Start / Unchained / Dcgs dilemma should it sell its gbtc holdings to repay gemini ep 442

DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? - Ep. 442

43 min • 13 januari 2023

Gemini has accused Digital Currency Group CEO Barry Silbert of fraud after allegedly misrepresenting the financials of his company. The accusations follow a dispute over the return of $900 million in assets owed to Gemini Earn’s users. Karim Dandashy, CFA and portfolio manager at XBTO Group, discusses everything about the ongoing drama between Genesis, its parent company DCG, and Gemini.

Show highlights:

the fraud accusations against DCG CEO Barry Silbert
all the details disclosed in Barry's response
whether Genesis will file for chapter 11 bankruptcy protection
the meaning of the $1.1 billion promissory note being not callable
the EDNY and SEC investigation on transfers between DCG and a subsidiary – potentially Genesis
whether the 1% interest rate charged for the loan was suitable considering the nature of Genesis' business
whether DCG could sell its venture investments to plug the hole
why Bitvavo rejected an offer from DCG to return 70% of the $300 million owed to them
what Karim would do if he was leading DCG

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Guest

Karim:

Previous coverage of Unchained on DCG and Genesis:

Genesis/Gemini:

Unchained:
Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
DCG Under Investigation by DOJ and SEC: Report
Genesis CEO Says Firm Needs More Time to Find a Solution
Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith and Stall Tactics’
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
Financial Times: DCG’s crypto broker Genesis owes creditors more than $3bn
Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism
CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts
Decrypt:
Dutch Bitcoin Exchange Bitvavo Says DCG’s Payback Plan ‘Not Acceptable’
Sam Andrew’s thread
Ram Ahluwalia on DCG CEO’s update to shareholders
Ryan Selkis on the definition of the current assets

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