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Unchained

Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? - Ep. 440

Unchained

Laura Shin

Tech News, Business News, News

4.61.3K Ratings

🗓️ 6 January 2023

⏱️ 41 minutes

🧾️ Download transcript

Summary

Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate. Show highlights: how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi whether the assets of DCG and Genesis are commingled what Gemini’s options are if DCG does not commit to cooperate whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram why it is relevant whether Genesis has a liquidity issue or an insolvency one whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy if DCG goes under, what would happen to Grayscale whether Valkyrie is going to become the hero and save GBTC why DCG needs to accept the credit committee terms, according to Ram Thank you to our sponsors! Crypto.com Guest Ram: Twitter Ram Ahluwalia’s thread on Fir Tree and Valkyrie Previous appearances on Unchained: Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Previous coverage of Unchained on DCG and Genesis:  ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months Is the Collapse of Crypto Lending Over, or Is It Just Starting? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Genesis: Unchained:  ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’  Genesis CEO Says Firm Needs More Time to Find a Solution Genesis Warns of Bankruptcy If Funding Plans Fail: Report Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Grayscale Ethereum Trust Trades at Record 60% Low Against Ethereum - Decrypt The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger' FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi, everyone. Welcome to Unchained, your no-high resource for all things crypto. I'm your host,

0:08.8

Laura Shin, author of The Crypto Peans. I started recovering crypto seven years ago, and as

0:13.9

a senior editor, Forbes was the first mainstream media reporter to cover cryptocurrency full-time.

0:18.8

This is the January 6, 2023 episode of Unchained. Need to keep up with the biggest news in crypto?

0:25.3

Get Unchained in your email Monday through Saturday. Go to unchaincrypto.substac.com to subscribe.

0:31.9

This episode is brought to you by London Business School. Looking to accelerate your business,

0:36.7

or understand the opportunities in AI or ESG, are you thinking about taking the plunge

0:41.6

into entrepreneurship, or about what leadership skills will take you to the next level?

0:46.1

To listen to the latest insights and discussion from LBS faculty, subject experts and industry

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insiders, look for podcasts from London Business School. Navigate the now, and be prepared for

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what's next, with London Business School. The monopoly game is back at McDonald's, and guess what?

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It's still twice as nice, because with double peel, you can peel on pack. Then peel again on the

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HBO and gaming laptops, to be holiday vouchers, a thousand pounds in cash, plus tons of other

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