Crypto Empire on Verge of TOTAL COLLAPSE!

Crypto Empire on Verge of TOTAL COLLAPSE!

One of the largest cryptocurrency companies in 
the world is at risk of insolvency and going   Bankrupt interesting because just 13 days ago 
they made a statement saying our exposure to FTX   Has no impact on our ability to serve our clients 
today Genesis warns of possible bankruptcy without   Funding this is coming from Bloomberg this 
is a huge deal Genesis is the biggest Bitcoin   OTC desk a major lender and could take down 
parent company digital currency Group which   Is a Titan in the space and the Silence from 
digital currency groups Genesis is spooking   The entire cryptocurrency Market why how did we 
get here Genesis global trading has been eerily   Silent after announcing last week that its crypto 
lending unit would halt services in light of ftx's   Collapse state of play well five days have passed 
since its lending unit ceased withdrawals and new   Loan originations and the lack of communication 
has opened the door to speculation about the how   Health of the overall firm as well as its parent 
company digital currency group and its sister   Unit grayscale Investments as you can see this 
one company is connected to some of the biggest   Companies in the entire space so what's the Threat 
Level if Genesis were dealing with insolvency   Concerns and were to file for bankruptcy that 
would imperil digital currency group why this   Matters digital currency group or dcg founded by 
Barry silbert in 2015 is among the largest crypto   Companies in the space sporting a valuation of 
10 billion just last year it holds investments in   Some 165 companies from public companies including 
coinbase Global to well-known private shops Ripple   And Ledger in other words a hurt dcg would have 
industry-wide repercussions so Genesis needs to   Raise some money to cover their whole the only 
problem Genesis is having a hard time raising cash   For its Landing unit and it is warning potential 
investors it could possibly file for bankruptcy   If it is unable to do so Bloomberg reported The 
Firm has faced a liquidity crunch since ftx's   Bankruptcy filings earlier this month and has 
been trying to raise at least 1 billion including   From binance people familiar with the situation 
confirmed to the block that Genesis is struggling   To raise the emergency funds however noting that 
its fundraising target has been reduced from 1   Billion to just 500 million again how we got here 
is Genesis Global Capital The Lending business of   Genesis trading last week temporarily suspended 
redemptions and new loan originations in the   Wake of ftx's collapse and the earlier three Aero 
Capital implosion which affected them hard at the   Time parent company digital currency group said 
business operations at dcg and its other wholly   Owned subsidiaries were not affected so Genesis 
seemingly facing bankruptcy without at least 500   Million dollar cash infusion binance was offered 
and invest in proposal binance rejected this offer   CEO of binance CZ now taking to Twitter to make 
observations on coinbase custody and grayscale   Remember digital currency group and grayscale 
have the same CEO founder Barry silbert highly   Connected CZ says this so coinbase custody holds 
635 000 Bitcoins for grayscale four months ago   Coinbase I assumed the exchange reported holding 
less than 600 Bitcoin just stating news reports  

Not making any claims seems to me like CZ is 
sowing seeds of Doubt whether coinbase custody   Actually holds this Bitcoin for grayscale and 
whether grayscale actually has this Bitcoin   Why would CZ do this because coinbase is a public 
company and through their audited financials they   Actually control 2 million Bitcoins CZ why are you 
Tweeting this well at forced Brian Armstrong the   CEO of coinbase had forced his hand saying if you 
see fought out there remember our financials are   Public we're a public company Brian Armstrong 
sharing Pages out of their financials saying   We hold 2 million Bitcoin almost 40 billion 
worth of bitcoin as of September 30th we need   To come together to build this industry in 
a responsible way going forward be wary of   False information and it's true coinbase is a 
public company they have to disclose and prove   In their financial statements to the regulating 
bodies however cryptocurrency is all about don't   Trust verify Brian Armstrong show us the wallets 
proof of reserves so I'm rooting hard for digital   Currency group because I'm rooting for the 
hundreds of thousands of investors people   Like you and me who would be hurt if Genesis 
grayscale and digital currency group don't   Execute a successful restructuring I'm rooting 
for ethereum D5 not facing massive liquidations   If ethereum falls under a certain price we're all 
in the same boat right now this affects everyone   Genesis purportedly needs 500 million to 1 billion 
in emergency financing or it will face bankruptcy   Genesis likely already lost more money than it 
ever earned thanks to the three Aero Capital   Bankruptcy it affected them hard but digital 
currency group at the time absorbed the 1.2   Billion bankruptcy claim today digital currency 
group the parent company of Genesis currently has   Debt in an excess of assets and limited liquidity 
but it also has grayscale which produces about 250   To 300 million per year in fees and whose assets 
under management is locked digital currency group   Holding company should be able to raise money 
if it can limit Genesis Capital liabilities   Digital currency groups Health begins and ends 
with Genesis there is hope there is potential   Fear hope digital currency group negotiates 
a resolution with Genesis creditors everyone   Avoids bankruptcy and the digital currency group 
survives or creditors reject the deal Genesis goes   Into bankruptcy years of Court battles likely 
same bad result for digital currency group the   Latter situation Genesis chapter 11 a bankruptcy 
is what everyone is assuming right now and that's   Bad I don't see it being survivable for digital 
currency group reputation wise it seems Genesis   Has days not weeks to reach a creditor agreement 
in order to avoid chapter 11. subscribe to our   Channel more information on all of this is coming 
out every day we keep you updated on a daily basis   Join us November 28th and 29th to Central Miami 
where speaking will be there hope to see you   There join us next year for the biggest Bitcoin 
conference in the world May 18th through 20th 2023   Celebrates Bitcoin winter in Miami at the Bitcoin 
conference 2023 this is the place to be use code   Altcoin daily for 10 get your tickets now ticket 
prices increase use altcoin daily 10 also this is  

One of your last chances to vote for us web 3 
influencer Awards I'll leave a link to all of   This in the description below please vote for us 
in every category where we are nominated to recap   The 50 billion dollar Empire of digital currency 
group might be on the verge of a total collapse   They own Genesis they own grayscale they claimed 
to have 633 000 Bitcoin in backing but they refuse   To prove it is this the beginning of the end well 
the discount of the gbtc to net asset value of   The grayscale Bitcoin trust reached a record 55 
percent discount and it keeps increasing to solve   This digital currency group must start liquidating 
part of their 633 Bitcoin to restore the situation   They might not have the 633 000 Bitcoin they claim 
to have and they refuse to show their reserves so   There's possibly a huge hole in backing reserves 
coinbase claims they began holding grayscale   Assets on July 29 2019 and 2019 grayscale claimed 
to have 240 000 Bitcoin there is a corresponding   Transaction on July 29th here is a Google sheet 
with addresses and the amount of Bitcoin held on   Each of them 432 wallet addresses with a total of 
318 000 Bitcoin were found overall remember 318   000 Bitcoin is just one half of what grayscale 
claims to have hopefully the other half is being   Properly stored in digital currency group Reserve 
addresses these addresses hopefully will be made   Public eventually this all caused coinbase to 
publish a report where they listed all assets   That digital currency group grayscale is backed 
by however without listing actual addresses of the   Reserves like I showed you Brian Armstrong today 
tweeted out if you see fud out there remember   Our financials are public we're a public company 
leading to just a few hours ago digital currency   Group CEO Barry silbert released a letter to 
shareholders today Mr silbert States digital   Currency group borrowed about 575 million from 
Genesis in an arms length deal with the due date   Maturing in May of 2023. the loans were used to 
fund investment opportunities sound familiar this   Is Barry silbert's full letter to shareholders a 
lot more needs to come out make sure you subscribe   We will be reporting this to you tomorrow 
subscribe to the channel see you tomorrow

Leave a Reply

Your email address will not be published. Required fields are marked *