BREAKDOWN: Would a Genesis Bankruptcy Actually Be Good for Crypto?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 January 2023
⏱️ 17 minutes
🧾️ Download transcript
Summary
Numerous outlets are reporting that a prepackaged bankruptcy is nearing completion.
Yesterday, news outlets started reporting that a prepackaged bankruptcy for DCG subsidiary Genesis was close to completion. On today’s episode, NLW looks at the community’s reaction on whether this would be a good or bad thing for the space. He also reviews news that FTX bankruptcy CEO John J. Ray III is open to restarting the exchange.
(CoinDesk is an independent subsidiary of DCG.)
-
Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.
-
“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Cemile Bingol/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:20.3 | What's going on, guys? It is Thursday, January 19th, and today we're discussing whether |
| 0:24.7 | a Genesis bankruptcy might actually be good for the crypto industry. Before we dive into that, |
| 0:30.6 | however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a |
| 0:34.3 | review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit. |
| 0:40.7 | ly slash breakdown pod. All right, friendos, we are back with another discussion of 2020 |
| 0:46.7 | cleanup, although today's news, I would argue, could be a heck of a lot more bullish than it |
| 0:53.0 | might seem at first. So, of course, |
| 0:55.6 | one of the biggest outstanding questions after the fall of FTX has been how far the fallout |
| 1:01.8 | and contagion might go. And fallout there has been. For example, there has been a significant |
| 1:07.6 | chilling of the relationship between the crypto industry and the Washington |
| 1:10.9 | DC establishment. However, frankly, the main short-term thing that people have been worried about |
| 1:16.2 | is whether the collapse of FTX would cause other crypto-institutional failures. In that context, |
| 1:22.1 | the biggest spotlight has been on Genesis and its parent company Digital Currency Group or |
| 1:27.0 | DCG. |
| 1:28.3 | I say this every time, but DCG is also the parent group of CoinDesk. |
| 1:32.2 | Now, Genesis was hit hard in the Three Arrow's capital collapse. |
| 1:36.3 | They lost about $2.4 billion in loans out to the hedge fund, and ultimately ended up their |
| 1:40.8 | biggest creditor with a $1.2 billion claim after liquidating collateral. |
| 1:45.6 | That claim was eventually moved over to the books of DCG, a move which would later |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.