Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? - Ep. 440

Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate.

Show highlights:

how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi

whether the assets of DCG and Genesis are commingled

what Gemini’s options are if DCG does not commit to cooperate

whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy

why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram

why it is relevant whether Genesis has a liquidity issue or an insolvency one

whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit

the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy

if DCG goes under, what would happen to Grayscale

whether Valkyrie is going to become the hero and save GBTC

why DCG needs to accept the credit committee terms, according to Ram

Thank you to our sponsors!
Crypto.com

Guest
Ram:

Twitter

Ram Ahluwalia’s thread on Fir Tree and Valkyrie

Previous appearances on Unchained:

Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?

Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

Previous coverage of Unchained on DCG and Genesis: 

‘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?

The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?

Genesis:

Unchained: 

​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’ 

Genesis CEO Says Firm Needs More Time to Find a Solution

Genesis Warns of Bankruptcy If Funding Plans Fail: Report

Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism

Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts

WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash

Decrypt:

Grayscale Ethereum Trust Trades at Record 60% Low Against Ethereum - Decrypt

The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'

FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn

Learn more about your ad choices. Visit megaphone.fm/adchoices

Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate.

Show highlights:

how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi
whether the assets of DCG and Genesis are commingled
what Gemini’s options are if DCG does not commit to cooperate
whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy
why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram
why it is relevant whether Genesis has a liquidity issue or an insolvency one
whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit
the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy
if DCG goes under, what would happen to Grayscale
whether Valkyrie is going to become the hero and save GBTC
why DCG needs to accept the credit committee terms, according to Ram
Thank you to our sponsors!

Crypto.com

Guest

Ram:

Twitter
Ram Ahluwalia’s thread on Fir Tree and Valkyrie
Previous appearances on Unchained:
Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

Previous coverage of Unchained on DCG and Genesis: 

‘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?

The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?

Genesis:

Unchained: 
​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’ 
Genesis CEO Says Firm Needs More Time to Find a Solution
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism

Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts

WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash

Decrypt:
Grayscale Ethereum Trust Trades at Record 60% Low Against Ethereum - Decrypt
The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'

FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn

Learn more about your ad choices. Visit megaphone.fm/adchoices