Genesis' Crypto Lending Businesses Files for Bankruptcy Protection

"There are market fears that the repercussions of the Genesis bankruptcy could somehow lead to the liquidation of GBTC's holdings of 600,000+ bitcoin."
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What a timing. BTC just got above 20,000 and this is gonna crash the party prematurely. Time to wrap up and go home, boys.
 
The total is $3.8bn across the top 50 creditors.

Biggest named Genesis Creditors:

• Gemini (Winklevoss twins): $765.9M
• Mirana (BitDAO and Bybit - Tether cartel): $151.5M
• Moonalpha (Babel Finance): $150M
• Coincident Cap: $112M
• Decentraland (lol): $55M
• VanEck: $53M
• Abra: $30M
• Cumberland (Binance market maker): $18.7M
• Stellar Foundation (shitty blockchain tech used by scammers) $13.2M

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We shall see if Gemini can absorb an 800 MM hit or they are going down too. Also supposedly:

"There's a $1.2bn IOU from DCG to Genesis that was used to cover up the hole from 3AC's insanely risky GBTC arb trades."
 
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No worries fake money will support crypto price for as long as needed. Stable coins and tokens created out of thin air have no fear;)
 
Pekelo said:
The total is $3.8bn across the top 50 creditors.

Biggest named Genesis Creditors:

• Gemini (Winklevoss twins): $765.9M
• Mirana (BitDAO and Bybit - Tether cartel): $151.5M
• Moonalpha (Babel Finance): $150M
• Coincident Cap: $112M
• Decentraland (lol): $55M
• VanEck: $53M
• Abra: $30M
• Cumberland (Binance market maker): $18.7M
• Stellar Foundation (shitty blockchain tech used by scammers) $13.2M

------------------

We shall see if Gemini can absorb an 800 MM hit or they are going down too. Also supposedly:

"There's a $1.2bn IOU from DCG to Genesis that was used to cover up the hole from 3AC's insanely risky GBTC arb trades."
More...


Gemini cannot as the twins will not spend a penny to save depositors.
 
To me it looks that this chain reaction from all these platforms going bankrupt is far worse then the printing of fiat currencies.
We are better off with fiat currencies then with a cascade of crypto platforms that collapse one after/or together with another. There seems to be abuses all around in any platform you check.

Crypto pumpers would tell you the U.S. government is printing dollar, so you should buy cryptos to hedge, but the fact is cryptos are created daily at even higher rates than dollar printing.
 
Cryptos supposed to be trustless. But they need exchanges for price discovery and exchanges are the "trusted" 3rd party to the ecosystem. And as we have seen it many times, they can not be trusted.

So another crypto claim busted.
 
Pekelo said:
Cryptos supposed to be trustless. But they need exchanges for price discovery and exchanges are the "trusted" 3rd party to the ecosystem. And as we have seen it many times, they can not be trusted.

So another crypto claim busted.
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1st world problem, Ser

In Brazil, Lebanon, El Salvador, countries in Africa, in Turkey, in Argentina, and many many more, these wall street fiat leverage degenerates do not exist

Let them all burn, the sooner they all burn down to the ground, the better for Bitcoin and crypto assets

Notice how Genesis bankruptcy did not affect the price anymore?

That's because these firms do not have any more bitcoins and crypto assets to dump, and as the bankruptcy papers show, they were selling paper bitcoins and crypto assets they do not have!!!

One thing the crypto families have learned during this crypto winter is that we need to take custody of our crypto assets and we can trust DeFi

This is a good thing for the future of Bitcoin and crypto assets
 
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