Bad news, guys!
The crypto market is about to be nuked by...
DCG or Digital Currency Group, which owned most of the Bitcoin in their portfolio, failed in their investment management.
The market is about to know what is excatly going on in Genesis Trading with $1B at least hole.
If DCG leveraged their portfolio through Grayscale trusts and lent money to Genesis, and then all money was gone, this is another FTX disaster of their own issued token $FTT that cannot be redeemed when the market finds out.
Someone did confirm around 50% truth about their Bitcoin holdings under Coinbase.
But their "trust me, bro" vibe got everyone nervous.
It gives everyone a Deja Vu that SBF gave everyone before FTX collapsed...
The way crypto lending business was conducted is very questionable.
We will see how it plays out for the next week...
Photo by Ant Rozetsky
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