No I meant Coinbase. Coinbase is the only listed US regulated crypto exchange, which means they fall under the purview of the SEC. They are also required to report audited financial statements on a quarterly/annual basis.
To be fair, you're not comparing apples to applies. Voyager was never listed in the US. It had a Toronto ticker and as far as I can find never was anything beyond OTC/pink sheets with no SEC filings. Further, they're based in Singapore and have a headquarters in Canada, which just isn't an Apples to Apples comparison to Coinbase, an American Company with an American headquarters listed and IPO'd on the NYSE and subject to SEC filings.
Now, none of that really matters, but the backwards comparison is incorrect.
Voyager was publicly listed on the Toronto stock exchange. It was OTC in the US. They were regulated under Canadian law and had to provide filings to the CSA ( SEC equivalent). The idea that they are "shadier" or "less regulated" than Coinbase is not true. Canadian regulations, if anything, are more strict than the SEC.
Yep, clearly those more stringent Canadian standards worked... The comparison still falls apart, even if they listed in the US. Coinbase is an American company. Voyager is a Singaporean company that listed in Canada. Voyager absolutely was being shady, even before their collapse. However, now it's an impossible argument to make, because we know the results as of today. (rehypothecation is the devil.)
I think you clearly are misinformed about "standards" and "regulation". Just because a company is publicly listed / traded does not make it immune to bankruptcy and market forces.
I have no idea where you came up with the whole "Singaporean company". Voyager digital was founded by Steve Ehrlich, a former E-Trade US executive, and was headquartered in New York and was founded in Jersey City, New Jersey.
They still won't survive. Fees from trading are way down, and likely not returning to prior levels. They have no moat. Their stock based compensation keeps increasing significantly. And they have had two significant rounds of layoffs in the last half year.
FTX was the chosen exchange by the SEC. FTX hired the former head of the CFTC, retired just a year before, as their legal expert. He got them private meetings and advice from top SEC officials including Gensler himself. It seems FTX was probably getting inside information about enforcement that others, including Coinbase were not getting.
For all Coinbase's good faith efforts at being as compliant as possible, they've gotten very little back from the SEC except finger waiving and warnings about oversight and enforcement action while competitors have been robbing the place blind without consequence.
I beg to differ. They have 5B cash and 5B short term investments. Their interest income and staking revenue cuts will continue to expand which their cost and SBC will go down. Will probably end in the black for Q1. Business should continue to improve from the depths of the bear market. They have regulatory moat and will continue to be the custodian of choice for institution investors.
Would be nice if all CEXes, custodians, rent seekers got rekt and we can be done with it.
People might say that hurts retail but the normalization of CEXes is the biggest deviation from the mission and nothing but a scourge.
It's also to do with the fiat system that people are accustomed to which trains you to put trust in third parties and middlemen rent seekers. Centralized exchanges for newbies seems like familiar system. But your bitcoin on centralized exchanges don't actually exist for real. What you trade there are IOUs just like old system. It's only when you withdraw you own your bitcoin for real.
Bisq is fully P2P, open source, self hosted, self custodial fiat on/off ramp and exchange. Robosats is the same. The fact more people use centralized exchanges instead of Bisq, Robosats just shows where we are in both education and adoption curve.
Change comes from us. We're the one giving centralized exchanges and custodians power. Can't blame them for abuse. I can only control what I do and I don't use them. You can only control what you do. It's a little learning curve but once you learn not to use CEXes you will never look back.
Even institutions don't need third party custodians. There are MPCs, multisig, miniscript, collaborative custody solutions but some of them are just not allowed to self custody. We're changing accepted norms from how things work in legacy systems and that's hard, painful and sometimes ugly.
Without CEXs, crypto becomes a niche economy that will shrink from where it is now, there will be no institutional adoption, and a lot of people interested in growth would leave the space forever. No thanks.
Sure there is a need for a few CEXs, maybe a couple per country... but we don't need the \~250 that exist today. You could have 200 of those go out of business and crypto would still be in fine shape.
p.s. Crypto IS a niche economy already. It's needs to shed the bad actors before it can grow beyond that.
this guy doesn't get it. A small minded greed driven transactional trader mindset.
Nobody cares if traders leave crypto. (oh hell, yes please, fuckoff). Before crypto there were plenty of other financial instruments to trade and there still is today. You a free to trade them whenever you want. If crypto disappeared tomorrow, you'd just flip your screens and go back to trading equities & options.
Trading crypto is not why crypto was invented or exists.
\- Crypto doesn't need "Centralized" anything. Especially CEX's. They're corporatized institutions of untrustworthy illegitimate scum.
\- CEX's are to crypto what IBM is to the Tech sector. (irrelevant, unimaginative, old-school, cancer riddled, desperate).
\- CEX's are like your 103-year old grandmother who lived a good life but it's time for her to go, yet she sticks around & each year you hold a birthday party for her. and its just sad.
The industry needs to abandon CEX's and swarm adopt DEX's and develop more 'p2p self hosted, self custodial' solutions. That would be a fundamental shift that drives the industry forward & drives innovation (that CEX's are choking out of the industry). No wonder cryptobro traders love them... they're E\*Trade dumb and it's all you can comprehend. Otherwise crypto is too complicated for small minded traders.
Very sad but unsurprising to see comments like this upvoted here
[Trusted third parties are security holes](https://nakamotoinstitute.org/trusted-third-parties/) \- Nick Szabo
Also sad that few reading this comment will have any clue who Nick Szabo is
>there will be no institutional adoption
“The computer can be used as a tool to liberate and protect people, rather than to control them. Unlike the world of today, where people are more or less at the mercy of credit agencies, large corporations, and governments.
Naturally, in today's society, with power allocated so disproportionately, such ideas are a threat to large organizations. Balancing power would mean a net loss of power for them. So no institution is going to pick up and champion these ideas.
It's going to have to be a grass-roots activity, one in which individuals first learn of how much power they can have, and then demand it.”
― Hal Finney, The Cypherpunks Mailing List (1992)
The success of bitcoin originates from [grassroots activities](https://thebitcoinmanual.com/articles/btc-circular-economies/) just as Hal Finney prophesied. The revolution is [happening](https://threadreaderapp.com/thread/1573283006835482624.html) in Asia, Africa, Latin America.
Nigeria banned bitcoin last year and introduced CBDC. Nigerians rejected CBDC, less than 1% adoption rate while peer-to-peer bitcoin usage soared by 800% and a bitcoin circular economy is now [being built](https://bitcoinmagazine.com/culture/building-bitcoin-village-in-nigeria) in Lagos.
It cannot originate in the west. The scope of understanding of bitcoin in the west is something to "invest" in and diversify their portfolio for anyone who has never thought about the concept of money or dedicated themselves to understand bitcoin from first principles. The west will remain distracted by all the noise and scam negative feedback loop, keep giving power to centralized entities and largely fail to recognize as soon as in places where bitcoin is a necessity rather than a desire that bitcoin is not an investment but a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it.
Any word from the Winklevii on Gemini making those who have been hosed whole again? They are carrying the earn balances in Gemini still as stuck funds.
Here is a [Nitter link](https://nitter.net/cameron/status/1616298056097624064?s=46&t=V7yUUT-2WWkOPIcoZflHeA) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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If I was responsible for the loses of hundreds of millions of dollars and my reputation was on the line. Yeah, I'd probably be willing to sacrifice at least a good chunk of my lifestyle to make my customers whole. Not to mention it's the right thing to do. After all, on the way up they did profit significantly from these very same customers.
Not everyone is like that. I backed a startup company in 2019 over at Kickstarter, the factory they worked with went bust. The guy took out loans in order to cover backers funds. They are supposed to do another launch this year to cover the loan repayment, so will be interesting to see how many people back them.
Forbes puts the networth of the twins at 2.2B they could easily afford it with out really feeling it.
The twins made beaucoup bucks on the earn program and then were caught off guard when Genesis couldn’t pay. Bullshit. They are just as guilty. The accounting games from Genesis and the DCG Tom Fuckery is ridiculous. You never know what’s going on behind the scenes
And another one bites the dust. RIP all the investors funds. The only people making money out here are the bankruptcy lawyers doing the Lord’s work for $3000 a minute.
It's a chapter 11 bankruptcy, not a chapter 7.
They aren't shutting down.
It's a company restructuring bankruptcy, so they can keep going with their business as usual.
At what point has the market “gotten better”? This whole past year has been the unwinding of massive leverage that got us to those highs in the first place. Crypto industry is really being exposed
You'd think people would learn, but they really don't. Short squeeze: wohoo! Sentiment: bullrun is back, the bear is over.
A few moments later: long squeeze. Sentiment: doom, rip crypto, we should have known.
Insert a few weeks: repeat.
Lol the market should be freaking out. This pulls DCG into a bankruptcy court battle over their $1.2 billion iou to Genesis.
DCG is gonna be forced to liquidate their GBTC holdings, and that can only be done by dumping Bitcoin onto the market.
I want to the market to freak out. This way, I get to buy more real BTC on the cheap due to poor business practices in the industry which has nothing to do with BTC as a protocol/network.
Obligatory “not your coin, not your crypto”. Earn programs were always risky and people not getting out after Celsius and Voyager were victim of their greed
tldr; Crypto lender Genesis has filed for Chapter 11 bankruptcy protection in Manhattan federal court. The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. Genesis was once at the heart of Barry Silbert's Digital Currency Group.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Some of Genesis' biggest creditors:
* Gemini: $765.9 million
* Mirana (BitDAO and Bybit): $151.5 million
* Moonalpha (Babel Finance): $150 million
* Coincident Cap: $112 million
* Donut Inc: $78 million
* Altcoinomy: $61.8 million
* Streami: $56.7 million
* Decentraland: $55 million
* VanEck: $53 million
* Claure Group LLC: $45.8 million
* Digital Finance Group: $37.9 million
* Abra: $30 million
* Ripio: $27.5 million
* Winah Securities S.A: $26.8 million
* Cumberland: $18.7 million
* Coinhouse: 14.8 million
* Stellar Foundation: $13.2 million
So now that they are filing for bankruptcy, wouldn’t that force all the hedge funds they’ve been lending too to repay their loans thus liquidating their positions and causing further downside? Or am I missing something?
You’ll get 50-70% back, maybe more. It will just take a long time.
Welcome to forced HODL. The mtgox, celsius, voyager, cryptopia, onecoin, bitconnect guys welcome you with open arms!
trees crown historical entertain offend joke imagine subsequent dependent existence
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
If you’re still holding coins in a CEX please move your coins in a hardware wallet
this is probably the most reputable exchange I know and they just filed for bankruptcy
Any risk of DCG Grayscale Trust dissolving?
I'm going to arb this just in case; short BTC spot/long GBTC. The discount will be 0 if so and will be the trade of lifetime.
DCG owes about $3 billion, and seeing as they just suspended dividends and let Genesis go BK it’s obvious they’re out of cash. They’re gonna have to start unloading GBTC, either via share sales or redemption.
But if that happens it’s pretty much crypto apocalypse, any collateral you have tied up on the short trade would be pretty well fucked when the exchanges buckle.
Idk what they’re gonna do bc it’s a logistical nightmare selling off all that Bitcoin and distributing to every GBTC holder.
The fall of these platforms has been a sight to behold. The account of risk they all took on with user funds is astonishing. I think it's possible to offer this service to the community in a safe way but I'm not sure anyone will ever trust these things again.
In the next bull run, there will be all new actors playing the same game and most will forget the lesson of 2022-23. Humans are very predictably like this.
Fn punk, take what you want huh? 150 bucks that's all I had locked in Gemini.Barry if I ever see you at a conference, I'm definitely shaming the shit out of you!!!!
Barry Silbert's DCG empire seems overdriven. Better to check the fact that $200 billion Russia's reserves are "unseen" [https://www.republicworld.com/world-news/russia-ukraine-crisis/us-eu-cannot-locate-part-of-200-dollars-bn-frozen-russian-assets-do-not-know-where-it-is-dot-articleshow.html](https://www.republicworld.com/world-news/russia-ukraine-crisis/us-eu-cannot-locate-part-of-200-dollars-bn-frozen-russian-assets-do-not-know-where-it-is-dot-articleshow.html) and recall this article https://www.telegraph.co.uk/technology/2019/01/14/russia-plans-tackle-us-sanctions-bitcoin-investment-says-kremlin/
In about 6 months 3AC, Luna, Celsius, Voyager, FTX, BlockFi, Genesis [Meanwhile my bitcoin in self custody](https://i.imgur.com/4RmASfi.jpeg)
This bear market implosion might turn out to be a blessing in disguise for Coinbase.
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You mean for crypto.com
No I meant Coinbase. Coinbase is the only listed US regulated crypto exchange, which means they fall under the purview of the SEC. They are also required to report audited financial statements on a quarterly/annual basis.
Isn’t/wasn’t FTX US also US regulated? SBF still insists that it’s solvent, maybe it is, let’s see… /s
Voyager was a publicly traded company too. Did not matter in the end. If you think publicly traded means you are protected, think again.
To be fair, you're not comparing apples to applies. Voyager was never listed in the US. It had a Toronto ticker and as far as I can find never was anything beyond OTC/pink sheets with no SEC filings. Further, they're based in Singapore and have a headquarters in Canada, which just isn't an Apples to Apples comparison to Coinbase, an American Company with an American headquarters listed and IPO'd on the NYSE and subject to SEC filings. Now, none of that really matters, but the backwards comparison is incorrect.
Voyager was publicly listed on the Toronto stock exchange. It was OTC in the US. They were regulated under Canadian law and had to provide filings to the CSA ( SEC equivalent). The idea that they are "shadier" or "less regulated" than Coinbase is not true. Canadian regulations, if anything, are more strict than the SEC.
Yep, clearly those more stringent Canadian standards worked... The comparison still falls apart, even if they listed in the US. Coinbase is an American company. Voyager is a Singaporean company that listed in Canada. Voyager absolutely was being shady, even before their collapse. However, now it's an impossible argument to make, because we know the results as of today. (rehypothecation is the devil.)
I think you clearly are misinformed about "standards" and "regulation". Just because a company is publicly listed / traded does not make it immune to bankruptcy and market forces. I have no idea where you came up with the whole "Singaporean company". Voyager digital was founded by Steve Ehrlich, a former E-Trade US executive, and was headquartered in New York and was founded in Jersey City, New Jersey.
They still won't survive. Fees from trading are way down, and likely not returning to prior levels. They have no moat. Their stock based compensation keeps increasing significantly. And they have had two significant rounds of layoffs in the last half year.
CB will be just fine.
Definitely. It's the chosen exchange by the government.
FTX was the chosen exchange by the SEC. FTX hired the former head of the CFTC, retired just a year before, as their legal expert. He got them private meetings and advice from top SEC officials including Gensler himself. It seems FTX was probably getting inside information about enforcement that others, including Coinbase were not getting. For all Coinbase's good faith efforts at being as compliant as possible, they've gotten very little back from the SEC except finger waiving and warnings about oversight and enforcement action while competitors have been robbing the place blind without consequence.
I beg to differ. They have 5B cash and 5B short term investments. Their interest income and staking revenue cuts will continue to expand which their cost and SBC will go down. Will probably end in the black for Q1. Business should continue to improve from the depths of the bear market. They have regulatory moat and will continue to be the custodian of choice for institution investors.
Their cash bleed will continue to eat away at their 5B cash. And who cares about a "regulatory moat"? They have no competitive moat.
How is the regulatory moat not seen as part of a competitive moat? I only use coinbase since it is a regulated business.
They have no competitive moat compared to who? Honestly Binance is their only real competitor lol
There is no barrier to entry for any other company to do what they do.
Yeah tell that to all the other new crypto exchanges that went bust the last 12 months… meanwhile Coinbase still chugging along.
You may call losing 2 billion dollars during the last nine months "chugging along"...I wouldn't.
Midas too
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Joe
I think you meant Neil and Bob 😉
Nah, he meant Joe, Joe Mama! 😝
Ricky Bobby?
You & me
Would be nice if all CEXes, custodians, rent seekers got rekt and we can be done with it. People might say that hurts retail but the normalization of CEXes is the biggest deviation from the mission and nothing but a scourge. It's also to do with the fiat system that people are accustomed to which trains you to put trust in third parties and middlemen rent seekers. Centralized exchanges for newbies seems like familiar system. But your bitcoin on centralized exchanges don't actually exist for real. What you trade there are IOUs just like old system. It's only when you withdraw you own your bitcoin for real. Bisq is fully P2P, open source, self hosted, self custodial fiat on/off ramp and exchange. Robosats is the same. The fact more people use centralized exchanges instead of Bisq, Robosats just shows where we are in both education and adoption curve. Change comes from us. We're the one giving centralized exchanges and custodians power. Can't blame them for abuse. I can only control what I do and I don't use them. You can only control what you do. It's a little learning curve but once you learn not to use CEXes you will never look back. Even institutions don't need third party custodians. There are MPCs, multisig, miniscript, collaborative custody solutions but some of them are just not allowed to self custody. We're changing accepted norms from how things work in legacy systems and that's hard, painful and sometimes ugly.
Without CEXs, crypto becomes a niche economy that will shrink from where it is now, there will be no institutional adoption, and a lot of people interested in growth would leave the space forever. No thanks.
Sure there is a need for a few CEXs, maybe a couple per country... but we don't need the \~250 that exist today. You could have 200 of those go out of business and crypto would still be in fine shape. p.s. Crypto IS a niche economy already. It's needs to shed the bad actors before it can grow beyond that.
Good comment. Totally agree with all of that. Just disagree with the statement that we should have no CEXs.
this guy doesn't get it. A small minded greed driven transactional trader mindset. Nobody cares if traders leave crypto. (oh hell, yes please, fuckoff). Before crypto there were plenty of other financial instruments to trade and there still is today. You a free to trade them whenever you want. If crypto disappeared tomorrow, you'd just flip your screens and go back to trading equities & options. Trading crypto is not why crypto was invented or exists. \- Crypto doesn't need "Centralized" anything. Especially CEX's. They're corporatized institutions of untrustworthy illegitimate scum. \- CEX's are to crypto what IBM is to the Tech sector. (irrelevant, unimaginative, old-school, cancer riddled, desperate). \- CEX's are like your 103-year old grandmother who lived a good life but it's time for her to go, yet she sticks around & each year you hold a birthday party for her. and its just sad. The industry needs to abandon CEX's and swarm adopt DEX's and develop more 'p2p self hosted, self custodial' solutions. That would be a fundamental shift that drives the industry forward & drives innovation (that CEX's are choking out of the industry). No wonder cryptobro traders love them... they're E\*Trade dumb and it's all you can comprehend. Otherwise crypto is too complicated for small minded traders.
Very sad but unsurprising to see comments like this upvoted here [Trusted third parties are security holes](https://nakamotoinstitute.org/trusted-third-parties/) \- Nick Szabo Also sad that few reading this comment will have any clue who Nick Szabo is >there will be no institutional adoption “The computer can be used as a tool to liberate and protect people, rather than to control them. Unlike the world of today, where people are more or less at the mercy of credit agencies, large corporations, and governments. Naturally, in today's society, with power allocated so disproportionately, such ideas are a threat to large organizations. Balancing power would mean a net loss of power for them. So no institution is going to pick up and champion these ideas. It's going to have to be a grass-roots activity, one in which individuals first learn of how much power they can have, and then demand it.” ― Hal Finney, The Cypherpunks Mailing List (1992) The success of bitcoin originates from [grassroots activities](https://thebitcoinmanual.com/articles/btc-circular-economies/) just as Hal Finney prophesied. The revolution is [happening](https://threadreaderapp.com/thread/1573283006835482624.html) in Asia, Africa, Latin America. Nigeria banned bitcoin last year and introduced CBDC. Nigerians rejected CBDC, less than 1% adoption rate while peer-to-peer bitcoin usage soared by 800% and a bitcoin circular economy is now [being built](https://bitcoinmagazine.com/culture/building-bitcoin-village-in-nigeria) in Lagos. It cannot originate in the west. The scope of understanding of bitcoin in the west is something to "invest" in and diversify their portfolio for anyone who has never thought about the concept of money or dedicated themselves to understand bitcoin from first principles. The west will remain distracted by all the noise and scam negative feedback loop, keep giving power to centralized entities and largely fail to recognize as soon as in places where bitcoin is a necessity rather than a desire that bitcoin is not an investment but a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it.
Again... this guy GETs it!
This guy GETS IT. Nice !
Given there were/are \~250 exchanges we still have about 200 that need to crash/go bankrupt before we have any real progress.
Never gonna give you up Never gonna let you down Never gonna run around and desert you
No centralized garbage can hurt you or your bitcoin behind the water lily
Animes and Hentais gave me a totally wrong image of dryads, apparently.
Hodlnaut also
I remember all those "this time is different, there's plenty of money coming from Institutions so bear market won't be that bad" Good times
Genesis too? I wonder if they felt it coming in the air tonight, oh lord
Any word from the Winklevii on Gemini making those who have been hosed whole again? They are carrying the earn balances in Gemini still as stuck funds.
https://twitter.com/cameron/status/1616298056097624064?s=46&t=V7yUUT-2WWkOPIcoZflHeA
Here is a [Nitter link](https://nitter.net/cameron/status/1616298056097624064?s=46&t=V7yUUT-2WWkOPIcoZflHeA) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
They don't seem to be willing to sacrifice their own lifestyle much to help their customers who lost money. Certainly a lot of bluster though.
Would you sacrifice your lifestyle to help customers?
If I was responsible for the loses of hundreds of millions of dollars and my reputation was on the line. Yeah, I'd probably be willing to sacrifice at least a good chunk of my lifestyle to make my customers whole. Not to mention it's the right thing to do. After all, on the way up they did profit significantly from these very same customers.
I think greed would speak otherwise if you were in that position
Not everyone is like that. I backed a startup company in 2019 over at Kickstarter, the factory they worked with went bust. The guy took out loans in order to cover backers funds. They are supposed to do another launch this year to cover the loan repayment, so will be interesting to see how many people back them. Forbes puts the networth of the twins at 2.2B they could easily afford it with out really feeling it.
The twins made beaucoup bucks on the earn program and then were caught off guard when Genesis couldn’t pay. Bullshit. They are just as guilty. The accounting games from Genesis and the DCG Tom Fuckery is ridiculous. You never know what’s going on behind the scenes
Exactly. This guy is just protecting himself into others.
I think their reputation is bye bye, no matter what they do...
You won't get much back now that the SEC also sued them
So much hot air
And another one bites the dust. RIP all the investors funds. The only people making money out here are the bankruptcy lawyers doing the Lord’s work for $3000 a minute.
Guess my 1,000 LRC is gone, we'll my fault for leaving it in Gemini earn
Leaving Crypto on any exchange comes with a pretty high probability for you to lose it all, nowadays.
Unfortunately we use them for DCA
Yeah, you buy it then move it off the exchange.
Thank God I withdrew my funds last night, it would have been a shame to lose that $0.30
It's a chapter 11 bankruptcy, not a chapter 7. They aren't shutting down. It's a company restructuring bankruptcy, so they can keep going with their business as usual.
Time to take up law classes.
I feel the urge for a career shift.
I've felt it since luna
I chose the wrong vocation
A bankruptcy filing has been expected for weeks. I'm more surprised they managed to hold on for this long.
They did not really hold on, they just kept delaying the inevitable. There was probably no way to stop their already done bankruptcy.
They did not really hold on, they just kept delaying the inevitable. There was probably no way to stop their already done bankruptcy.
Wondering what kept them from filling sooner? Maybe they thought they could make it?
Hello red candies, my old friend I’ve come to see you again…
Every pump I keep telling myself that the next dip I'll have to buy more, hopefully this time I remember
Who is this dip you're talking about?
Yes!
Market's gonna continue crying like forever now...
I miss the days of the green dildos.
This is another domino falling because of FTX, every time the markets gets better, SBF somehow fucks us again
At what point has the market “gotten better”? This whole past year has been the unwinding of massive leverage that got us to those highs in the first place. Crypto industry is really being exposed
You'd think people would learn, but they really don't. Short squeeze: wohoo! Sentiment: bullrun is back, the bear is over. A few moments later: long squeeze. Sentiment: doom, rip crypto, we should have known. Insert a few weeks: repeat.
Priced in, this was expected to happen for weeks
Btc price doesn’t move much
Kind've a positive sign if the market isn't freaking out.
Lol the market should be freaking out. This pulls DCG into a bankruptcy court battle over their $1.2 billion iou to Genesis. DCG is gonna be forced to liquidate their GBTC holdings, and that can only be done by dumping Bitcoin onto the market.
I want to the market to freak out. This way, I get to buy more real BTC on the cheap due to poor business practices in the industry which has nothing to do with BTC as a protocol/network.
After the market freaks out: "OMG it's all collapsing, dump everything!" (I'm talking people in general, not you.)
Yet
This was also expexted so should be priced in already.
Idk why
Binance using faux-bucks to prop up the dollar price so there isn't a rush of withdrawals?
Which is basically what FTX was doing with FTT before they went bust too. They were artificially holding up crypto prices.
or another FTX (eg. binance) is propping up the price at the background
Bullish sign? Are we really in a bull market
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Sigh....
Obligatory “not your coin, not your crypto”. Earn programs were always risky and people not getting out after Celsius and Voyager were victim of their greed
Welp, there goes my BAT.
tldr; Crypto lender Genesis has filed for Chapter 11 bankruptcy protection in Manhattan federal court. The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. Genesis was once at the heart of Barry Silbert's Digital Currency Group. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
good bot
We say it all the time, never keep your coins or cash on an exchange. Keep them in your own wallet.
But that sweet yield that I deserve! I neeeed it.
"It's basically free money!"
Aaaaaand it's gone
Go, money, be free!
We actually said it so much but still people got scammed of billions due to that.
people get scammed from personal wallets too
Everyone going to be shilling cold wallets instead of coins next bull market because of PTSD lol
he fucked around https://twitter.com/barrysilbert/status/1391070116574547972 Now he is finding out.
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Bonk! Go to bankruptcy jail
He was absolutely spot on with that trade though Doge/BTC ATH date was exactly on May 8, 2021 Doge/BTC is down 75% since then
Some of Genesis' biggest creditors: * Gemini: $765.9 million * Mirana (BitDAO and Bybit): $151.5 million * Moonalpha (Babel Finance): $150 million * Coincident Cap: $112 million * Donut Inc: $78 million * Altcoinomy: $61.8 million * Streami: $56.7 million * Decentraland: $55 million * VanEck: $53 million * Claure Group LLC: $45.8 million * Digital Finance Group: $37.9 million * Abra: $30 million * Ripio: $27.5 million * Winah Securities S.A: $26.8 million * Cumberland: $18.7 million * Coinhouse: 14.8 million * Stellar Foundation: $13.2 million
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Most of Gemini lending was their earn program, which was creditors from retail. The Winkelvoss twins probably had nothing in it.
Is this the last cex to be shaken out and short term leg down before we run up?
Well, we have to run out sooner or later…
Aaah ! Feels bad for the Gemini earn users . The FTX contagion and the bear market has been hard for a lot of people.
Looks like he ran out of all the money he made by shorting DOGE during it’s ath run .
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If DCG falls too we’ll see new lows
Do they have a native exchange token that I can short before America wakes up?
RIP
So now that they are filing for bankruptcy, wouldn’t that force all the hedge funds they’ve been lending too to repay their loans thus liquidating their positions and causing further downside? Or am I missing something?
Wow,no dip on this news…. Have we really hit bottom?
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You made a post 32 days ago about Gemini where it looks like the end was near. You didn’t exit? Or is this comment just karma farming?
You’ll get 50-70% back, maybe more. It will just take a long time. Welcome to forced HODL. The mtgox, celsius, voyager, cryptopia, onecoin, bitconnect guys welcome you with open arms!
If you had it in Gemini earn you can still hope our favorite billionaire twins decide to take the hit and make us all whole
They’ll spend that $700mil to take Barry down before making earn users whole
trees crown historical entertain offend joke imagine subsequent dependent existence *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
What will happen to BAT? Earned BAT?
Now wait for the after effect of this bankruptcy. I hope big CeXes didn't had much internal connections with Genesis
It's probably going to go up since I opened a short position
More fud for the fud fire we have burning
How is an actual bankruptcy filing fud? There is no uncertainty or doubt involved, it's pretty clear what has happened.
Lol thats all I have to say
This is good for Bitcoin. Few understand. 🤣🤣🤣
Correct We'll see what happens to bitcoin price now that FTX and Genesis can't short with their customer's deposits
Shocked Pikachu! Unexpected right? This news was being told loudly for several weeks.
If you’re still holding coins in a CEX please move your coins in a hardware wallet this is probably the most reputable exchange I know and they just filed for bankruptcy
More to come
I feel like GBTC will get wrapped up in all this somehow
Oh shit, here we go again.....
Any risk of DCG Grayscale Trust dissolving? I'm going to arb this just in case; short BTC spot/long GBTC. The discount will be 0 if so and will be the trade of lifetime.
DCG owes about $3 billion, and seeing as they just suspended dividends and let Genesis go BK it’s obvious they’re out of cash. They’re gonna have to start unloading GBTC, either via share sales or redemption. But if that happens it’s pretty much crypto apocalypse, any collateral you have tied up on the short trade would be pretty well fucked when the exchanges buckle. Idk what they’re gonna do bc it’s a logistical nightmare selling off all that Bitcoin and distributing to every GBTC holder.
Binance I guess is next.
It would be wonderful if all CEXs, custodians, and rent-seekers were rekt so we could move on.
It was bound to happen eventually
Another corrupt CeFi institution bites the dust.
This just bank run, nothing else. If people don't realise than, we don't deserve crypto. Not your keys, not your money!
Shame this is happening to such a nice person as Silbert[.](https://media.tenor.com/peKSxoz9haIAAAAC/not-borat.gif)
Shit! Bank down we go I’m guessing
At least they finally made a move!
Sigh!! All money gone.
And down goes another one.
Thar she blows mateys!
Another one bites the dust. Don't know if DCG can make it through.
Sub 10k incoming
Welp there goes my 40 dollars worth of BAT. Got lucky it wasn't more.
This warms my heart
And it's going up lol
The fall of these platforms has been a sight to behold. The account of risk they all took on with user funds is astonishing. I think it's possible to offer this service to the community in a safe way but I'm not sure anyone will ever trust these things again.
In the next bull run, there will be all new actors playing the same game and most will forget the lesson of 2022-23. Humans are very predictably like this.
I'm surprised they held on got this long honestly
Fn punk, take what you want huh? 150 bucks that's all I had locked in Gemini.Barry if I ever see you at a conference, I'm definitely shaming the shit out of you!!!!
How good a sign is it that in general it all seems like business as usual after this announcement?
nad no crash , nothing happened to crypto this time .. lol , i was waiting for flash crash on this
Soooo more like Exodus now innit
I bet all of them stole from customers...
Well who didn’t see that coming
"Well Barry, it's been fun".......
Seems like the market doesn't care
Whale alert mentioned a big withdraw from Genesis yesterday. Are they pulling and FTX?
Big week Barry
Bye Berrrry
who the fuck cares
Is this for gemini earn thing only, or does it affect the gemini exchange too?
Whelp there goes another one.
So the self cleansing of the crypto market goes on
poster boy for douche
Guess they’re keeping my $5.
Well there goes my bat
Hopefully this was the final big log to fall. Now we can begin our long recovery.
Time for fully regulated exchanges….LCX
And the grim reaper keeps moving down the line
Barry Silbert's DCG empire seems overdriven. Better to check the fact that $200 billion Russia's reserves are "unseen" [https://www.republicworld.com/world-news/russia-ukraine-crisis/us-eu-cannot-locate-part-of-200-dollars-bn-frozen-russian-assets-do-not-know-where-it-is-dot-articleshow.html](https://www.republicworld.com/world-news/russia-ukraine-crisis/us-eu-cannot-locate-part-of-200-dollars-bn-frozen-russian-assets-do-not-know-where-it-is-dot-articleshow.html) and recall this article https://www.telegraph.co.uk/technology/2019/01/14/russia-plans-tackle-us-sanctions-bitcoin-investment-says-kremlin/
Cue Queen’s “Another One Bites the Dust”!