Today Genesis and three Arrow's Capital Reach a deal over $1 billion in claims FTX sues bybit to recoup nearly a Billion dollars in its own bankruptcy Proceedings and naven Agy hry explains How his new app uses Ai and blockchain To filter out inaccurate information From social [Music] Media welcome to cnbc's crypto world I'm Kate Rooney digital currencies starting The week mixed as of noon Eastern Bitcoin dipped less than 1% trading Below that $37,000 level ether Rose more Than 1.2% and salana fell roughly 4 and A half% investors are still making sense Of the latest rally in crypto Kathy Wood Of Arc for instance just sold off $6 Million in grayscales Bitcoin trust and Crypto worlds T mckelle will be talking To her about that crypto strategy in a CNBC Pro talk tomorrow noon Eastern Pro Subscribers can submit questions to Kathy over at cnbc.com proot talk Okay let's talk about some of the top Stories Genesis has reached a deal on The $1 billion in claims from hedge fund Three arrows Capital according to a Court filing from last week 3ac agreed To a $33 million payment to cover its Claims against Genesis the deal would Also mutually release both companies From liability this latest deal is still Awaiting final approval which could come
At the end of November three arrows went Bankrupt back in the summer of 2022 and Genesis filed its own claim of 1 .2 Billion over the money it lent the hedge Fund then in January of this year Genesis also filed for bankruptcy in the Wake of ftxs collapse and speaking of FTX advisors for that company's Bankruptcy have sued crypto exchange by Bit to recover nearly a billion dollars According to the complaint which was Filed on Friday FTX wants to recoup Funds that bybit withdrew right before The exchanges collapse funds that are Now worth more than $950 million FTX claims that bybit used Its VIP status to access those funds and That VIP funds were prioritized in the Liquidity crunch we reached out to bybit About the lawsuit but haven't heard back Yet finally Venture Capital interest in Crypto is on the decline that's According to pitchbook which released Its third quarter crypto report today VC Interest in digital assets fell more Than 28% in Q3 to $1.8 billion the Number of deals also fell nearly 25% to 309 that's the lowest number since late 2020 pitchbook says the drop signifies Continued investor caution as tokens Like Bitcoin and ether traded lower in Q3 all right for our main story a new App meant to weed out misinformation From social media using Ai and
Blockchain Technologies set to launch in The US after Thanksgiving crypto world's Talia Kaplan spoke with the app CEO Navine Agy hot to find out how it works Why the two technologies might be Essential many people on social media Come across a lot of news articles and Sometimes it's hard to determine whether They're trustworthy and accurate but you Created an app which aims to solve that Problem it's fittingly called Trust app And it uses Ai and blockchain Technology To monitor feeds and I understand then a Green or red check mark is embedded to Notify users whether that news article Is in fact accurate and trustworthy Absolutely so how does AI and blockchain Technology work exactly to be able to Monitor these feeds absolutely so uh Before we talk about Trust app itself um Let's just take a step back and talk About the problem uh which is like you Pointed out misinformation and fake news Right all of us are just barage by Information from in our social media Feeds and everywhere that we look and It's coming from all different sources And you never know what to believe or What not to believe and um we sort of Looked at this and said can we use the Best of what is out there from from Technology perspective and can we solve The problem um and specifically we Wanted to break the problem into
Bite-sized chunks and solve it one piece At a time right so the piece that you Described is how we're starting out Which is um just say taking one thing Can we actually prove or indicate um uh Information Provence right which is um Uh uh this person is saying something Well is it actually true or not How Likely is it that they misre in their Source How likely is it that what They're saying is accurate can we just Put a little Mark there right there in Your feed so that you can just you know Get get a quick feel and if you hover Over our check mark that'll open up a Little window where you can actually see Our analysis we'll point you to the Original Source we'll say this is what We think actually happened um and this Is what um where things are actually Right now um so we want to give you a Quick view so that it doesn't obstruct Um what you're doing in your feed and we Also want to if you want to dig in you Can see how what our analysis was and How we arrived at the conclusion that we Arrived at so why is blockchain Technology specifically needed to prove Misinformation right so um this is Actually an interesting question right Um if you think about it at one level um If I were to tell you look you should Believe in this um don't this is Suspicious or whatever the first thing
That you should ask as a conscientious Consumer is naven why should I believe You right who am I um uh uh yes you know I'm I've been working with AI since 1992 But that doesn't mean that you should Believe me maybe I have some nefarious Uh intentions of my own you never know So the way that we looked at it was um Mo most importantly from a technological Perspective and from a uh sort of Institution perspective don't believe me Right so what we do is we actually uh Take pieces of content that are being Generated and we mint nfts for them we Put all the information on chain and We're doing that already and we've been Doing that for a few months now right so The idea is let's say CNBC publishes Some piece of content a video publishes An article whatever it is we will mint An nft that is actually owned by CNBC Right we're just the people who are Minting it and now um that information Represents uh a sort of piece of content That is enshrined in stone is it right Because it's in public blockchain um Anyone can point to it anyone can go Check it out it can never be Deplatformed it can never be removed This doesn't apply to CNBC so much Because um CNBC won't you know typically The content Won't Go Anywhere But in Reality content being generated and then It just goes away and then you have no
Idea what was said or what was not said Somebody takes it back whatever right so Um our goal is to use blockchain as a Permanent storage where we are um Publicly storing pieces of content and Then when we point you to in our Analysis that I mentioned earlier when We point you to a source we don't say Believe us we say look look at Blockchain this piece of content was Actually minted here it was originally Posted on June 5th or whatever and That's what we are pointing you to so Blockchain and using blockchain Technology is an integral part of what We're doing it sounds like it well Blockchain and AI are two of the most Transformative Technologies of our time And AI specifically has been getting a Lot of excitement lately especially with The Advent of things like chat gbt that Artificial intelligence chatbot so do You envision more collaborations between Ai and blockchain Technology absolutely I think um AI is uh has just caught in The public imagination although it's Been around for probably 80 years now Actually in some shape or other and There was a sort of an AI winter in the Late 20th century that were you know and But progress in AI has been very very Rapid in the last five years or so uh Since the original Transformers paper Came out and progress in blockchain has
Been very rapid for the past five years Or so as well so it's very natural that Um these two fields which are sort of The most emerging Technologies of today Will work together will come together in Different types of Endeavors we are Right now um just one of many approaches Where you can imagine uh so you have a Technology that has the ability to um Store things permanently to make things Ownable in new ways to make things Transfer um sort of uh proofs um in an Interesting ways and you have a Different type of Technology that allows You to um both understand content and Now generate new types of content in Completely new ways uh it's only a Matter of time before these two things Come together and there's many many Models by which this is going to happen We are just one of them so going back to Chat gbt that was developed by open Ai And that company's CEO Sam Alman over The summer launched his crypto project Called worldcoin which did in fact face Some backlash over privacy concern Concerns World coins identity Verification service uses retina Scanning so what was your reaction to That and the concerns over privacy Associated with it um I think those Concerns over privacy are well founded Right whenever anybody wants to take Your information and put it on chain or
Put a variant of it or a derivative of It on chain the question always is who's In charge um um who will control the Information and so on um when you put Something on blockchain especially a Public blockchain um it's there forever So it's really important uh to have the Controls in place to have sort of you Know either through regulation or Through some other means um yes I think It's a valid concern who's inone control Of that information how does how Decentralized is that chain how will we Manage all of this information that is On there now we can see the potential Benefits but you also have to look at The potential downsides absolutely so You're here in New York City now but You're based in Singapore which is a Crypto Hub so I'm curious to get your Take on what is crypto sentiment there And how does it compare to what you're Seeing here in America um so I'm Relatively new in Singapore we we um With my family we sort of YOLO to Singapore uh five years ago um and and It was nothing connected to crypto Actually at all it was a a startup uh That brought me there and it has been Very interesting to see um the different The difference between a place like Singapore and uh the US it's important To say Singapore is not the only place Like this but it's one of a handful of
Places that very that recognized very Early on that um here was a new type of Asset class here was a new type of way Of Um parties to interact with assets that Could revolutionize how um asset Management is conducted right and Cryptocurrencies and um these sort of You know these coins that were created Is just one aspect of it in reality um Large asset managers are managing Trillions of dollars and if you can Create efficiencies in just the way that These assets are constructed and Distributed you can change the game so They began to Singapore began a Concerted effort in this in like right Around the time when I moved to Singapore again not connected um but They began a considered effort to Attract cryptocurrency people and uh Crypto funds and investors and startups And there was a massive ecosystem um That built up there because they were Pointing they were sort of clearly Indicating what was welcome and um for Builders to come and build there a h who Is also the CEO of Cumberland Labs an Incubator for web 3 and blockchain Provides his 2024 outlook for the spaces You'll be able to catch his full Interview at cnbc.com cryptoworld okay That's all today for Cryptor we'll be Back again tomorrow with a lot more
We'll see you Then [Music]
