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The Impact of the Genesis Bankruptcy on the Industry
Cryptocurrency lender Genesis has filed for bankruptcy. For many observers of cryptocurrencies, this was not entirely unexpected. Especially since the company itself was staring at a liquidity crisis and warning that it was trying to raise capital. Over the past few weeks, Barry Silbert, CEO of the parent company of Genesis, known as the Digital Currency Group, has engaged in a very public and increasingly nasty online dispute with fellow billionaire co-founder of Gemini. There was a crypto exchange, Tyler and Cameron with his Winklevoss. At the center of this controversy are approximately $900 million worth of funds that customers of these two entities have lost access to. Bloomberg editor Anna Irera and reporter Emily Nicole join the show to discuss what Genesis is, why it is so important to the crypto ecosystem, and its relationship with Gemini. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.b/cryptonewsletter
January 26, 2023
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