Should We Believe Him? 😬

What Genesis' balance sheet looks like 👀 Plus: Su Zhu's bearish opinion of crypto 🐻

November 23, 2022

On the Pod…

What’s Poppin’?

Digital Currency Group CEO Barry Silbert broke his silence on Genesis’s liquidity issues and the entity’s existing debt in a letter to shareholders.

Su Zhu believes that FTX’s collapse has potentially pushed crypto back by seven or eight years.

The Mango Markets exploiter’s loan on Aave was liquidated but it has left the protocol with over a million dollars in bad debt.

Crypto data analytics firm CoinMetrics traced Alameda’s blockchain transactions in an attempt to answer the question on everyone’s mind – where did the money go?

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In Other News…✍️✍️✍️

  • Sam Bankman-Fried’s parents and senior executives of FTX purchased at least 19 properties worth nearly $121 million in the Bahamas over the past two years.

  • DCG's Foundry Digital will acquire two cryptocurrency mining facilities and other assets from bankrupt mining company Compute North.

  • Alexey Pertsev, the developer arrested for building Tornado Cash, has been ordered to stay in jail until Feb. 20 and was charged with money laundering.

  • Bitcoin miner Core Scientific posted a net loss of $434.8 million in the third quarter and its future is uncertain. 

  • Sequoia Capital apologized to investors for FTX loss after it wrote off its $150 million investment in FTX earlier this month

  • Binance rejected an offer to invest in troubled crypto lending firm Genesis.

  • Bloomberg reported that Binance CEO Changpeng Zhao is seeking funds from investors in Abu Dhabi for the exchange's crypto recovery fund; CZ denied it.

Today in Crypto Adoption...

  • Magic Eden, the largest marketplace on Solana, will expand its services to Polygon.

The $$$ Corner…

  • Ark Invest, the investment firm led by Cathie Wood, invested another $1.4 million in GBTC.

  • Tokyo-based web3 and VR gaming studio Thirdverse raised $15 million in a round led by MZ Web3 Fund.

  • Crypto fund Foresight Ventures launched a $10 million Web3 startup fund.

What Do You Meme

📈 Your Market Update 📉

  • BTC is up 5.45%, trading at $16,541

  • ETH is up 7.71%, trading at $1,166

  • BTC dominance: 37.08%

  • Crypto market cap: $857 billion

*All data as of today, 5 am ET

Recommended Reads

  1. Ipor intern on Aave:

  2. Barnabé Monnot on rollup economics:

  3. SBF’s letter to FTX’s employees:

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