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How much of a washout have we had. And is there more downside to
come. Let's set the stage. Good morning. Good morning.

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I think that pretty much every bad news is already priced in.
That's why we saw the downturn the excessive downturn that we

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had in crypto. And you know a testament to the fact that
everything is priced in is the fact that now we are up almost 4

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percent on very bad news which is that a crypto lender Celsius
has filed for Chapter 11 and the market is rally all that.

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I mean I want to flesh that out in a bit more detail because
from the details we know that the assets and liabilities amount

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to something the vicinity of 1 to 10 billion dollars according
to the Chapter 11 filing. I mean there is not a narrow range.

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It's quite wide. I understand that. But either way it's a
significant amount of money. What are the counterparty risks

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that could emerge from this filing. Celsius is a different beast
is different animal than some of the other filings that we've

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had earlier on in the year.
Yeah the unfortunate fact here is that they have a lot of retail

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clients and creditors so small investors who have been locked
out of their money with bad prospects of them recovering the

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assets and mind next team. Hearts go out to them you know in
terms of contagion and how this spreads out they are unsecured

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creditors will which will have a hard time recovering their
assets. Our understanding is that the hole was as big as two

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billion dollars. So that's why nobody could come in and save the
day. But in terms of contagion you know it already has spread

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out. Liquidations have occurred through the various lenders and
creditors. And I think that we have found an interim bottom

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here.
So as you said the market rallied on the back of their Celsius

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use. Where does next so fit into this. Are you each united
looking at certain assets from Celsius involved. So is this.

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Is this a prime opportunity for you to grow next so and pick up
some assets in this consolidation round. Well we're a very

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different beast. Like we never got called up in under an uncle
or lies lending like Celsius unfortunately. Debt or speculative

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bets.
Proprietary directional bets with clients money. So words apart

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from what we and Celsius have been doing. We reached out to them
was sort of this. We heard there's trouble in an effort to help

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ease with their liquidity that we're not engaging. And you know
we see the situation as is we are very strong financially.

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That's why we have engaged with somebody like gold you know a
business that is strong in terms of infrastructure client base

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traction in Southeast Asia. We are in the due diligence process
10 days in 50 more to go to acquire them 100 percent because

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this is a solid business and there will be opportunities like
that you know having build up the equity buffer and the right

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protection mechanisms and the right business model also in the
likes of FTSE are now in a position to help consolidate certain

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aspects of the business for the better a better aunt of the
higher place.

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The co-founder of next so it's George Shoe. We understand that
there's a legal fight underway for a big chunk of

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cryptocurrency. What is the status of the litigation.
Well this is an old dispute that has now been resolved by the

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English courts for which we are grateful. Ruling was in favor of
next. So it concerns several million dollars that are ours and

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we are in the process of receiving them back.
You know it's an unfortunate situation but an institution like

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ours you know we manage billions and billions of dollars at the
peak. Sixteen billion right now after a 70 percent crash over

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six billion dollars. So these are trivial numbers that
you know show that we have the right mechanisms to protect our

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clients because no customer funds whatever is risk. If push
comes to shove this would have been covered by us by our equity.

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So no testimony to the robustness of our security systems.
What is this story and what is this story with SC is due to the

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regulation narrative.
Yeah I mean obviously regulators have been looking at this base

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since it grew exponentially over the past few years and now that
there's trouble they're even more worried about consumer

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protection. We understand that. That's why we for instance have
gone the extra mile of securing all the different licenses

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throughout the world. We have 40 plus different licenses and
register registrations as we run a global enterprise. We have

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been very closely engaged with regulators in the United States
on the state and federal level in an attempt to you know devise

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the right amount of regulation and the proper regulation that A
ensures a consumer protection but B allows for businesses to

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grow function and scale properly in a way that is sustainable.
And then as entrepreneurs this is all we can hope for. I think

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it's a net positive. And you know anything from Joe Biden's
order that says the crypto is here to stay true what we have

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been seeing the Securities and Exchange Commission do is a net
positive for the space.

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I mean the big debates right now is about cost pressures. And we
saw the hot inflation data U.S. CPI coming in higher than 9

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percent. There is a growing part of the market that's beginning
to think that the Fed might go 100 basis points in the next

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meeting. If there are more rate hikes or if there is the
expectation of more rate hikes if we see a stronger greenback

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broader risk aversion how much could that kind of model that
picture for cryptocurrency is how much of that is already priced

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in.
Well this is the macro economic picture. Changing dramatically

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for all types of assets is no it's not just crypto. Obviously
here is slightly exacerbated because it's a name mason industry.

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But you know the markets are discounting mechanisms. So we saw
inflation coming. That's why Bitcoin rallied from 4000 to

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oversee 70000. Now it's reversing some of the gains because of
the changing picture. And there has been a stream of negative

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news which I believe are already priced in. The space has
deleveraged significantly. So I think and hope that from here it

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can only
get better. So my preference would be for a relief rally towards

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30000. Can we go to 15 17. Sure we can. But they're at latest. I
think that the bull market will continue.