Unchained

Unchained

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Unchained episodes

  • The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum - Ep. 449

    Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Flashbots co-founder Phil Daian joins the show to go deep on what maximal extractable value (MEV) means and how it’s shaping the Ethereum ecosystem.


    Show highlights:

    • how Phil started working in MEV and why he believes it resembles 'Alice in Wonderland'
    • Phil's definition of MEV and when he realized this was an actual problem
    • how Flashbots was born
    • the story of how Vitalik didn't care about sandwich attacks at the time Uniswap was released
    • whether it's possible to minimize MEV via more competition
    • the never-ending debate about whether MEV should be accepted
    • why Tarun thinks the concept of fair ordering is against nature 
    • how Bitcoin uses social norms to solve its weaknesses 
    • how Google is being called out in court for creating auction to front run its customers
    • how Flashbots worked prior to and after Ethereum's Merge
    • why Flashbots complies with OFAC sanctions 
    • what is the Suave project and how it aims to decentralize Flashbots
    • what the future of MEV looks like



    • Hosts

      • Haseeb Qureshi, managing partner at Dragonfly Capital
      • Tarun Chitra, managing partner at Robot Ventures
      • Tom Schmidt, general partner at Dragonfly Capital


        Guest:

        Phil:

        • Twitter


        Disclosures


        Links

        The Block: Flashbots seeks up to $50 million at a billion-dollar valuation

        CoinDesk: Opinion: Miners, Front-Running-as-a-Service Is Theft

        CNN: DOJ sues Google over its dominance in online advertising market

        Unchained: 51% of Ethereum Blocks Are OFAC Censored

        Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390


        The Cost of Decentralization in 0x and EtherDelta


        Previous coverage of Unchained on MEV:

        • Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate


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        1 hr 33 min
      • Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF - Ep. 448

        Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate. 


        Show highlights:

        • why Grayscale charges higher fees than, say, the average ETF
        • what Grayscale will do if it loses its case against the SEC
        • why Grayscale has not filed for Regulation M relief
        • Michael's comments on Gemini liquidating 31 million shares of GBTC
        • the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant”
        • the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations
        • why the trust agreement of GBTC was changed

        • Thank you to our sponsors!

          Crypto.com


          Guest

          Michael Sonnenshein:

          • Twitter


          Links

          • CNBC: Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision
          • Reuters: 
          • Grayscale would appeal lawsuit against SEC if court rejects case, CEO says
          • Ruling in Grayscale-U.S. SEC lawsuit likely within a year
          • MarketWatch: Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says
          • CoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis
          • CoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs
          • Bloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
          • Bitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin
          • Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin
          • Andrew Parish’s tweet on the possibility of the case going to the Supreme Court
          • Grayscale’s End of Year CEO Letter to Investors
          • Ycharts: GBTC Discount or Premium to NAV



            Previous coverage of Unchained on GBTC: 

            • Bitwise's Latest Plans to Get a Bitcoin ETF Approved
            • DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
            • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
            • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
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              38 min
            • The Chopping Block: Will Genesis Creditors Be Made Whole? - Ep. 447

              Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they covered:

              • why the markets were up so much recently
              • how and why Genesis entered into bankruptcy
              • why the hole in DCG's financials are potentially much bigger than previously reported
              • the differences between the bankruptcies of FTX and Genesis
              • whether 3AC founders Su Zhu and Kyle Davies will find success with their new exchange
              • what will happen to GTBC now that a huge portion has already been liquidated
              • whether Tarun is predicting "the start of a new supercycle"
              • the large percentage of vested SOL held by the FTX estate
              • how SBF is still trying to win the public 

              • Hosts

                • Haseeb Qureshi, managing partner at Dragonfly Capital
                • Tarun Chitra, managing partner at Robot Ventures
                • Robert Leshner, founder of Compound 
                • Tom Schmidt, general partner at Dragonfly Capital



                  Links


                  Disclosures


                  Genesis: 

                  • Bloomberg: FTX Bankruptcy Judge Backs Company Law Firm, Rejects Last Minute ‘Rumors’
                  • CoinDesk: 
                  • Crypto Lender Genesis Global Capital Is FTX's Largest Unsecured Creditor
                  • Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure
                  • CNBC: 
                  • Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
                  • Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG
                  • Unchained: 
                  • Is Genesis’s Prepackaged Bankruptcy The Ultimate Sacrifice? 
                  • Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
                  • DCG Under Investigation by DOJ and SEC: Report
                  • Genesis CEO Says Firm Needs More Time to Find a Solution


                  • FTX:

                    • Unchained: 
                    • SBF Says Excel Spreadsheet Proves FTX US Is Solvent
                    • WSJ: New FTX Chief Says Crypto Exchange Could Restart
                    • The Block: FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’


                    • 3AC/GTX: 

                      Unchained: 3AC Founders Are Raising $25M for ‘GTX’

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                      58 min
                    • Not Just FTX: One Skeptic’s Take on Why Crypto Is a Scam - Ep. 446

                      James Block, crypto skeptic and author of the Dirty Bubble Media newsletter, rose to prominence with a timely post predicting FTX’s insolvency. The blogger, a doctor by day, explains why he sees crypto as an unregulated morass of would-be securities and outright “Ponzi schemes.” From an early interest in Tether to connecting the dots on Celsius, Block explains why he does what he does and why almost all of crypto is just “regulatory arbitrage.”


                      Show highlights:

                      • how James got into crypto and why he started writing about the space
                      • why James chose "Dirty Bubble Media" for the name of his publication
                      • the problems with the legitimacy of crypto projects
                      • the reasons to be bearish on Coinbase
                      • why the question of whether Bitcoin has intrinsic value is highly subjective
                      • whether every token in crypto is a scam and whether regulations will hit stablecoin issuers hard
                      • how FTX used tokens to create fictitious value worth billions of dollars 
                      • why Celsius and FTX were closely linked, and the difference between both cases
                      • ties James found between FTX's European subsidiary and a company doing binary options, an industry characterized by fraud
                      • how he believes financial fraud is similar throughout history — it doesn't repeat, but it rhymes
                      • James’s concerns around Signature Bank and its "questionable tactics"
                      • why Genesis and DCG got into trouble and how James thinks the situation will likely play out
                      • whether exchange tokens are securities and why he believes they have very little value
                      • why he says BNB resembles OneCoin's pyramid scheme
                      • James's contrarian take on the Avi Eisenberg case


                      • Thank you to our sponsors!

                        Crypto.com

                        DeFi Saver


                        Links


                        Guests:

                        James Block:

                        • Twitter
                        • Substack

                        • FTX: 

                          Dirty Bubble Media:

                          • Is Alameda Research Insolvent?
                          • FTX'ed: The Tangled Ties Of Celsius Network and Sam Bankman-Fried
                          • FTX's European subsidiary was built on top of a binary options scam
                          • A forgotten banking scandal suggests FTX is the tip of the crypto iceberg

                          • DCG

                            • Dirty Bubble Media: Digital Currency Grift 
                            • Unchained: ​SEC Charges Gemini and Genesis With Sale of Unregistered Securities


                              Binance

                              • Dirty Bubble Media: The Binance Scam Chain


                              Signature

                              • Bloomberg: Binance Says Signature Sets Transaction Minimum Amid Pullback


                              Mango Markets

                              • The Ballad of Risk-Free Avi - Dirty Bubble Media 
                              • Unchained: 
                              • Mango Markets Exploiter Arrested on Market Manipulation Charges
                              • Solana’s Mango Markets Sees $100M Drained in DeFi Exploit

                              • Celsius

                                • Dirty Bubble Media: Anatomy of a (fake) Market
                                • Unchained: NYAG Sues Celsius’s Alex Mashinsky for Defrauding Investors


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                                  1 hr 6 min
                                • Why Crypto Developer Activity Continues to Grow Despite the Bear Market - Ep. 445

                                  Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report. Hotly anticipated among crypto observers, the annual report captures which chains developers are building on. Despite 2022’s price carnage, the report finds developer interest remains strong. Ethereum is the leading chain by far but EVM-compatibility is emerging as a major force in winning developers’ hearts and minds. Shen unpacks Bitcoin’s stability, Terra’s implosion, and many more insights from crypto’s open-source code repos.


                                  Show highlights:

                                  • why the report "undercounts" developers and how it defines active developers
                                  • how developers represent a fundamental measure of the health of emerging technologies like crypto
                                  • the meaning of developer numbers going up even when prices plummet
                                  • why in recent years the speed of developer growth jumped so drastically
                                  • what happened after the number of developers reached an all-time high in June 2022
                                  • the role of Terra in the decline of developer activity in 2022’s second half
                                  • why Ethereum dominates the ecosystem and whether it will continue to be the leader
                                  • the benefits of being part of “the EVM universe”
                                  • why the number of Bitcoin developers has remained flat over the last year
                                  • whether looking at the number of developers in the NFT ecosystem is even relevant

                                  • Thank you to our sponsors!

                                    Crypto.com


                                    Guest

                                    Maria Shen:

                                    • Twitter


                                    Electric Capital Developer Report

                                    • Full report
                                    • Maria’s 2022 thread
                                    • 2021 report
                                    • 2020 report
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                                      39 min
                                    • How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX - Ep. 444

                                      From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.


                                      Show highlights:
                                      • how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class
                                      • how buying bankruptcy claims is also a way to buy crypto assets at a discount
                                      • how to determine how much value creditors are owed in a crypto bankruptcy
                                      • what the marketplaces for buying and selling claims are like
                                      • whether it's possible to tokenize bankruptcy claims
                                      • whether crypto tokens should be treated as property
                                      • what is likely to happen when Mt. Gox creditors are returned their BTC
                                      • the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts
                                      • the likelihood of Celsius being acquired
                                      • why the fact that FTX recovered $5 billion in assets is "amazing"
                                      • why so many stakeholders disputed the ownership of the $450 million in Robinhood shares
                                      • why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims
                                      • whether the customer list of FTX should be kept private
                                      • what type of creditors are Gemini Earn customers


                                      • Thank you to our sponsors!

                                        Crypto.com

                                        DeFi Saver


                                        Links


                                        Guests:

                                        Thomas:

                                        • Twitter
                                        • 507 Capital
                                        • Previous appearances on Unchained:
                                        • Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
                                        • Will Celsius Survive the Bankruptcy Process?

                                        • Episode Links: 

                                          Celsius

                                          • Reuters:
                                          • U.S. judge says Celsius Network owns most customer crypto deposits
                                          • Celsius bankruptcy judge orders return of some crypto assets to customers
                                          • Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets


                                            FTX

                                            • Unchained: 
                                            • DOJ Seizes $450M in Robinhood Shares from FTX
                                            • Bankrupt FTX Recovers Over $5B Worth of Assets: Report

                                              • CoinDesk: 
                                              • FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim
                                              • After Bankruptcy, FTX User Claims Pay Cents on the Dollar
                                              • Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares
                                              • Reuters: U.S. Trustee files objection to FTX's planned asset sales
                                              • Thomas Braziel’s prediction on the FTX claims
                                              • Connor Grogan’s take on the $5 billion in assets 


                                              • DCG/Gemini:

                                                Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster


                                                3AC

                                                • Kyle Davies’ comments

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                                                1 hr 20 min
                                              • The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG - Ep. 443

                                                Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news.


                                                Show topics:
                                                • Haseeb’s TL;DR of the ongoing situation between DCG, Genesis and Gemini
                                                • whether DCG committed fraud because of a misrepresentation of its financials
                                                • why DCG did Genesis a favor by absorbing the losses from exposure to Three Arrows Capital
                                                • what's required to force an entity into bankruptcy 
                                                • why Cameron Winklevoss would request Barry Silbert to step down as DCG CEO
                                                • the SEC’s probe into the investors of FTX and whether the regulators will fine them
                                                • whether there will be on-chain assets for trading FTX bankruptcy claims
                                                • what Tarun thinks of the future of NFTs and what needs to be built for them to thrive
                                                • why Robert thinks most NFTs are “hot garbage”
                                                • what the value behind NFTs is and whether they need a utility 
                                                • whether the massive layoffs are good for the industry and how many companies over-hired during the bull market


                                                • Hosts

                                                  • Haseeb Qureshi, managing partner at Dragonfly Capital
                                                  • Tarun Chitra, managing partner at Robot Ventures
                                                  • Robert Leshner, founder of Compound 
                                                  • Tom Schmidt, general partner at Dragonfly Capital



                                                    Links


                                                    DCG/Gemini:

                                                    • Unchained: 
                                                    • Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
                                                    • DCG Under Investigation by DOJ and SEC: Report
                                                    • Genesis CEO Says Firm Needs More Time to Find a Solution
                                                    • Previous coverage of Unchained on DCG and Genesis: 
                                                    • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
                                                    • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
                                                    • Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months
                                                    • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                                    • Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
                                                    • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid


                                                    • FTX:

                                                      • Unchained: 
                                                      • DOJ Seizes $450M in Robinhood Shares from FTX
                                                      • Sam Bankman-Fried Pleads Not Guilty to All Charges

                                                        • Decrypt: FTX Restructuring Team Has Clawed Back $5B in Lost Assets
                                                        • Previous episodes of The Chopping Block on FTX:
                                                        • The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers?
                                                        • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                        • The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater
                                                        • The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'?
                                                        • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
                                                        • The Chopping Block: Was FTX a Scam From the Very Beginning?

                                                        • Layoffs: 

                                                          • Unchained: 
                                                          • Coinbase Lays Off 950 Employees Amid Market Conditions
                                                          • Genesis Considers Bankruptcy and Cuts Another 30% of Staff: Report - Unchained Podcast
                                                          • Bloomberg: Silvergate (SI) Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run


                                                            Why We Missed On Inflation, and Implications for Monetary Policy Going Forward | by Neel Kashkari

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                                                            1 hr 2 min
                                                          • DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? - Ep. 442

                                                            Gemini has accused Digital Currency Group CEO Barry Silbert of fraud after allegedly misrepresenting the financials of his company. The accusations follow a dispute over the return of $900 million in assets owed to Gemini Earn’s users. Karim Dandashy, CFA and portfolio manager at XBTO Group, discusses everything about the ongoing drama between Genesis, its parent company DCG, and Gemini. 


                                                            Show highlights:

                                                            • the fraud accusations against DCG CEO Barry Silbert
                                                            • all the details disclosed in Barry's response
                                                            • whether Genesis will file for chapter 11 bankruptcy protection
                                                            • the meaning of the $1.1 billion promissory note being not callable
                                                            • the EDNY and SEC investigation on transfers between DCG and a subsidiary – potentially Genesis
                                                            • whether the 1% interest rate charged for the loan was suitable considering the nature of Genesis' business
                                                            • whether DCG could sell its venture investments to plug the hole
                                                            • why Bitvavo rejected an offer from DCG to return 70% of the $300 million owed to them
                                                            • what Karim would do if he was leading DCG 

                                                            • Thank you to our sponsors!

                                                              Crypto.com


                                                              Guest

                                                              Karim:

                                                              • Twitter
                                                              • LinkedIn

                                                              • Previous coverage of Unchained on DCG and Genesis: 

                                                                • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
                                                                • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
                                                                • Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months
                                                                • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                                                • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?



                                                                  Genesis/Gemini:

                                                                  • Unchained: 
                                                                  • Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
                                                                  • DCG Under Investigation by DOJ and SEC: Report
                                                                  • Genesis CEO Says Firm Needs More Time to Find a Solution
                                                                  • ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith and Stall Tactics’ 
                                                                  • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
                                                                  • Financial Times: DCG’s crypto broker Genesis owes creditors more than $3bn
                                                                  • Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism
                                                                  • CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
                                                                  • Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts
                                                                  • Decrypt:
                                                                  • Dutch Bitcoin Exchange Bitvavo Says DCG’s Payback Plan ‘Not Acceptable’ 
                                                                  • Sam Andrew’s thread
                                                                  • Ram Ahluwalia on DCG CEO’s update to shareholders
                                                                  • Ryan Selkis on the definition of the current assets

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                                                                    43 min
                                                                  • What Does Mango Markets Exploiter Avi Eisenberg's Arrest in Puerto Rico Mean for DeFi? - Ep. 441

                                                                    Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described “applied game theorist” who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case’s potential impact on DeFi and DAO governance — and whether “code is law” stands a chance in the courtroom.


                                                                    Show highlights:

                                                                    • whether Avi’s manipulation of the markets constitutes fraud 
                                                                    • debating the crypto maxim “code is law”
                                                                    • whether it’s wrong to use DeFi code in a “smarter way”
                                                                    • how the Mango Markets exploit happened due to poor governance management
                                                                    • whether crypto should be regulated from the securities angle or the commodities angle
                                                                    • the consequences of Avi’s arrest for the DeFi space
                                                                    • whether MEV could constitute market manipulation, even if it’s democratized for everybody
                                                                    • the role of DAOs and whether early-stage projects should maintain some level of centralization
                                                                    • how DAOs could be designed to have better mechanisms in order to deal with potential issues
                                                                    • whether members of the Mango Markets DAO are liable because of their role in designing the system
                                                                    • how Avi was “naive” to think he could avoid legal liability by returning the funds
                                                                    • why Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won’t “throw everyone in jail”

                                                                    • Thank you to our sponsors!

                                                                      Crypto.com

                                                                      DeFi Saver


                                                                      Links


                                                                      Guests:

                                                                      Gabriel:

                                                                      • Twitter
                                                                      • Delphi Labs
                                                                      • Gabriel’s Twitter thread on the case
                                                                      • Previous appearances on Unchained: 
                                                                      • The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know

                                                                      • Collins:

                                                                        • Twitter
                                                                        • LinkedIn
                                                                        • Previous appearances on Unchained:
                                                                        • How the Greatest Decentralizing Force for Crypto Projects Is the SEC

                                                                        • Episode Links: 

                                                                          Previous coverage of Unchained on Avi Eisenberg and the Mango Markets exploit: 

                                                                          • The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413
                                                                          • The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'
                                                                          • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428

                                                                          • Mango Markets exploit

                                                                            • Explanation
                                                                            • Avi’s “Highly profitable trading strategy” Twitter thread
                                                                            • Unchained: 
                                                                            • Mango Markets Exploiter Arrested on Market Manipulation Charges
                                                                            • Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’
                                                                            • Mango Markets $42M Reimbursement Proposal Passes
                                                                            • Mango Markets Exploiter Returns $67M After Revealing His Identity
                                                                            • Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty
                                                                            • Solana’s Mango Markets Sees $100M Drained in DeFi Exploit
                                                                            • Chaindebrief: How Manipulation On AAVE And CURVE Went Wrong, Attacker Got Rekted Instead
                                                                            • The Defiant: Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance
                                                                            • Karlstack: EXCLUSIVE: The Man Who May Have Milked $100+ Million from Mango Markets
                                                                            • CoinDesk:
                                                                            • The Impact of Avraham Eisenberg’s Case on the Future of Crypto
                                                                            • Mango Markets Exploiter Eisenberg Arrested in Puerto Rico
                                                                            • Mango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens
                                                                            • Complaint
                                                                            • CNBC: Decoding The Avraham Eisenberg Arrest And Its Impact On Crypto Bug Bounties, White Hat Hackers
                                                                            • Decrypt: Mango Markets Attacker Avraham Eisenberg Arrested, Charged With 'Market-Manipulation Offenses'
                                                                            • Protos: Who is Avraham Eisenberg and why is he all over Crypto Twitter?
                                                                            • Crypto Briefing: Curve Whipsaws 75% as DeFi Degens Squeeze Avraham Eisenberg
                                                                            • New Filing: CFTC charges Avi Eisenberg
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                                                                              58 min
                                                                            • Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? - Ep. 440

                                                                              Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate.


                                                                              Show highlights:

                                                                              • how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi
                                                                              • whether the assets of DCG and Genesis are commingled
                                                                              • what Gemini’s options are if DCG does not commit to cooperate
                                                                              • whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy
                                                                              • why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram
                                                                              • why it is relevant whether Genesis has a liquidity issue or an insolvency one
                                                                              • whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit
                                                                              • the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy
                                                                              • if DCG goes under, what would happen to Grayscale
                                                                              • whether Valkyrie is going to become the hero and save GBTC
                                                                              • why DCG needs to accept the credit committee terms, according to Ram
                                                                              • Thank you to our sponsors!

                                                                                Crypto.com



                                                                                Guest

                                                                                Ram:

                                                                                • Twitter
                                                                                • Ram Ahluwalia’s thread on Fir Tree and Valkyrie
                                                                                • Previous appearances on Unchained:
                                                                                • Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
                                                                                • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

                                                                                • Previous coverage of Unchained on DCG and Genesis: 

                                                                                  • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
                                                                                  • Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months
                                                                                  • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                                                                  • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?



                                                                                    Genesis:

                                                                                    • Unchained: 
                                                                                    • ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’ 
                                                                                    • Genesis CEO Says Firm Needs More Time to Find a Solution
                                                                                    • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
                                                                                    • Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism
                                                                                    • Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts
                                                                                    • WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
                                                                                    • Decrypt:
                                                                                    • Grayscale Ethereum Trust Trades at Record 60% Low Against Ethereum - Decrypt
                                                                                    • The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
                                                                                    • FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn
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                                                                                      41 min

                                                                                    About Unchained

                                                                                    From the publisher's feed

                                                                                    Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura…