Navigating Genesis Insolvency: Strategies and Implications

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. 

Show topics:

• highlights of Sam Bankman-Fried's interview with the New York Times
• whether SBF knew what was going on in his companies, and how that impacts potential prosecution
• why Genesis and DCG are in financial trouble
• whether Genesis will file for bankruptcy or go through a restructuring process
• revelations from BlockFi's bankruptcy filing
• new info on why FTX bailed out BlockFi last summer
• what is going on with Binance’s recovery fund 
• how Avi Eisenberg tried to pull off an attack on Aave 
• how the banking industry works and whether Changpeng Zhao is the closest thing to a central bank in crypto
• how DeFi responds in a crisis, and how it contrasts with CeFi’s recent implosions

Hosts

• Haseeb Qureshi, managing partner at Dragonfly Capital
• Tarun Chitra, managing partner at Robot Ventures
• Robert Leshner, founder of Compound 
• Tom Schmidt, general partner at Dragonfly Capital

Episode Links

FTX:

• Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
• NYT: Sam Bankman-Fried’s interview
• Bill Ackman’s tweet
• Interview with Tiffany Fong
• Previous coverage of Unchained on FTX:
• 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

BlockFi: 

• Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects Continue
• Decrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court Hearing

Genesis:

• Ryan Selkis’ tweet on 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
• Previous coverage of Unchained on Genesis:
• Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
• ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

DeFi

• Pancakeswap flipped Uniswap in TVL
• Unchained: 
• Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’
• Aave Freezes 17 Low-Liquidity V2 Pools and Votes to Migrate 26 Assets to Ethereum V3
• Compound Finance Slashes Borrow Caps for 10 Markets

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