Genesis Global Capital Going Bankrupt?

The Genesis vs. Gemini spat entered a new chapter today. 📓

The Block reported early this afternoon that Genesis creditors are negotiating terms for a possible Chapter 11 bankruptcy filing. 

One of Genesis’s biggest and most well-known creditors is the Winklevoss twins’ cryptocurrency exchange, Gemini. 

You can read more about the Gemini vs. Genesis spat in last Friday’s Litepaper.

Gemini reportedly formed a committee of other creditors to discuss terms, which reportedly include a forbearance period of one to two years, cash, and equity in Digital Capital Group (parent of Genesis, Grayscale, and CoinDesk).

We’ll keep you updated as this story evolves. 📰

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A Friday Crypto Roundup

It was a slower day on the news front, so let’s use this time to catch up on recent crypto-related stock market news from the last few days. 📰

First up is Silvergate Capital Corporation’s massive decline after the company delayed its annual report filing. Executives need additional time to evaluate the “subsequent events” that have happened since the end of 2022 and may need to be included in their report. 🕵️

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Wager: BTC At $1 Million In 90 Days

Cathie Wood recently said $BTC could hit $1 million by 2030 – seven years away and that doesn’t seem too unlikely for many analysts. But what about $1 million in just 90 days? 🤷‍♂️

$COIN‘s ex-CTO Balaji Srinivasan is betting that Bitcoin’s gonna hit a million bucks by June 17th. He’s putting $1 million on the line with two random dudes, and if his wild prediction doesn’t come true, they’ll pocket some sweet $USDC stablecoin.

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The Banking FUD Explained: The Picture Book Version

Feel out of the loop with what the heck is going on with the bank fears and doom and gloom over the past couple of weeks? I’ll try and make it as simple, fast, and painless as possible. 🤕

This means a nice big chunk of the nitty gritty details won’t be in here, but you can read them in the fantastic article from last Friday’s Daily Rip.

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