Contagion Spreads as Crypto Lender Genesis Files for Bankruptcy (Podcast)

It had been expected, but still compounds problems across the crypto sector.

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Crypto lender Genesis has filed for bankruptcy. For many observers in crypto, this wasn’t entirely unexpected, not least because the company itself had been warning that it was staring down a liquidity crisis and trying to raise money.

Over the past couple of weeks, Barry Silbert, who is the CEO of the Genesis parent company, Digital Currency Group, has been engaged in a very public online dispute with some fellow billionaires, namely the co-founders of the Gemini crypto exchange, Tyler and Cameron Winklevoss. At the heart of this dispute is around $900 million worth of funds that customers of these two entities have lost access to.

Bloomberg editor Anna Irrera and reporter Emily Nicolle join the show to discuss why Genesis was so important to the crypto ecosystem and what its relationship is with Gemini.

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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.

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