THE HASH: The Final Straw for Genesis; Gemini’s Cameron Winklevoss Threatens to Sue DCG's CEO
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 January 2023
⏱️ 25 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Friday, Jan. 20, 2023.
"The Hash" group discuss today's top stories: Genesis Global Holdco LLC, the holding company of troubled cryptocurrency lender Genesis Global Capital, filed for Chapter 11 bankruptcy protection in New York after being pummeled by two of 2022's biggest industry collapses. Both Genesis and CoinDesk are owned by the Digital Currency Group. Plus, the latest leadership confirmation at one of the largest crypto exchanges, Huobi.
See also:
Genesis Owes Over $3.5B to Top 50 Creditors
Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure
Huobi, Confirming Justin Sun as Leader, Takes Aim at 'Rat Trading'
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:10.3 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, |
| 0:15.1 | with stories that matter to the crypto world, all on the hash for your ears. |
| 0:23.8 | You're listening to the Coin Desk Podcast Network. |
| 0:32.2 | Welcome to Coin Desks, The Hash, and Will Foxxley, joined by Sam Kessler and Adam B. Levine. |
| 0:37.3 | It finally happened, guys. Last night, Genesis Capital Files for Chapter 11 bankruptcy. We've been waiting for this since |
| 0:39.1 | November. We didn't want it to happen, but we did think it was going to happen for quite a while. |
| 0:43.6 | Let's dig into this news as it is hot off the press. So late last night, late Thursday night, |
| 0:49.2 | Genesis Capital filed for Chapter 11 bankruptcy. We're still finding out what that means, but we do know they have about |
| 0:55.1 | $3.5 billion in liabilities, over 100,000 creditors ranging from DRW to FTX and many others. |
| 1:04.1 | This is a huge bombshell for the crypto industry, of course. This follows after Celsius, |
| 1:10.2 | Voyager, Terraluna, 3AC, FDX, and now Genesis. |
| 1:15.0 | So the other shoe has definitely dropped. Adam, we're going to throw a story over to you to get some |
| 1:19.5 | thoughts on it. We have so many headlines to pick our way through this morning. There's a lot of |
| 1:23.7 | money on the table and a lot of heads are about to roll. Yeah, this is definitely one |
| 1:28.4 | that's been a long time coming, much anticipated sort of since the collapse of FTX back in |
| 1:32.5 | November. It was sort of anticipated that this would happen and now we have indeed seen it come |
| 1:36.7 | to fruition. So the kind of one of the interesting things that jumped out to me on this, |
| 1:40.7 | not necessarily the right place to start here, but something that's interesting is that the largest creditor on FTX's books is actually Genesis, which sort of just goes |
| 1:50.3 | to show the interconnectedness that exists between all of these larger centralized financial |
| 1:54.8 | institutions that are really operating primarily in the world of cryptocurrency. So that's |
| 1:59.2 | why you get these kind of these aggressive contagion rounds, right? It's kind of like the world of cryptocurrency. So that's why you get these kind of these aggressive |
... |
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