they're doing the right thing and making customers

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<v Speaker 1>whole and so forth. So folks, let me know what

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<v Speaker 1>you think. Leave your thoughts and comments below. A great

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<v Speaker 1>way you can support me if you appreciate this content

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00:17:55.880 --> 00:17:58.319
<v Speaker 1>is by subscribing to my free email newsletter. It's one

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<v Speaker 1>hundred percent free. Also check out my book on Amazon,

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<v Speaker 1>it's available in paperback, in digital, and my course at

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<v Speaker 1>mycryptocurse dot com. Folks, thank you for watching listening. I

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<v Speaker 1>appreciate you all, and I'll talk to you all later.