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Unchained

'The Last Big Whale': Why the Crypto Contagion of 2022 Eventually Hit Genesis - Ep. 426

Unchained

Laura Shin

Business News, News, Tech News

4.61.3K Ratings

🗓️ 29 November 2022

⏱️ 72 minutes

🧾️ Download transcript

Summary

Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations.    Show highlights: what will happen with Genesis and its parent company DCG where the insolvency of Genesis might have come from how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion how the Terra collapse kickstarted a ton of contagion effects in crypto companies Alex's story of why he did not invest in Alameda in 2018 whether it is possible to prevent the "FTXs of the future" the importance of assessing the quality of collateral assets the story of when SBF called DeFi a "Ponzi black box" the mystery of where FTX Ventures got the $2 billion it planned to invest    Take Unchained's 2022 survey!   Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!  Thank you to our sponsors! Crypto.com Chainalysis Minima   Michael: Twitter Previous Unchained episodes: Is the Collapse of Crypto Lending Over, or Is It Just Starting? Alex: Twitter     Episode Links Previous coverage of Unchained on Genesis and FTX:   Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater  Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC   Genesis: Unchained:  Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'   FTX Collapse: First declaration document Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen SBF tweet: FTX files for Chapter 11 bankruptcy protection Bloomberg: Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey, everyone, just a quick note before we begin.

0:03.4

Unchained is doing its annual survey.

0:05.4

Head to surveymonkey.com slash R slash Unchained 2022,

0:09.4

to tell us how you think we're doing and how we can improve,

0:12.1

whether we're being on the podcast,

0:13.5

in the newsletter, or in our premium offering.

0:15.7

Looking forward to hearing your thoughts.

0:17.6

Again, the link is surveymonkey.com slash R slash Unchained 2022.

0:22.6

You can also check the show notes for the link.

0:25.0

Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto.

0:32.7

I'm your host, Laura Shin, author of The Crypto Pients.

0:36.3

I started carving crypto seven years ago,

0:38.3

and as a senior editor, Forbes, was the first meat remeter porter

0:41.6

to cover cryptocurrency full time.

0:43.5

This is the November 29th, 2022 episode of Unchained.

0:47.5

Unchained daily is now on substack for your recap of news and market updates.

0:51.9

Plus, you can now upgrade to Unchained Premium,

0:54.0

which includes new perks directly through substack.

0:57.0

Visit Unchainedcrypto.substack.com to subscribe.

1:00.9

Minima is a new layer one blockchain designed to run in full on a smartphone.

1:06.0

Join over 300,000 Minima node runners on the incentive program today

1:10.2

to start earning every month until main net launch.

...

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