Genesis & DCG Meltdown? | Was 2021 Just a Gigantic PONZI?
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The Collapse of UST and Its Ripple Effects
This chapter explores the dramatic events surrounding the collapse of the UST stablecoin and its major implications for the cryptocurrency market, including a significant $1 billion UST to Bitcoin swap. It reflects on the ensuing liquidity crisis and the intertwined fates of major crypto players like Three Arrows Capital and Alameda Research, as they navigated a landscape of failing investments. The discussions also examine the competitive dynamics within the sector and the implications of Grayscale's ambitions to convert its Bitcoin trust into an ETF.
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