With a bankruptcy looming, we unpack how business got bad for Barry
Dear Bankless Nation,
Not sure if you noticed, but November hasn’t been all that kind to the crypto industry!
The outlook this week doesn’t appear all that rosy either as people wonder if Genesis is on the verge of disaster. We’re kind of curious about that too… so let’s dig into what’s going down with Barry Silbert’s Digital Currency Group.
Et tu, Genesis?
Last week, Genesis froze its lending program.
Crypto Twitter (obviously) then began circulating rumors about impending Genesis disaster.
Not only has the solvency of Genesis, which was crypto’s only full-service prime brokerage, been called into question, but the backing of GBTC, a Bitcoin trust product, has come under similar scrutiny, after its trustee, Grayscale, stated it would not share its proof of reserves audit, citing “security concerns”.