Will bitcoin recover? Is Genesis crypto in trouble? Let’s discuss the latest cryptocurrency news for bitcoin, ethereum, altcoins, & MORE! SLAP THE LIKE BUTTON! 👋
Use code ‘ALTCOINDAILY’ for 10% off Bitcoin 2023:
https://b.tc/conference/
🔵 This is VERY Bad for Crypto | Cameron Winklevoss vs Digital Currency Group ⚠️
https://youtu.be/NGuMNQNKT58
🔴 Kevin Smith Makes Crypto History with First Ever NFT Film (Huge Moment)
https://youtu.be/06zsOekdb5s
🟠Mark Cuban EXPOSES The Crypto Market in 2022 | Full Interview
https://youtu.be/_gmgugoJ4QE
🟣 Why Spike Lee is BULLISH on Bitcoin and NFTs | Full Interview
https://youtu.be/wAOEmO8CZVg
Follow us on Twitter:
https://twitter.com/AltcoinDailyio
Follow me [Austin] on Instagram here:
https://www.instagram.com/theaustinarnold/
TimeStamps:
00:00 Crypto News Today
01:14 Winklevoss Accuses Barry Silbert (DCG Founder) of Fraud
04:36 How Digital Currency Group Mislead Investors (allegedly)
07:03 The Grayscale Premium ‘Kamikaze’ Trade
10:29 Winklevoss Demands DCG Remove Barry Silbert as CEO
10:46 Best and Worst Outcome for DCG
11:35 Binance BUSD Stablecoin Wasn’t Always Fully Backed (Bloomberg)
13:10 Gala Games and Dwayne ‘The Rock’ Johnson Collaboration UPDATE
14:11 Barry Silbert (DCG Founder) Responds to Cameron
15:30 3 Days Left…
***********************************************************************
🏺Support The Channel!!🏺(We Get A Kickback From These Affiliate Links)
— Buy Bitcoin on Coinbase and we both receive $10 in Bitcoin!
https://www.coinbase.com/join/arnold_w23
— Get a Nano Ledger S: Best Way to Keep your Cryptocurrency Safe!
https://www.ledger.com/?r=29fd4d75e9bc
***********************************************************************
#Bitcoin #Cryptocurrency #News #Ethereum #Invest #Metaverse #Crypto #Cardano #Binance #Chainlink #Polygon #Altcoin #Altcoins #DeFi
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
Coins I hold or will hold more than $1k worth (in no particular order): BTC, ETH, ADA, MINA, SUPER, FEAR, VPP, XCAD, FORM, REALM, XDEFI, ERN, OPUL, LINK, INJ, TRUST, NIF, VPAD, SENATE, SIDUS, CELL, GSG, DON, Itheum, BICO, SIS, METIS, CLS, GRT, ENV, BNB, GMPD, BREED, MSCP.
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, cryptocurrency, crypto, altcoins, altcoin daily, blockchain, best investment, top altcoins, altcoin, ethereum, best altcoin buys, bitcoin crash, xrp, cardano, chainlink, 2023, ripple, buy bitcoin, buy ethereum, elon musk, bitboy, coin bureau, graham stephan, crypto market, bitcoin prediction, the fed, Web3, andrei jikh, cnbc crypto, sbf, ftx, bitcoin crash, crypto podcast, barry silbert, winklevoss, cameron, gemini, genesis crypto, fraud, bear market, pop, dwayne johnson, cz binance, gala crypto, grayscale, gbtc,
Yes welcome back everybody to altcoin Daily my name's Austin as of this Morning Gemini crypto exchange founder Cameron Winklevoss has just accused the Digital currency group one of the Largest crypto companies in existence They own grayscale they own Genesis they Own Media Company coindesk Etc they have Just accused digital currency group of Fraud and I do want to encourage you if You want a beginner's guide on how this All started who exactly is dcg digital Currency group why are the winklevosses Angry how much money did they lose Through their involvement with Genesis Watch our original video this is very Bad for crypto camera wrinklevoss calls Out digital currency group linked down Below because as of this morning Winklevoss demands dcg CEO Barry silbert To step down alleges accounting fraud And Cameron Winklevoss did bring Receipts I will take you through select Excerpts so you have all the information As well as get to some binance news some Dwayne The Rock Johnson crypto news and Barry silbert's response to all this This just came out so check the Timestamps down below hit the like Button to support me support this Content and let's jump in starting with Gemini earn update an open letter to the Board of the digital currency group I'm writing to let you know that Gemini
And more than 340 000 earn users have Been defrauded by Genesis Global Capital Along with their parent company digital Currency group and their founder Barry Silbert so right off the bat using the Word defrauded very strong legal Language why does he say this These parties conspired to make false Statements and misrepresentations to Gemini earn users other lenders and the Public at large about the solvency and Financial Health of Genesis they did so In an effort to mislead lenders into Believing that dcg had absorbed the Massive losses that Genesis occurred From the three arrows Capital three AC Collapse and induced lenders to continue Making loans to Genesis by lying they Hoped to buy time to dig themselves out Of the hole they created so essentially What Cameron Winklevoss is saying is That Genesis one of the oldest largest Crypto lenders in the space lost so much Money when 3ac collapsed and that's when Genesis started misrepresenting or lying Just how bad their liquidity issues were And remember Gemini sent billions and Billions of dollars through their earned Program to Genesis and Gemini has been Saying for weeks that they need their Users money back Here's what specifically Cameron Winklevoss has happened we are learning More and more by the day but at present
The basic events as we understand them Are as follows Genesis lent 2.36 billion Dollars worth of assets to 3ac a Singapore-based hedge fund that went Belly Up back in June 2022 and after Collateral was liquidated meaning that Money was lost Genesis indicated that it Was left with a loss of at least 1.2 Billion dollars at this point Barry Silbert had two legitimate options Restructure the Genesis loan book inside Or outside of bankruptcy court or fill The 1.2 billion dollar hole he didn't Either so Barry silbert's Genesis was Billions of dollars in the hole this was Back in June last year and they probably Would have been fine if that was the Worst collapse unfortunately FTX Collapsed about five-ish months later And that was much worse but back in June At this point in time the Genesis loan Book in total was approximately eight Billion dollars which means the 1.2 Billion dollar loss from 3ac would Account for roughly 15 percent of the Loan books assets and back then a 15 Percent hole was not completely damning A restructuring then could have Addressed this shortfall to achieve a Full recovery of assets for all lenders Including earned users In a short amount of time and given them Direct access to liquidity but Barry Chose not to do this he also chose not
To fill the 1.2 billion dollar hole Instead he pretended to so how did Barry Silbert pretend to fill the hole and Again if this is still confusing to you I really encourage you to watch this Original video the original call out From Cameroon gloss seven days ago But how did Barry silbert pretend to Fill the hole what was this fraud Allegedly beginning in early July 2022 Barry dcg and Genesis embarked on a Carefully crafted campaign of lies to Make Gemini earn users and other lenders Believe that dcg had injected 1.2 Billion dollars of actual support into Genesis public lies on July 6th Michael Morrow then CEO of Genesis tweeted Dcg has assumed certain liabilities of Genesis related to 3ac to ensure we have The capital to operate and scale our Business for the long term basically the Then CEO of Genesis at the time saying Everything's gonna be okay we found the Capital the liquidity to fill the hole According to Cameron this statement was False and misleading in reality dcg had Not ensured Genesis had the capital to Operate In fact dcg hadn't given Genesis so much As a penny of actual funding to make up For the three AC losses so what did dcg Actually give Genesis instead dcg Entered into a 10-year promissory note With Genesis at an interest rate of one
Percent due in 2032 this note was a Complete gimmick that did nothing to Improve genesis's immediate liquidity Position or make its balance sheet Solvent more on this later and even Though dcg was tagged in Morrow's tweet Nobody from dcg including Barry bothered To correct this misstatement so a 10-year promissory note does nothing in The short term to give you liquidity now And again dcg probably would have gotten Away with this if 3ac was the only Collapse big claps I am not going to Waste your time by reading word for word This entire letter I will link this down Below so you can read this on your own But Cameron gives many more examples of Public statements but private lives all Finishing with and Barry and dcg might Have gotten away with it if not for the FTX collapse but I found this to be the Most interesting how did we get here Meaning why wouldn't Barry silbert just Originally come clean and say hey we Were doing some risky lending to 3ac now We have a giant hole so we're going to Taper or restructure to make sure Gemini Users and other lenders get their money Back well according to Cameron it's Because much of the Genesis Lending Money was going directly back into Grayscale both dcg both very silbert Companies how did we get here greed as a Standalone business it's inconceivable
That Genesis would have lent so much Money to 3ac given the low quality of Collateral the 3sc posted Genesis made These loans because it was one piece of A much larger scheme designed to enrich The greater dcg Enterprise More specifically Genesis was willing to Recklessly lend to 3ac because 3ac was Using the money for the Kamikaze Grayscale net asset value trade what was This grayscale premium trade well it was A recursive trade that ballooned the Assets under management of the grayscale Bitcoin trust gbdc and as a consequence The fees incurred by its sponsor Grayscale Investments a wholly owned Subsidiary of dcg so let me break down What this means gbtc is a trust that Buys Bitcoin and then Wall Street Investors can simply buy a ticker in the Stock market as an indirect way to own Bitcoin The reason an investor may do This is because they don't have to worry About custody they don't have to worry About management they simply buy the Ticker and Cameron Winklevoss is Accusing 3ac in Genesis of doing this Genesis which is a dcg company would Lend billions of dollars to 3ac very Risky lending for minimal collateral and Then 3ac would use that money to buy Gbtc another digital currency Group Company why would three errors Capital Do this for all of 2018 2019 2020 and
Just at the start of 2021 gbtc traded at A premium as opposed to now trading at Almost a 40 discount according to Cameron up until 2021 Genesis who is Lending this money to 3C one this Zero-sum trade because the gbtc shares Were worth more than Bitcoin starting in 2021 however Genesis lost this trade Because the shares were worth less than Bitcoin at this point Genesis should Have stopped lending money to 3ac but Genesis was greedy disturbingly not only Did Genesis not close out three AC's Position when the nav trade inverted Something an irrational independently Operate a business would have done it Continued to lend to 3ac on attractive Terms and accept gbtc as collateral and Again grayscale gbdc and Genesis both Very silbert companies And for grayscale this had the desired Effect of keeping gbtc shares from being Sold into the market which would have Depressed the share price and further Widened the discount to nav but for Genesis this had the undesired effect of Keeping its risk position open and Allowing it to grow Cameron finishes by Getting down to Brass tax calling this Accounting fraud that all these actions Made the Genesis balance sheet appear Healthier than it actually was Fraudulently inducing lenders to Continue making loans and then
Eventually when the music stopped Barry Chose to continue pushing forward taking Riskier plays instead of cutting losses What is the path forward well for all Reasons mentioned above there is no path Forward as long as Barry Silber to Remain CEO of dcg this letter from Cameron again went viral actually just a Few hours ago Barry silbert responded With his statement but essentially what This means to you and me as investors The bad news is if they can't raise the Money this would lead to a bankruptcy Restructuring where they would probably Have to sell assets to make creditors Whole the good news is that unlike 3ac Or unlike Terra Luna or Celsius or the FTX collapse all of those came suddenly Out of nowhere we didn't know they were About to happen this potential Insolvency is being heavily talked about It's heavily public and if a bankruptcy Eventually happens maybe some of that Downwards pressure is priced in because The market is so aware this is an Ongoing story make sure you subscribe Because the minute I get information I'll make a video I'll keep you updated And before we get to Barry's response I Do want to share with you a few other Pieces of big news according to Bloomberg a binance stablecoin wasn't Always fully backed and that's a major Statement binance acknowledged that it's
A binance pegged busd stable line hasn't Always been backed fully with reserves But said the problem is now fixed so Specifically according to Bloomberg the Token was at times under collateralized In 2020 and 2021 and a direct quote from The binance spokesperson was The process of maintaining the peg Involves many teams and has not always Been Flawless which may have resulted in Operational delays in the past recently The process has been much improved with Enhanced discrepancy checks to ensure It's always one to one pegged and of Course what this means to you and me is What could have happened is much like The Terra Luna stable coin if there was A bank run and this wasn't fully pegged One to one then the stablecoin could Have collapsed that would have been the Worst case scenario the binance Spokesperson did note the user Redemptions were never impacted by the Issue because this was 2020 the good Times in 2021 but did not detail how Long binance Peg busd was under Collateralized for nor when binance Discovered the issue and fixed it now Although that was reported by Bloomberg From an unnamed binance spokesperson so Many people are taking it as credible CZ CEO binance called this fod said more Fud incoming will ignore at least we Have some good news if you like gala
This was hinted at we talked about it Briefly in yesterday's video top 10 Crypto altcoins exploding but an update On that news Gala skyrockets nearly 60 Percent following Gala games and Dwayne The Rock Johnson collaboration as you Know Gala games also has Gala films and Gala music so something for the gamers Something for the musicians something For the movies and now former Professional wrestler Dwayne Johnson as Well as actor Mark Wahlberg have Partnered with Gala and are developing Two separate films with the ecosystem This was directly announced from Gala in An announcement shared on Twitter Gala Films said it was happy to get the Chance to work with them and said they Are two absolutely huge forces in the Entertainment industry and the direct Tweet from Gala actually tagged the Rock And Mark Wahlberg themselves I tried to Look it up but interest interestingly That tweet has since been deleted not Sure what that's about but final piece Of news here was Barry silbert's Response to Cameron from just a few Hours ago writing in a letter to Investors silbert said that and I quote This past year has been the most Difficult of my life both personally and Professionally Bad actors and repeated blow-ups have Wreaked havoc on our industry with
Ripple effects extending far and wide so Obviously it's been a bad year but Barry What are you going to do about it well He noted that dcg has cut jobs and is Winding down its crypto asset manager Headquarters which is interesting and While Berry confirmed Cameron's Accusations of the promissory note and And the amount of debt that Genesis and Dcg were in silbert denies Cameron's Accusations the dcg co-mingling Information or money with other dcg Owned company Genesis in a direct quote From silbert he said because of the Outstanding loans and the promissory Note that dcg owes to Genesis Capital Dcg Executives including those on the Genesis board have no decision making Authority related to any restructuring Of Genesis Capital so basically no new Relevant information the minute I get Some I will keep you updated and by the Way grab your tickets for Bitcoin 2023 The largest crypto conference in Existence 150 speakers over 15 000 in Attendance and ticket prices do go up in About three days so use code altcoin Daily for 10 off your tickets
