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Genesis
SBF's Alameda Research Secretly Funded Crypto Media Site 'The Block'; Crypto Contagion Concerns
Crypto media site The Block was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research, The Block confirmed on Friday. Bernstein reacted to Genesis’ extended withdrawal freeze, saying that saving Grayscale would cost a fortune for Digital Currency Group (DCG), which owns Genesis Trading, Grayscale and CoinDesk. Plus, details on Coinbase asking users to switch USDT for USDC and Bankman-Fried agreeing to testify before U.S. House Financial Committee.
First Mover Americas: It’s Time to Come Clean About Those Crypto Losses
The latest price moves in crypto markets in context for Dec. 9, 2022.
Bernstein Says Saving Grayscale Will Come at a Cost for Digital Currency Group
A feasible deal could involve a large minority partner or a buyout-like structure led by more strategic partners, Bernstein said.
Grayscale Bitcoin Trust Discount Widens to Record High Near 50%
The shares have not traded at a premium to bitcoin since March 2021.
Binance's Bitcoin Reserves Are Overcollateralized: Report; Genesis Developments
Binance released a new report from global financial audit, tax and advisory firm Mazars showing that its customer bitcoin (BTC) reserves are overcollateralized. However, the assessment is not an official audit, according to Francine McKenna, lecturer in financial accounting at The Wharton School at the University of Pennsylvania. Plus, Genesis interim CEO Derar Islim said resolution of his company’s lending unit’s withdrawal freeze is likely to be a matter of “weeks” rather than days. CoinDesk and Genesis share the same parent company.
Genesis Client Letter Suggests No Imminent Solution to Withdrawal Freeze
The institutional crypto brokerage has been in talks with creditors and potential investors since the collapse of exchange FTX.
Lyn Alden on Crypto Industry Outlook After FTX Collapse
Lyn Alden, founder of Lyn Alden Investment Strategy and member of Swan Bitcoin's Board of Directors, discusses her crypto markets outlook as the fallout from FTX continues to ripple through the industry. "I wouldn't be surprised if another shoe [like Genesis] were to drop," Alden said.
Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources
Customers whose money is locked up on trading and lending platform Genesis and who have taken legal advice on the matter currently account for some $1.8 billion of loans, according to a CoinDesk source familiar with the situation. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details. Genesis and CoinDesk are both owned by the Digital Currency Group.
First Mover Americas: Axie Infinity's Token Takes Off
The latest price moves in crypto markets in context for Dec. 5, 2022.
Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources
In addition to the previously reported group of Gemini customers owed $900 million, there are two other groups of Genesis creditors being represented by lawyers, CoinDesk has learned.
