1
00:00:05,160 --> 00:00:07,560
Welcome back, everyone. 
I am Cass PNC. 

2
00:00:07,560 --> 00:00:09,280
I'm joined, as usual, by my 
partner in crime. 

3
00:00:09,280 --> 00:00:11,280
We've already recorded an 
episode today, so we're just 

4
00:00:11,280 --> 00:00:12,920
going to jump right into it. 
We're going to talk about a 

5
00:00:12,920 --> 00:00:17,760
company called Wire Wire spelled
Wyre. 

6
00:00:17,840 --> 00:00:23,000
Weird Company wound down in June
of this past year. 

7
00:00:23,000 --> 00:00:25,360
But yeah, I want Bennett to kind
of walk us through this. 

8
00:00:25,360 --> 00:00:29,160
He wanted to record an episode 
about this, and I think it is. 

9
00:00:29,520 --> 00:00:33,120
Once you delve into the the 
weeds of it a bit, it's pretty 

10
00:00:33,120 --> 00:00:35,520
fascinating. 
Wire is a cryptocurrency payment

11
00:00:35,520 --> 00:00:38,520
processor, one of the most 
common targets of our IR on this

12
00:00:38,520 --> 00:00:42,080
channel, and it was, like many 
cryptocurrency payment 

13
00:00:42,080 --> 00:00:45,800
processors, seeming to do things
a little unusually and part of 

14
00:00:45,800 --> 00:00:47,440
this story. 
The beginning of this story in 

15
00:00:47,440 --> 00:00:51,160
my mind involves Ryan Breslow, 
who I've made a couple videos 

16
00:00:51,160 --> 00:00:54,120
about on this channel, but we've
never done a full episode on him

17
00:00:54,440 --> 00:00:56,360
because, frankly, he's not that 
important. 

18
00:00:56,760 --> 00:00:58,880
Ryan Breslow has a couple of 
different companies. 

19
00:00:59,040 --> 00:01:02,480
One was called Eco. 
Eco was a company that said it 

20
00:01:02,480 --> 00:01:06,680
could earn its users yield and 
it claimed to do this by lending

21
00:01:06,680 --> 00:01:09,920
to people like Goldman Sachs and
Fidelity, but was actually 

22
00:01:09,920 --> 00:01:13,800
lending to people like Wire and 
Blackfy. 

23
00:01:13,920 --> 00:01:17,400
And so that's how Eco was making
its yield for its customers 

24
00:01:17,920 --> 00:01:20,320
that. 
Was a Ryan Breslow company, but 

25
00:01:20,320 --> 00:01:24,120
so was Bolt, the one click 
payments company that at one 

26
00:01:24,120 --> 00:01:27,640
point was valued at like $11 
billion or something crazy, 

27
00:01:27,920 --> 00:01:30,480
before a New York Times 
investigation revealed that they

28
00:01:30,480 --> 00:01:33,600
had misrepresented what they 
were able to do to people in 

29
00:01:33,600 --> 00:01:36,200
order to get them to sign, and 
then misrepresented the nature 

30
00:01:36,200 --> 00:01:38,880
of those relationships in order 
to get other people to sign. 

31
00:01:38,920 --> 00:01:44,720
Before Bolt was exposed for 
that, they put in a $1.5 billion

32
00:01:45,040 --> 00:01:48,480
offer for wire, making it at the
time one of the. 

33
00:01:48,560 --> 00:01:52,320
The most valuable cryptocurrency
acquisitions of all time. 

34
00:01:52,360 --> 00:01:56,120
What makes this even stranger is
that this acquisition was 

35
00:01:56,120 --> 00:02:00,520
announced in April of 2022. 
One month before that, in March 

36
00:02:00,520 --> 00:02:04,960
of 2022, Ryan's other company, 
Eco, had notified users that 

37
00:02:04,960 --> 00:02:06,960
they were moving off of wire 
and. 

38
00:02:07,040 --> 00:02:09,639
And on to Prime Trust. 
So one company moves off in 

39
00:02:09,639 --> 00:02:12,400
March, April, they announced 
they're going to buy the 

40
00:02:12,400 --> 00:02:14,480
company. 
And even more interesting, Eco 

41
00:02:14,480 --> 00:02:17,720
didn't actually get all their 
funds moved off until the end of

42
00:02:17,720 --> 00:02:19,560
May. 
Shortly after that, in 

43
00:02:19,560 --> 00:02:23,040
September, it's announced that 
the deal's not going to happen. 

44
00:02:23,160 --> 00:02:26,200
Bolt backs away. 
And a couple months after that 

45
00:02:26,200 --> 00:02:30,320
very end of the year, December 
beginning of January, Wire 

46
00:02:30,320 --> 00:02:32,320
announces they're going to be 
scaling back. 

47
00:02:32,680 --> 00:02:36,400
Operations and laying people off
after this deal blew up. 

48
00:02:37,040 --> 00:02:39,560
And that's like the first phase 
of wire, right? 

49
00:02:39,560 --> 00:02:41,960
It's a cryptocurrency payment 
processor doing what 

50
00:02:41,960 --> 00:02:45,160
cryptocurrency payment 
processors do, making risky 

51
00:02:45,160 --> 00:02:48,920
loans, throwing funds around 
into D5 protocols, announcing 

52
00:02:48,920 --> 00:02:50,960
acquisitions that never actually
happened. 

53
00:02:51,200 --> 00:02:53,560
It's a classic crypto payment 
processor. 

54
00:02:53,600 --> 00:02:57,440
So when I go to wire their 
website, which is still up, it 

55
00:02:57,440 --> 00:03:03,200
says wire is winding down and it
talks about what they did and 

56
00:03:03,200 --> 00:03:06,080
how they're ending. 
And they basically, it seems 

57
00:03:06,080 --> 00:03:11,480
like they tried to do this in a 
way that allowed people to get 

58
00:03:11,480 --> 00:03:14,720
their funds off of the payment 
processor in time. 

59
00:03:14,720 --> 00:03:16,840
I don't know if you know 
anything more about that than I 

60
00:03:16,840 --> 00:03:19,800
do. 
Funny enough, I'm I'm like Bolt 

61
00:03:19,800 --> 00:03:21,960
is still around though. 
And this is Ryan. 

62
00:03:22,400 --> 00:03:24,520
That's still Ryan Breslow's 
company, right, We. 

63
00:03:24,520 --> 00:03:27,240
Didn't even get into all of Ryan
Breslow's fuck ups, right? 

64
00:03:27,240 --> 00:03:29,960
Like he had the movement Dow 
that he gave away to like a 

65
00:03:29,960 --> 00:03:33,400
known fraudster that was 
separate from like his movement,

66
00:03:33,400 --> 00:03:37,120
not-for-profit, that ended up 
like embroiled in some other 

67
00:03:37,120 --> 00:03:39,320
scandal. 
We've got some articles we'll 

68
00:03:39,320 --> 00:03:41,360
link in the description, and 
there's some videos we've made 

69
00:03:41,360 --> 00:03:44,640
on this channel about it, but 
like Ryan Breslow's whole like 

70
00:03:44,640 --> 00:03:46,920
group of companies is a fucking 
mess. 

71
00:03:47,000 --> 00:03:51,040
I'm looking through his career 
and just some of his stuff in 

72
00:03:51,040 --> 00:03:52,760
general. 
First of all, this guy is 29 

73
00:03:52,760 --> 00:03:57,240
years old. 
He's younger than me and 29 is 

74
00:03:57,360 --> 00:04:00,880
very, very young. 
Crypto pharmaceutical startup 

75
00:04:01,000 --> 00:04:07,160
The Movement, a dance nonprofit.
I am confused about this guy's 

76
00:04:07,160 --> 00:04:09,840
entire life. 
Surprise went to Stanford. 

77
00:04:09,840 --> 00:04:11,480
Gosh, I'm. 
I'm all over the place here. 

78
00:04:11,480 --> 00:04:13,920
Just 'cause I'm like, wow, so 
eco. 

79
00:04:14,040 --> 00:04:16,680
So Eco didn't work out that 
that's gone right? 

80
00:04:16,839 --> 00:04:18,560
Eco still has a website. 
Yep. 

81
00:04:18,640 --> 00:04:21,760
And they're still tweeting and 
they still have a token that's 

82
00:04:21,760 --> 00:04:24,920
down, oh, down 70%. 
Remember, there's two tokens, 

83
00:04:24,920 --> 00:04:26,720
right? 
There's ECO and there's ECO X. 

84
00:04:26,920 --> 00:04:29,920
What does ECO X do? 
Well, that's the deflationary 

85
00:04:29,920 --> 00:04:32,920
supply token serving as the 
governance asset that's used to 

86
00:04:32,920 --> 00:04:34,680
secure applications on the ECO 
network. 

87
00:04:34,800 --> 00:04:37,480
Of course it's deflationary. 
Why is it down 88%? 

88
00:04:37,560 --> 00:04:41,760
It's not deflationary enough. 
I feel like this is so similar 

89
00:04:41,760 --> 00:04:44,160
to our discussion about Terra 
Luna Man. 

90
00:04:44,400 --> 00:04:47,440
We're not going after Ryan 
Breslow stupidity today. 

91
00:04:47,640 --> 00:04:50,520
They're all interconnected. 
Wire bolt. 

92
00:04:50,840 --> 00:04:54,480
Sure, Eco, love, whatever the 
fuck these are like. 

93
00:04:54,480 --> 00:04:56,920
And they're all doing poorly. 
They're all stupid. 

94
00:04:56,960 --> 00:04:58,680
How much money was going through
wire? 

95
00:04:58,680 --> 00:05:01,120
There's some answers to that 
I'll get to. 

96
00:05:01,360 --> 00:05:03,120
Not as much as you might be 
thinking. 

97
00:05:03,280 --> 00:05:06,360
Very beginning of 2022, Wire 
announces they're scaling back 

98
00:05:06,360 --> 00:05:07,960
operations and doing these 
layoffs. 

99
00:05:07,960 --> 00:05:12,400
And then on January 7th, Wire 
announces that they're going to 

100
00:05:12,400 --> 00:05:14,920
be changing withdrawals, 
limiting how much you can 

101
00:05:14,920 --> 00:05:18,280
withdraw. 
You can only withdraw up to 90% 

102
00:05:18,440 --> 00:05:21,680
plus other daily limits five 
days later, though. 

103
00:05:22,160 --> 00:05:25,200
Things get better when Wire 
announces that they have 

104
00:05:25,200 --> 00:05:28,480
received financing from a 
strategic partner that will 

105
00:05:28,480 --> 00:05:31,160
allow them to continue their 
normal course of operations. 

106
00:05:31,600 --> 00:05:34,120
And this is always good news 
when crypto companies get 

107
00:05:34,120 --> 00:05:37,400
strategic financing from 
undisclosed partners. 

108
00:05:37,480 --> 00:05:42,200
That takes us into the Binance, 
US era of wire finance. 

109
00:05:42,720 --> 00:05:49,000
US in the beginning of 2022 was 
using Prime Trust as their 

110
00:05:49,000 --> 00:05:52,480
principal payment processor. 
They started switching off of 

111
00:05:52,480 --> 00:05:58,880
Prime Trust and by May 25th, 
2023 had much of their funds 

112
00:05:58,880 --> 00:06:02,600
stored with wire. 
What makes this especially 

113
00:06:02,600 --> 00:06:08,160
fascinating is that Wire's CEO 
used to run compliance for Prime

114
00:06:08,160 --> 00:06:10,120
Trust. 
A company we've talked about 

115
00:06:10,120 --> 00:06:12,600
before in which we've 
highlighted some of their non 

116
00:06:12,600 --> 00:06:16,920
compliant behavior and wires VP 
of Compliance at this point used

117
00:06:16,920 --> 00:06:20,000
to run compliance for Binance US
which you may also know as the 

118
00:06:20,000 --> 00:06:23,840
firm currently being sued by the
SEC for their non compliance. 

119
00:06:24,560 --> 00:06:29,840
That takes us up towards the 
very end of wire and this is 

120
00:06:29,840 --> 00:06:30,920
where things can get 
interesting. 

121
00:06:31,080 --> 00:06:33,880
What's also interesting is that 
the total amount that Binance US

122
00:06:33,880 --> 00:06:37,120
transferred over was in the 
range of like $10 million. 

123
00:06:37,760 --> 00:06:41,280
Right, like the amount of actual
money Binance US had was not 

124
00:06:41,280 --> 00:06:45,680
that much, but Binance US using 
Wire made it much more 

125
00:06:45,680 --> 00:06:48,200
important. 
And this is when Protos decided 

126
00:06:48,200 --> 00:06:52,120
to do some digging into Wire 
through their various terms of 

127
00:06:52,120 --> 00:06:56,120
service and their different 
entities, and we discovered that

128
00:06:56,400 --> 00:06:59,080
it was a mess. 
One of the entities they 

129
00:06:59,080 --> 00:07:04,040
referenced was in liquidation. 
Another one had its ultimate its

130
00:07:04,040 --> 00:07:08,840
liquidator, named as a fraudster
who was previously convicted of 

131
00:07:08,840 --> 00:07:12,120
fraud. 
Genaros, who claimed he had 

132
00:07:12,120 --> 00:07:15,240
stepped down as CEO, was still 
listed as the CEO on annual 

133
00:07:15,240 --> 00:07:18,600
reports filed in Florida. 
Was the sole director of Wire 

134
00:07:18,600 --> 00:07:22,920
Payments Proprietary Limited, 
its entity in Australia, I. 

135
00:07:23,360 --> 00:07:25,960
And I just want to reiterate 
again, one of the entities they 

136
00:07:25,960 --> 00:07:28,880
were still directing customers 
towards was in liquidation and 

137
00:07:28,880 --> 00:07:32,400
it's liquidator was a convicted 
fraudster just to make sure 

138
00:07:32,400 --> 00:07:35,480
people hear that. 
And we discovered this, pulled 

139
00:07:35,480 --> 00:07:38,480
these corporate documents, 
verified this information and 

140
00:07:38,480 --> 00:07:43,800
then we sent out emails to 
Binance, US wire etcetera asking

141
00:07:43,800 --> 00:07:46,360
them, hey, are you aware of this
information? 

142
00:07:46,800 --> 00:07:50,160
Do you have any extra context 
you can provide us things like 

143
00:07:50,160 --> 00:07:53,200
that and so? 
We finally published this piece 

144
00:07:53,240 --> 00:07:58,560
on June 5th discussing these 
vast corporate disarray at wire.

145
00:07:59,200 --> 00:08:04,720
And then on June 16th, 11 days 
later, we enter the final era of

146
00:08:04,720 --> 00:08:08,720
wire, the wind down era you 
mentioned where supposedly they 

147
00:08:08,720 --> 00:08:12,640
shut down all operations and 
started returning all these 

148
00:08:12,640 --> 00:08:16,080
funds to customers two weeks 
after the final balance had been

149
00:08:16,080 --> 00:08:20,040
transferred from. 
For finance US over to wire, 

150
00:08:20,160 --> 00:08:23,480
this information about wire is 
published and then Wire needs to

151
00:08:23,480 --> 00:08:25,920
shut down. 
This makes me think of two 

152
00:08:25,920 --> 00:08:30,360
things, which is 1. 
The I know the Tai Chi documents

153
00:08:30,360 --> 00:08:34,400
were different than this. 
This isn't what the Tai Chi 

154
00:08:34,400 --> 00:08:37,679
documents were necessarily 
about, but it does remind me of 

155
00:08:37,679 --> 00:08:41,400
them in that it's like we're 
watching this weird game of 

156
00:08:41,400 --> 00:08:46,680
hopscotch transpire in crypto, 
where like, companies and people

157
00:08:46,680 --> 00:08:53,280
spin up payment processors or 
buy parts of banks or whatever 

158
00:08:53,560 --> 00:08:57,640
to ensure that they can move 
real Fiat around. 

159
00:08:57,640 --> 00:08:59,920
Because they do. 
Turns out that Fiat is like 

160
00:08:59,920 --> 00:09:03,520
quite useful for paying your 
bills and living your life. 

161
00:09:03,600 --> 00:09:07,520
And so they need a way to access
the the Fiat monetary system. 

162
00:09:08,120 --> 00:09:10,960
And so they do these weird 
tricks. 

163
00:09:11,120 --> 00:09:14,240
And then it also makes me think 
of not just like Crypto Capital 

164
00:09:14,240 --> 00:09:17,440
Corp, but like other payment 
processors that we've discussed,

165
00:09:17,840 --> 00:09:22,600
evolve a bunch in Europe that 
end up, you know, getting used 

166
00:09:22,600 --> 00:09:25,440
up and spit out real quick. 
It doesn't seem like there's a 

167
00:09:25,440 --> 00:09:30,720
mechanism in place to stop this.
The mechanism in place here. 

168
00:09:31,120 --> 00:09:34,640
As we've kind of discussed is in
theory regulators and the 

169
00:09:34,640 --> 00:09:38,160
problem is that regulators are 
not incentivized to do the kind 

170
00:09:38,160 --> 00:09:40,640
of regulation that would 
actually stop this kind of thing

171
00:09:40,640 --> 00:09:43,320
from happening. 
You mentioned Evolve Bank and 

172
00:09:43,320 --> 00:09:47,960
Trust and they are an annoying 
little wrinkle in some of my 

173
00:09:47,960 --> 00:09:50,040
side. 
Sometimes cryptocurrency thing 

174
00:09:50,040 --> 00:09:54,160
called Juno entered into a 
contract with Evolve Bank and 

175
00:09:54,160 --> 00:09:57,800
Trust for a digital currency 
custody account agreement. 

176
00:09:58,120 --> 00:10:00,680
And what was strange about this 
agreement is that after the 

177
00:10:00,680 --> 00:10:04,560
collapse of FTX, Evolve Bank and
Trust came out and made their 

178
00:10:04,760 --> 00:10:09,280
statement that we do not offer 
crypto custodial services. 

179
00:10:09,640 --> 00:10:11,680
But here we go. 
There's a digital currency 

180
00:10:11,680 --> 00:10:15,400
custody account agreement that 
states that a digital currency 

181
00:10:15,400 --> 00:10:18,840
custody account will be made 
available to eligible consumers 

182
00:10:18,840 --> 00:10:21,840
by Evolve Bank and Trust. 
So this is a bank seemingly 

183
00:10:21,840 --> 00:10:24,320
confused on what services they 
offer instead of a payment 

184
00:10:24,320 --> 00:10:29,600
processor, but broadly similar. 
And I believe, though could not 

185
00:10:29,600 --> 00:10:34,240
get evolved to admit to the fact
that I believe their custody 

186
00:10:34,240 --> 00:10:38,040
services were eventually 
contracted out to like Wire, who

187
00:10:38,040 --> 00:10:41,360
was contracting with Synapse for
their custody of crypto assets 

188
00:10:41,360 --> 00:10:43,520
or something like that. 
But again, we're talking about 

189
00:10:43,520 --> 00:10:46,120
some of these same firms. 
I saw your face move when I said

190
00:10:46,120 --> 00:10:47,600
one of those names. 
We're talking about some of 

191
00:10:47,600 --> 00:10:50,040
these same firms who are 
embroiled in some of this, like 

192
00:10:50,040 --> 00:10:53,840
they're providing financial 
services to shady businesses and

193
00:10:53,840 --> 00:10:56,520
doing it by creating a variety 
of different entities. 

194
00:10:56,760 --> 00:11:00,000
In which responsibilities are 
moved around contractually to 

195
00:11:00,000 --> 00:11:01,960
hide who is providing what 
services? 

196
00:11:02,000 --> 00:11:05,160
I guess the best example that I 
can always mention that everyone

197
00:11:05,400 --> 00:11:11,920
or most people recall is EOS, 
the cryptocurrency that through 

198
00:11:12,040 --> 00:11:18,560
Block .1 raised $4 billion and 
got given a, I don't know what 

199
00:11:18,560 --> 00:11:21,680
it was like a $20 million fine 
or something from the SEC. 

200
00:11:21,680 --> 00:11:25,400
And so when you think about 
that, when you go, oh, the fine 

201
00:11:25,400 --> 00:11:28,640
that they had to pay for raising
billions of dollars was nothing.

202
00:11:28,880 --> 00:11:33,200
It always is worth it to break 
the law if that's going to be 

203
00:11:33,200 --> 00:11:35,920
the end result, right. 
And so I look at these payment 

204
00:11:35,920 --> 00:11:38,560
processors that you're talking 
about, whether it's wire, 

205
00:11:38,960 --> 00:11:41,760
whether we're talking about 
banks like Evolve or we're 

206
00:11:41,760 --> 00:11:46,320
talking about payment processors
like Synapse, Like it seems like

207
00:11:46,320 --> 00:11:50,040
it's worth it for them always to
take the risk of onboarding 

208
00:11:50,840 --> 00:11:55,920
customers who might not be the 
most honest actors in the world.

209
00:11:55,920 --> 00:11:59,840
The end result at worst is, oh, 
we have to wind down. 

210
00:12:00,320 --> 00:12:04,520
And the best result is being 
like, oh, we gave them their 

211
00:12:04,520 --> 00:12:05,960
money back and we're just going 
to keep going. 

212
00:12:06,040 --> 00:12:09,920
So the worst result is Reggie 
Fowler being sentenced to 

213
00:12:09,920 --> 00:12:13,080
prison, right? 
I think what he was doing very 

214
00:12:13,080 --> 00:12:17,840
clearly is a like a definitive 
line of difference between what 

215
00:12:17,840 --> 00:12:20,280
we're talking about here and 
what happened back in 

216
00:12:20,280 --> 00:12:22,680
20/17/2018. 
I think you're right. 

217
00:12:22,720 --> 00:12:24,680
We've talked about some of this 
before, right? 

218
00:12:24,840 --> 00:12:27,880
Regulators, if they lack the 
political will and if broadly 

219
00:12:27,880 --> 00:12:30,600
there's not kind of a societal 
political will to go after this 

220
00:12:30,600 --> 00:12:32,000
type of thing, it doesn't 
happen. 

221
00:12:32,320 --> 00:12:36,480
And you and I have pointed to in
the past like the 2008 great 

222
00:12:36,480 --> 00:12:41,520
financial crisis. 
And the utter unwillingness for 

223
00:12:41,640 --> 00:12:44,360
prosecutors to really bring 
meaningful criminal charges 

224
00:12:44,360 --> 00:12:47,360
against anyone, and for 
regulators to even really 

225
00:12:47,360 --> 00:12:51,040
seriously engage with meaningful
civil penalties against most of 

226
00:12:51,040 --> 00:12:55,080
the worst actors kind of set a 
tone that has persisted for the 

227
00:12:55,080 --> 00:12:59,440
next 15 years that has prevented
any serious engagement with 

228
00:12:59,440 --> 00:13:02,680
white collar crime and 
especially white collar 

229
00:13:02,680 --> 00:13:04,480
misbehavior. 
Right. 

230
00:13:04,480 --> 00:13:08,240
Like white collar things that 
aren't legal but maybe aren't 

231
00:13:08,240 --> 00:13:09,920
going to actually get you sent 
to prison. 

232
00:13:10,080 --> 00:13:13,080
We're not even willing to like 
grapple with that stuff, you 

233
00:13:13,080 --> 00:13:15,600
know. 
And so I think that is broadly a

234
00:13:15,640 --> 00:13:18,360
failure of our kind of white 
collar regulatory system. 

235
00:13:18,440 --> 00:13:21,760
Yeah, it's unfortunate because 
the the people who got punished 

236
00:13:21,760 --> 00:13:24,760
the most, I don't know, sex 
workers in Nevada or something 

237
00:13:24,760 --> 00:13:27,800
where it's actually even totally
legal to be doing what they're 

238
00:13:27,800 --> 00:13:30,560
doing. 
But it becomes increasingly 

239
00:13:30,560 --> 00:13:34,720
difficult to have a bank account
or to process payments or 

240
00:13:34,880 --> 00:13:36,840
whatever. 
Only fans has issues with this, 

241
00:13:36,840 --> 00:13:39,200
right? 
There's like, there's legitimate

242
00:13:39,200 --> 00:13:44,800
businesses doing real stuff and 
working with people who maybe 

243
00:13:45,160 --> 00:13:48,760
struggle to get banking or 
struggle to find places where 

244
00:13:48,760 --> 00:13:52,400
they can keep their money. 
Meanwhile, these white collar 

245
00:13:52,400 --> 00:13:54,800
criminals are doing stuff like 
spinning up their own payment 

246
00:13:54,800 --> 00:13:57,440
processors, buying parts of 
banks and then they end up 

247
00:13:57,440 --> 00:13:59,560
getting away with it. 
They end up not having to do 

248
00:13:59,560 --> 00:14:04,720
time, except for Reggie Fowler, 
except for like, you know, and I

249
00:14:04,720 --> 00:14:08,320
say Ravid and and Oz Yosef. 
But they're not going to do time

250
00:14:08,320 --> 00:14:09,560
either because they're in 
Israel. 

251
00:14:09,760 --> 00:14:12,160
So they're never going to, 
they're never going to face, you

252
00:14:12,160 --> 00:14:13,400
know, they're never going to pay
the piper. 

253
00:14:13,560 --> 00:14:17,360
They're going to just be out 
there, you know, Never, never 

254
00:14:17,360 --> 00:14:19,880
having to come back to the US 
and never getting shipped back 

255
00:14:19,880 --> 00:14:21,600
to the US. 
It's really unfortunate because 

256
00:14:21,760 --> 00:14:25,280
on one hand, the people who I do
want to see get helped are like 

257
00:14:25,280 --> 00:14:26,800
they're the ones getting the 
most punished. 

258
00:14:27,000 --> 00:14:29,840
And the people who deserve to 
get punished just keep spinning 

259
00:14:29,840 --> 00:14:32,000
up their bullshit for the worst 
people around. 

260
00:14:32,040 --> 00:14:35,520
Yeah, I I think there's 
definitely a bit to that and the

261
00:14:35,520 --> 00:14:38,400
other point I want to emphasize.
Is like that. 

262
00:14:38,400 --> 00:14:42,720
It was not incredibly difficult 
to determine that like these 

263
00:14:42,720 --> 00:14:46,200
entities Wire was using like 
that one entity had already been

264
00:14:46,200 --> 00:14:49,280
liquidated, another was in 
liquidation with the liquidator 

265
00:14:49,280 --> 00:14:52,440
being a fraudster that, like the
person who claimed he was no 

266
00:14:52,440 --> 00:14:55,480
longer CEO, was still listed as 
CEO on multiple annual reports. 

267
00:14:55,840 --> 00:14:59,680
This was all known, and what 
that means is that everyone who 

268
00:14:59,680 --> 00:15:03,040
was still choosing to work with 
Wire reasonably could have 

269
00:15:03,040 --> 00:15:05,640
determined that and many of 
these entities that were still 

270
00:15:05,640 --> 00:15:07,640
working with Wire, at least 
ostensibly. 

271
00:15:08,360 --> 00:15:12,440
Have compliance departments and 
things whose job, at least on 

272
00:15:12,440 --> 00:15:15,480
paper, is to make sure they're 
not working with that kind of 

273
00:15:15,480 --> 00:15:19,000
partner. 
And So what it really emphasizes

274
00:15:19,000 --> 00:15:24,360
to me is how thin the veneer of 
something like Binance US is, 

275
00:15:24,360 --> 00:15:26,720
Compliance department really is.
Right. 

276
00:15:26,880 --> 00:15:29,760
They'll bring in whatever names 
they want from whatever former 

277
00:15:29,760 --> 00:15:33,520
Regulatory agency has someone 
leaving out the revolving door, 

278
00:15:33,800 --> 00:15:35,840
right? 
They'll hire whatever biggest 

279
00:15:35,840 --> 00:15:38,920
name they can, but their ability
to actually interface with 

280
00:15:38,920 --> 00:15:41,640
making sure their partners, 
their vendors, whatever are 

281
00:15:41,640 --> 00:15:45,400
compliant is nonexistent. 
I think that though we've talked

282
00:15:45,400 --> 00:15:47,800
a lot about payment processors 
today, it's important to 

283
00:15:47,800 --> 00:15:52,480
remember that technically Cast 
Coins Send is not a payment 

284
00:15:52,480 --> 00:15:55,360
processor because we're not 
actually licensed in any 

285
00:15:55,360 --> 00:15:58,720
jurisdictions. 
What we consider ourselves as is

286
00:15:58,880 --> 00:16:02,640
a payment manager. 
You intend to make a payment and

287
00:16:02,640 --> 00:16:06,200
we just manage it until it's 
done and that's it. 

288
00:16:06,240 --> 00:16:09,600
That's why we don't have any 
licenses in any jurisdiction 

289
00:16:09,600 --> 00:16:12,480
also to protect ourselves and to
protect our customers really. 

290
00:16:13,560 --> 00:16:15,880
So I just want to make sure that
everybody understands that that 

291
00:16:15,880 --> 00:16:18,640
this is in your best interest as
well as ours. 

292
00:16:19,080 --> 00:16:22,720
And if you look at our terms of 
service, there is a pinky swear 

293
00:16:22,920 --> 00:16:27,200
that we're not going to take 
your take your funds and we take

294
00:16:27,200 --> 00:16:30,040
that very seriously. 
And we promise none of our 

295
00:16:30,040 --> 00:16:32,640
entities are currently in 
liquidation controlled by a 

296
00:16:32,640 --> 00:16:35,120
convicted fraudster. 
Wait, we do?