On this episode of Swan Signal, Sam sits down with Vijay Boyapati to discuss the alleged fraud of DCG, Genesis, and their leaders Barry Silbert and Michael Moro, its impact on the likelihood of GBTC converting to a spot Bitcoin ETF, and major lessons investors can learn from the debacle.
Timestamps:
00:00:00 “Swan Signal” Intro
00:02:10 Introducing Vijay Boyapati
00:02:53 Daisy-Chain of Fraud: Story of DCG and Genisis
00:06:42 History of Barry Silbert, DCG, and Gemini
00:13:30 Risks of Leverage: Where Did They Get the Money From?
00:19:06 Incentive Structures: What led Three Arrows Capital to Blowing Up?
00:25:55 History of “3 Arrows Capital” Going Bankrupt
00:37:22 Similarities Between “DCG, Three Arrows Capital” and “FTX”
00:41:20 Why Didn’t Genesis Declare Bankruptcy?
00:43:15 Potential Legal Woes for Barry Silbert, Genesis, and DCG
00:46:30 “Moral Compass”
00:48:12 Redemption Methods and the Importance of Self-Custody
00:53:11 Should the SEC Convert the “Greyscale ETF?”
00:58:45 Loans from the “Gemini Earn Program”
01:00:22 End of the “Daisy-Chain”
01:05:34 “3 Key Takeaways” From the DCG/Genesis Fraud
01:07:33 How to Connect with Vijay Boyapati
01:08:04 “Swan Signal” Outro
Connect with Vijay and Sam:
Sam Callahan: https://twitter.com/samcallah
Vijay Boyapati: https://twitter.com/real_vijay
Link to Vijay Thread:
https://twitter.com/real_vijay/status/1721385528510251182
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