Unchained

Kadhim Shubber, an investigative reporter at The Financial Times specializing in cryptocurrencies, unpacks the shocking findings from Celsius' examiner report. He reveals how Celsius misused customer funds to inflate the CEL token, leading to severe financial mismanagement. Shubber discusses the dubious practices of CEO Alex Mashinsky and the troubling lack of transparency in the company’s operations. The conversation touches on potential criminal charges against Mashinsky and the broader implications for accountability in the crypto industry.

Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, dissect the fallout of FTX on crypto regulation. They predict a busy year for Congress focused on stablecoin oversight and the implications of recent legal battles, like Ripple’s with the SEC. The shift in lawmakers' attitudes towards crypto post-FTX is explored, as is the urgent need for better policymaker education to prevent future crises in the space.

Phil Daian, co-founder of Flashbots and a leading voice in MEV research, dives into the intricate world of maximal extractable value in this captivating discussion. He draws parallels between MEV and 'Alice in Wonderland,' detailing its emergence and the birth of Flashbots. The conversation explores ethical implications, including the push for fair transaction ordering and debates on whether MEV should be accepted. Phil also shares insights on compliance with sanctions and the future of decentralized systems, making for a thought-provoking listen.

Michael Sonnenshein, CEO of Grayscale Investments and a key player in the legal battle over the company’s Bitcoin trust, discusses the ongoing lawsuit against the SEC for a Bitcoin ETF. He highlights the implications of a worst-case 'tender offer' if they lose. Sonnenshein also explains Grayscale’s fee structure, the impact of Gemini’s liquidation of GBTC shares, and the operational dynamics between Grayscale and its parent company, DCG. This conversation sheds light on the future of cryptocurrency investments amid regulatory challenges.

The hosts delve into the recent surge in cryptocurrency markets and the role of Solana's recovery. They discuss the complexities surrounding Genesis's bankruptcy, highlighting its financial unraveling and the implications for creditors like Gemini. The conversation covers contrasts between the bankruptcy cases of FTX and Genesis, explores the fate of 3AC co-founders' new exchange, and examines Tarun's prediction of a potential supercycle. They also touch on the ethical dilemmas of credit defaults and the specter of corporate fraud in this tumultuous landscape.

James Block, a crypto skeptic and author of Dirty Bubble Media, shares his critical views on the cryptocurrency landscape. He discusses his early interest in Tether and why he thinks many crypto projects resemble Ponzi schemes. Block delves into the questionable legitimacy of platforms like Coinbase and highlights the dubious connections between FTX and Celsius. He also argues that the intrinsic value of Bitcoin is subjective and warns about the regulatory challenges facing stablecoins. His insights draw parallels between financial fraud throughout history, emphasizing the need for accountability in the crypto space.

Maria Shen, a partner at Electric Capital, shares invaluable insights from their latest Developer Report, which emphasizes persistent developer growth in crypto, even amidst market downturns. She discusses Ethereum's dominance and the rise of EVM-compatible chains capturing more developer interest. The conversation also dives into the aftermath of the Terra collapse and how it reshaped engagement in the ecosystem. With a focus on measuring developer activity, Shen highlights the vital role of developers as indicators of the industry's health.

Thomas Braziel, the founder and CEO of 507 Capital, dives into the wild world of crypto bankruptcy claims. He sheds light on the intriguing dynamics of purchasing claims from collapsed crypto giants like FTX and Mt. Gox. Braziel discusses the emerging asset class of 'crypto distressed' investments and how to gauge creditor values. He reveals the importance of asset recovery, the unique challenges posed by different bankruptcy laws, and the ramifications for stakeholders. Fascinating insights into the future of crypto asset trading await!

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.

Kareem Dandashi, a Portfolio Manager at XBTO Group, dives into the tumultuous situation between Digital Currency Group and Gemini. He discusses serious fraud allegations against DCG CEO Barry Silbert and the impending risks of Genesis filing for bankruptcy. The potential implications of a $1.1 billion promissory note and the investigations by the EDNY and SEC are thoroughly examined. Dandashi also speculates on DCG's strategic options, including selling investments to mitigate financial strain, revealing the high stakes of the ongoing drama.