According to the Natural News and Brighteon.com founder, the collapse is far from over as decentralized crypto exchanges will suffer worse liquidity problems. He explained that this collapse "was engineered to bring about a new kind of police state or a regulatory overlay to seize control and to take away freedom from the people." (Related: Crypto 9/11 is now under way… a "controlled demolition" event to usher in HEAVY regulation.)
Adams expounded that one side, the "honest crypto universe," managed to solve a lot of their industry's problems on a global scale. The other side, consisting of hucksters and bad faith players, were exposed by the central banks who frown upon standalone and unregulated crypto in their bid to centralize everything.
The Health Ranger also mockingly "thanked" Sam Bankman-Fried, the disgraced former CEO of the crypto exchange FTX whom he called "Sam Bankman Fraud." The Brighteon.com founder explained that Bankman-Fried "settled the argument over whether crypto is digital gold – and the answer is, obviously, it is not digital gold."
"His exchange [FTX] was one of the most trusted in the industry, and yet it failed," Adams pointed out.
FTX collapsed after a run on deposits left it with an $8 billion shortfall, forcing Bankman-Fried to file for bankruptcy. According to the Wall Street Journal, SBF may have loaned substantial portions of FTX customer assets to Alameda, his quantitative trading firm, funding their risky trading strategies and bailing them out when those same strategies nearly sunk the trading firm in the spring.
Adams said crypto still has a lot of advantages despite its shortfalls. But he reiterated the superiority of having precious metals such as gold and silver. "You don't even need the power grid to work for gold and silver to have value," said the Health Ranger.
Bad crypto companies "clowning" consumers and audit authorities
Adams was joined in the program by Crypto Nostradamus, John Perez, who tackled how these digital currency companies perform fraud on a massive scale. Since this type of cashless system does not really have actual money to back up, the Health Ranger brought up how they perform a "clown show" with government auditors.
An example of this clown show happened when Crypto.com mistakenly sent 320,000 in Ethereum ($416 million) to another cryptocurrency exchange, called Gate.io, about three weeks ago. The company CEO Kris Marszalek said on Twitter that the company was supposed to send the crypto to one of its cold or offline wallets, but "accidentally" sent it to a "whitelisted" address belonging to its corporate account at Gate.io.
According to Adams, the recipient used those coins for a couple of days to prove its deposits, and then it transferred most of those coins back to Crypto.com. It is not impossible that many different exchanges are sharing the same deposits to try to prove that they have assets just in time for the audits and then those assets are passed along to somebody else.
Perez agreed and likened what happened during the housing bubble back in 2000, 2004, 2005 and 2016, where two companies would agree, have the paperwork done and have the asset moved to somewhere else.
"These guys are playing musical chairs on the Titanic with money and each person's account. They were doing these operations consistently and it appears to me [that] the crypto community has basically adopted what happened in the housing debacle," Perez said.
Visit CryptoCult.news for more news about the ongoing crypto turmoil.
Watch the full "InfoWars Sunday Night Live" episode with Mike Adams and John Perez below.
This video is from the Ron Gibson Channel channel on Brighteon.com.
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