Unchained Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender - Ep. 565
Nov 4, 2023
BJ and Branden, pseudonymous creditors of the bankrupt crypto lender Genesis, share their harrowing experiences with the company and its parent, Digital Currency Group. They discuss their initial decision to invest further into Genesis after the fallout from the Three Arrows Capital collapse. The duo expresses their frustration over the alleged fraud and seeks faster repayment of the $1.1 billion owed, emphasizing the need for transparency and actual Bitcoin returns. Their insights shed light on the wider implications of the ongoing legal battles and the complexities of navigating bankruptcy.
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Episode notes
BJ's Genesis Entry
- BJ became a Genesis customer in late 2021, influenced by Michael Saylor's idea of borrowing against Bitcoin.
- He chose Genesis for its perceived reliability and long-standing presence in the crypto market.
Brandon's Genesis Choice
- Brandon, also seeking a regulated platform, chose Genesis due to its broker-dealer license and reputation.
- He preferred Genesis over retail-focused platforms like BlockFi and Celsius because of his higher investment amounts.
3AC Collapse Reassurances
- After 3AC's collapse, BJ and Brandon questioned Genesis's risk management.
- Genesis reassured them, claiming DCG covered the $1.1B loss, and their balance sheets remained strong.
