Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, July 5th, and today we're talking about why the Winkle

Vosses have had it. Before we dive into that, however, if you were enjoying the breakdown,

please go subscribe to it, give it a rating, give it a 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.ly slash breakdown pod. Well, friends, today we are talking about a bit of a bomb that was

dropped by Cameron Winklevoss on Monday night just before the U.S. Independence Day holiday.

And I think it's important context that as we are starting to finally feel like things are

coming back in the crypto space and are less

nervous and more have turned a corner, maybe, you have to remember that coming off of FTX and

turning the corner on 2023, the big hanging chat in the industry was DCG.

There was a time there where it seemed pretty clear like DCG was going to go under.

Now then, by February, things started to seem like they might be getting a little bit better.

And meanwhile, the banking crisis happened and there was a new narrative for Bitcoin and

things started to come back. But this issue, as we'll see, remains very unresolved.

So, as I said, on Monday night, Gemini co-founder Cameron Winklevoss began the holiday

with a bang, publicly making a final offer in the ongoing Genesis bankruptcy. Winklevoss tweeted

out an open letter to Barry Silbert, the CEO of Digital Currency Group, which owns a controlling

stake in Genesis. He pointed out that it has been now almost eight months since the

crypto lender halted withdrawals, impacting over $1.2 billion in assets loaned out by Genesis earned

customers. Now, as I mentioned, a deal to resolve the bankruptcy looked close in February. However,

...