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VOICE ARCHIVE

@hodlkryptonite

@hodlkryptonite
31 posts
2023-01-21
1/n - Now that Genesis has declared bankruptcy - what's next from here?
2023-01-21 View on X
Bloomberg

Crypto lender Genesis Global files for Chapter 11 bankruptcy in New York, listing the estimated range for both assets and liabilities as between $1B and $10B

the parent company of Genesis - continue to refuse to offer creditors a fair deal. Fred Walton / @fredwalton216 : 1) Crypto thread on January 19. DCG allegedly has received offers ...

2023-01-20
1/n - Now that Genesis has declared bankruptcy - what's next from here?
2023-01-20 View on X
Bloomberg

Crypto lender Genesis Global Capital files for Chapter 11 bankruptcy in New York, listing the estimated range for both assets and liabilities between $1B-$10B

Cryptocurrency lender Genesis Global Capital filed for bankruptcy, the latest firm to collapse in the aftermath of FTX's swift downfall.

2022-12-19
1/n - Unpacking the mess that is $GBTC right now https://www.wsj.com/...
2022-12-19 View on X
Wall Street Journal

Investor letter: Grayscale CEO Michael Sonnenshein details options if the Grayscale Bitcoin Trust's ETF plans fail, including a tender for outstanding shares

Michael Sonnenshein attempts to assuage fears of Grayscale Bitcoin Trust investors after collapse of FTX

2022-12-07
Sushi tokenomics update - rugging xsushi holders for 1 year for the team https://forum.sushi.com/...
2022-12-07 View on X
CoinDesk

Facing a large deficit in its treasury, DeFi protocol Sushi proposes diverting fees from the Kanpai protocol and reduces its runway requirement from $9M to $5M

Developers proposed to divert 100% of fees generated on the platform to Sushi's multisig for one year or until new tokenomics are implemented.

2022-11-23
1/n - Why DCG and Genesis will go bankrupt - All information from public sources.
2022-11-23 View on X
Bloomberg

Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG

Bloomberg :

4/n - First of all, from Barry's letter himself. DCG in aggregate owes 2.025bn. 1.675bn to Genesis and 350m to external creditors.
2022-11-23 View on X
Bloomberg

Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG

Bloomberg :

2022-11-22
11/n - However, given that they own close to 67m~ of GBTC - By dissolving GBTC - they can get ~1B at current prices. Of course the market would nuke down to probably 8k, with an avg sale price of ~12k? That would get them 750m. More than a 500m bid on Grayscale biz https://twitter.com/...
2022-11-22 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

November 2022 will be remembered as one of the worst months in the crypto industry's history. Matt Turner / Bloomberg : Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sou...

Given that DCG actually owns ~67m shares of GBTC, unwinding GBTC actually raises them 1B. This actually tilts the calculus towards unwinding GBTC vs trying to find a suitor for selling Grayscale to https://twitter.com/... https://twitter.com/...
2022-11-22 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

November 2022 will be remembered as one of the worst months in the crypto industry's history. Matt Turner / Bloomberg : Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sou...

Ok I guess this means they really are gg bankrupt. https://twitter.com/...
2022-11-22 View on X
Bloomberg

Sources: Genesis struggles to raise $1B+ funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it's warning potential investors …

1/n - Prediction - DCG will choose to unwind GBTC and send in 600k of BTC into the market for sale
2022-11-22 View on X
Bloomberg

Sources: Genesis struggles to raise $1B+ funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it's warning potential investors …

Given that DCG actually owns ~67m shares of GBTC, unwinding GBTC actually raises them 1B. This actually tilts the calculus towards unwinding GBTC vs trying to find a suitor for selling Grayscale to https://twitter.com/... https://twitter.com/...
2022-11-22 View on X
Bloomberg

Sources: Genesis struggles to raise $1B+ funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it's warning potential investors …

11/n - However, given that they own close to 67m~ of GBTC - By dissolving GBTC - they can get ~1B at current prices. Of course the market would nuke down to probably 8k, with an avg sale price of ~12k? That would get them 750m. More than a 500m bid on Grayscale biz https://twitter.com/...
2022-11-22 View on X
Bloomberg

Sources: Genesis struggles to raise $1B+ funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it's warning potential investors …

14/n - By selling Grayscale, he will give away the crown jewel to someone else for LESS money. By unravelling GBTC, he can get the money that he needs and restart this. The incentives are clear
2022-11-22 View on X
Bloomberg

Sources: Genesis struggles to raise $1B+ funding for its lending unit and warns potential investors that it may need to file for bankruptcy if its efforts fail

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it's warning potential investors …

14/n - By selling Grayscale, he will give away the crown jewel to someone else for LESS money. By unravelling GBTC, he can get the money that he needs and restart this. The incentives are clear
2022-11-22 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

November 2022 will be remembered as one of the worst months in the crypto industry's history. Matt Turner / Bloomberg : Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sou...

1/n - Prediction - DCG will choose to unwind GBTC and send in 600k of BTC into the market for sale
2022-11-22 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

November 2022 will be remembered as one of the worst months in the crypto industry's history. Matt Turner / Bloomberg : Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sou...

2022-11-21
This because DCG owns about 28m in shares. By unwinding Grayscale or GBTC, they can directly raise about 28m * (15-8) [nav-trading value] of USD. which works out to be roughly 200m...still short, but in a bankruptcy with no buyers, they will have to take this road https://twitter.com/...
2022-11-21 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

Grayscale will not show proof of reserves due to “security concerns,” after its bitcoin and ether products fell to all-time lows this week.

16/n - To conclude, IF DCG does indeed owe Genesis 1b, then it has no way to run or cut off to preserve the Grayscale biz. Barry is also unlikely to get any white knights to commit 1b in such mkt conditions. If GBTC gets unwound, we have 10b of BTC to sell
2022-11-21 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

Grayscale will not show proof of reserves due to “security concerns,” after its bitcoin and ether products fell to all-time lows this week.

1/n - IF DCG is indeed the entity that owes 1bn to Genesis - we are fucked.
2022-11-21 View on X
The Block

DCG's Grayscale refuses to share proof of reserves, citing “security concerns”, as Grayscale Bitcoin Trust reaches new lows and DCG's Genesis halts withdrawals

Grayscale will not show proof of reserves due to “security concerns,” after its bitcoin and ether products fell to all-time lows this week.

1/n - IF DCG is indeed the entity that owes 1bn to Genesis - we are fucked.
2022-11-21 View on X
Bloomberg

Crypto prices sink, with bitcoin dropping ~4% to ~$16.1K and ether ~7% to ~$1.1K, dragged down by the FTX saga, hacker offloading ether, and potential contagion

Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried's once powerful FTX empire.

If DCG owes the money to Genesis, then DCG has no choice but to unwind GBTC if it declares bankruptcy.... https://twitter.com/...
2022-11-21 View on X
Bloomberg

Crypto prices sink, with bitcoin dropping ~4% to ~$16.1K and ether ~7% to ~$1.1K, dragged down by the FTX saga, hacker offloading ether, and potential contagion

Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried's once powerful FTX empire.