Unchained The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG - Ep. 443
Jan 14, 2023
The hosts dissect the drama unfolding between DCG, Genesis, and Gemini, questioning potential fraud over financial misrepresentation. Tensions rise as accusations flare, with insights into the SEC's probe into FTX investors. The future of NFTs takes center stage as debates on utility versus aesthetics heat up, with one host labeling many as 'hot garbage.' Amid layoffs across the crypto sector, discussions explore the necessity of trimming overexpansion during the bull market and the broader implications for digital assets.
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Episode notes
DCG's Promissory Note Classification
- DCG's promissory note to Genesis, meant to cover Three Arrows Capital losses, was classified as a current asset.
- This implies DCG could liquidate it within a year, which might be misrepresented since it's a 10-year note.
Robert Leshner's Perspective on DCG's Note
- Robert Leshner, a Genesis creditor, views DCG's note as a potentially good act.
- DCG absorbed a $1.1B loss, doing Genesis a favor, despite possible misrepresentation.
Involuntary Bankruptcy Mechanics
- Forcing involuntary bankruptcy requires multiple creditors filing their unpaid debts in court.
- Once a certain number of creditors file, involuntary bankruptcy can be triggered.