The Crypto Reckoning Continues

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 January 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

NLW profiles another brutal week in the crypto computation and cleanup following the disasters of 2022. He examines: Celsius ex-CEO Alex Mashinsky sued by NYAG 3AC subpoenaed via Twitter Silvergate laying off 40% Genesis laying off 30% And more Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW Disclaimer: DCG is the parent company of CoinDesk. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Image credit: CSA Images/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	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 CoinDes.
0:20.4	What's going on, guys?
0:21.6	It is Friday, January 6th, and Boyle Boy is the Crypto Reckoning continuing.
0:27.8	We are going to talk all about that today.
0:29.8	But before we do, if you are enjoying the breakdown, I would so appreciate it if you would
0:33.5	take the time to go subscribe to it, leave it a rating, leave it a review, or if you want
0:37.9	to dig deeper into the conversation, come join us on the Breakers Discord. You can find a link in the
0:42.7	show notes or go to bit.ly slash breakdown pod. All right, friends, happy Friday. It's only the
0:48.0	first week of the year and we clearly already need a Friday. Yesterday, Delphi lawyer Gabriel
0:52.8	Shapiro wrote, we're looking at an almost total legal and financial wipeout of the crypto kingpins,
0:58.7	ready to rebuild from scratch. And that, I think, is pretty much the state of it.
1:03.7	Yesterday was just another ravaging day in the reckoning and crypto cleanup following
1:07.5	2022's crises. Going in no particular order will start with Celsius.
1:12.8	New York State's Attorney General Letitia James has sued, former Celsius CEO Alex
1:17.2	Michinsky, for defrauding hundreds of thousands of investors by making false statements
1:21.6	about the financial health of the company.
1:23.6	Raising allegations dating back to 2018, the state intends to seek a court-ordered ban on
1:28.1	Mishinsky doing business in New York State, as well as damages and restitution for harmed
1:32.2	investors, according to a statement released on Thursday. The statement alleges that, quote,
1:36.5	as the former CEO of Celsius, Alex Mishinsky promised to lead investors to financial freedom,
	...

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