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.

The breakdown is sponsored by nexo.io, circle, and crackin, and produced and distributed by CoinDest.

What's going on, guys? It is Wednesday, November 16th, and today we are catching up on

FTX contagion, as well as some interesting things from the macro world. Before we get into that,

however, if you are enjoying the breakdown, please go subscribe to it, give it a listen,

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. All right, guys, how is everyone doing out there? Now, I mentioned it

yesterday, but I wanted to tell you again about the upcoming Grateful for Bitcoin series next week.

I've started recording those

interviews as of today, including one about Bitcoin Gasflare mining today that I think

you're really going to like. I also want to say welcome once again to Cracken as a partner

for the breakdowns back to basics theme throughout the rest of this year. Now today, I want to

catch up on a few of the macro stories we've missed, as we've been

very understandably focused on the crypto industry, but unfortunately first we do have to

look at the latest contagion from FTX's collapse.

Genesis trading is one of the larger players in the institutional crypto space.

They're one of the crown jewels in the digital currency group Empire, which should be noted also

includes CoinDesk. Their lending arm is called Genesis Global Capital, and at the end of the third

quarter, it had $2.8 billion in total active loans. Now, Genesis has had a rough year. They

suffered nine-figure losses, a few hundred million dollars through their exposure to Three

Arrow's capital and Babel Finance earlier this year. In June, Michael Morrow said, as we already

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