The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG – Ep. 443

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news.

Show topics:

• Haseeb’s TL;DR of the ongoing situation between DCG, Genesis and Gemini
• whether DCG committed fraud because of a misrepresentation of its financials
• why DCG did Genesis a favor by absorbing the losses from exposure to Three Arrows Capital
• what’s required to force an entity into bankruptcy 
• why Cameron Winklevoss would request Barry Silbert to step down as DCG CEO
• the SEC’s probe into the investors of FTX and whether the regulators will fine them
• whether there will be on-chain assets for trading FTX bankruptcy claims
• what Tarun thinks of the future of NFTs and what needs to be built for them to thrive
• why Robert thinks most NFTs are “hot garbage”
• what the value behind NFTs is and whether they need a utility 
• whether the massive layoffs are good for the industry and how many companies over-hired during the bull market

Hosts

• Haseeb Qureshi, managing partner at Dragonfly Capital
• Tarun Chitra, managing partner at Robot Ventures
• Robert Leshner, founder of Compound 
• Tom Schmidt, general partner at Dragonfly Capital

Links

•  

  DCG/Gemini:

  • Unchained: 
    • Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
    • DCG Under Investigation by DOJ and SEC: Report
    • Genesis CEO Says Firm Needs More Time to Find a Solution

   

  • Previous coverage of Unchained on DCG and Genesis: 
    • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
    • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
    • Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months
    • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
    • Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
    • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

  FTX:

  • Unchained: 
    • DOJ Seizes $450M in Robinhood Shares from FTX
    • Sam Bankman-Fried Pleads Not Guilty to All Charges

   

  • Decrypt: FTX Restructuring Team Has Clawed Back $5B in Lost Assets
  • Previous episodes of The Chopping Block on FTX:
    • The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers?
    • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
    • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
    • The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried ‘Crypto Kanye’?
    • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
    • The Chopping Block: Was FTX a Scam From the Very Beginning?

   

  Layoffs: 

  • Unchained: 
    • Coinbase Lays Off 950 Employees Amid Market Conditions
    • Genesis Considers Bankruptcy and Cuts Another 30% of Staff: Report – Unchained Podcast
  • Bloomberg: Silvergate (SI) Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run

   

  Why We Missed On Inflation, and Implications for Monetary Policy Going Forward | by Neel Kashkari