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  • ​​Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? - Ep. 429

    Ram Ahluwalia, CEO and co-founder of crypto-native investment advisor Lumida, and Samuel Andrew, crypto author and analyst, talk about the financial situation at Genesis and parent company Digital Currency Group (DCG). The collapse of FTX has dealt crypto lender Genesis another major blow, with the firm halting withdrawals and DCG stepping in to help. Now the two face a range of suboptimal outcomes in the face of massive debts. Ahluwalia and Andrew discuss what could come next, and what should be learned from the recent debacles. 

    Show highlights:
    • why Genesis and DCG are so important for the crypto sector
    • Ram's explanation of the "Grayscale trade" and why it is relevant to understand the current crisis
    • the ghost of Three Arrows Capital and the origins of Genesis' problems
    • why Sam thinks Genesis was "reckless" in its loan underwriting
    • what a spot Bitcoin ETF would mean for Grayscale's revenue
    • what options Genesis and DCG have to weather the storm
    • whether it makes sense for Genesis to file for bankruptcy
    • why Ram thinks Genesis lending product needs to be be shut down
    • why Gemini and its Earn program loom large in the Genesis situation
    • the risks of enforcement action from regulators
    • what the most likely outcome is for Genesis and DCG and whether creditors will be made whole
    • whether there will be broader contagion stemming from Genesis and what other crypto companies could be in trouble
    • the problems of leverage and why crypto's "shadow banks" need regulation
    •  

       

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      Thank you to our sponsors!

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      Ram:

      • Twitter
      • Ram’s thread on GBTC
      • Previous Unchained episodes:
      • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
      • Sam:

        • Twitter
        • Substack
        •  

           

          Episode Links

           

          Genesis:

          • Unchained: 
          • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
          • On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
          • WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
          • Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
          • The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
          • Previous coverage of Unchained on 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?

             

            FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn

             

            WSJ: Rising Tether Loans Add Risk to Stablecoin, Crypto World

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            1 hr 19 min
          • The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428

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


            Show topics:


            • highlights of Sam Bankman-Fried's interview with the New York Times
            • whether SBF knew what was going on in his companies, and how that impacts potential prosecution
            • why Genesis and DCG are in financial trouble
            • whether Genesis will file for bankruptcy or go through a restructuring process
            • revelations from BlockFi's bankruptcy filing
            • new info on why FTX bailed out BlockFi last summer
            • what is going on with Binance’s recovery fund 
            • how Avi Eisenberg tried to pull off an attack on Aave 
            • how the banking industry works and whether Changpeng Zhao is the closest thing to a central bank in crypto
            • how DeFi responds in a crisis, and how it contrasts with CeFi’s recent implosions


            • 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


                Episode Links


                FTX:

                • Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
                • NYT: Sam Bankman-Fried’s interview
                • Bill Ackman’s tweet
                • Interview with Tiffany Fong
                • Previous coverage of Unchained on FTX:
                • Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
                • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
                • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC


                • BlockFi: 

                  • Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects Continue
                  • Decrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court Hearing


                  • Genesis:

                    • Ryan Selkis’ tweet on Genesis
                    • Unchained: 
                    • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
                    • On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
                    • WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
                    • Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
                    • Previous coverage of Unchained on Genesis:
                    • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
                    • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

                    • DeFi

                      • Pancakeswap flipped Uniswap in TVL
                      • Unchained: 
                      • Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’
                      • Aave Freezes 17 Low-Liquidity V2 Pools and Votes to Migrate 26 Assets to Ethereum V3
                      • Compound Finance Slashes Borrow Caps for 10 Markets

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                        52 min
                      • Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months - Ep. 427

                        Adam Cochran, partner at Cinneamhain Ventures, talks about the collapses suffered during this year, their impacts on big traditional finance players, and what’s coming in the crypto markets in the near future. 


                        Show highlights:
                        • whether Sam Bankman-Fried lied during his interview at the Deal Book Summit
                        • why SBF kept the number of FTX's engineers at such a low number
                        • why Adam is optimistic about Genesis and DCG
                        • what options Genesis have to raise liquidity
                        • the significance of a potential meltdown of DCG in the crypto industry
                        • why Adam is worried about Grayscale Bitcoin Trust (GBTC)
                        • what lessons can be learned from this crypto winter
                        • Adam's prognosis for crypto lending and for the crypto markets in general
                        • the impact of the bankruptcy of BlockFi and all the other centralized lenders

                        • Take Unchained's 2022 survey!  

                          Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                          Thank you to our sponsors!

                          Crypto.com



                          Adam:

                          • Twitter
                          • Thread on community buyout
                          • Previous Unchained episodes:
                          • Why 3AC’s Collapse Could Spell the Start of a Crypto Credit Crunch


                          • Episode Links



                            BlockFi: 

                            • Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects Continue
                            • Decrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court Hearing


                            • Genesis:

                              • Bloomberg: Genesis Creditors Seek Options to Keep Crypto Brokerage Out of Bankruptcy
                              • Semafor: Online news site CoinDesk attracts suitors amid crypto crash
                              • Unchained: 
                              • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
                              • On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
                              • WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
                              • Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
                              • The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
                              • Previous coverage of Unchained on Genesis:
                              • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
                              • ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

                              • FTX:

                                • Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen


                                • Previous coverage of Unchained on FTX:
                                • Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
                                • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
                                • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                                • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

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                                  38 min
                                • 'The Last Big Whale': Why the Crypto Contagion of 2022 Eventually Hit Genesis - Ep. 426

                                  Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations. 

                                   

                                  Show highlights:
                                  • what will happen with Genesis and its parent company DCG
                                  • where the insolvency of Genesis might have come from
                                  • how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion
                                  • how the Terra collapse kickstarted a ton of contagion effects in crypto companies
                                  • Alex's story of why he did not invest in Alameda in 2018
                                  • whether it is possible to prevent the "FTXs of the future"
                                  • the importance of assessing the quality of collateral assets
                                  • the story of when SBF called DeFi a "Ponzi black box"
                                  • the mystery of where FTX Ventures got the $2 billion it planned to invest
                                  •   

                                    Take Unchained's 2022 survey!  

                                    Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                                    Thank you to our sponsors!

                                    Crypto.com

                                    Chainalysis

                                    Minima

                                     

                                    Michael:

                                    • Twitter
                                    • Previous Unchained episodes:
                                    • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                    • Alex:

                                      • Twitter

                                       

                                       

                                      Episode Links

                                      Previous coverage of Unchained on Genesis and FTX:

                                       

                                      • Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
                                      • Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
                                      • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                      • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
                                      • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                                      • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                      • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                      • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
                                      •  

                                        Genesis:

                                        • Unchained: 
                                        • Genesis Warns of Bankruptcy If Funding Plans Fail: Report
                                        • On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
                                        • WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
                                        • Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
                                        • The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
                                        •  

                                          FTX Collapse:

                                          • First declaration document
                                          • Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
                                          • SBF tweet: FTX files for Chapter 11 bankruptcy protection
                                          • Bloomberg: Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
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                                            1 hr 13 min
                                          • Gabriel Haines on How He Came to Make His Hilarious, Yelling Crypto Videos - Ep. 425

                                            Gabriel Haines, a crypto content creator, comes on this 2022 Thanksgiving edition of Unchained to talk about his videos and leave a positive message for these holidays. 


                                            Show highlights:
                                            • how Gabriel started doing his very unique type of videos
                                            • Gabriel's hummus eating competition
                                            • how Gabriel's videos are "quite not professional"
                                            • how Gabriel is monetizing some of his videos with NFTs
                                            • whether NFTs are a solution for content creators
                                            • how Lee, Gabriel's wife, has also started creating some funny videos
                                            • how Web3 is going to change the traditional version of media in the Internet
                                            • Take Unchained's 2022 survey!  

                                              Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                                              Thank you to our sponsors!

                                              Crypto.com

                                              Ava Labs

                                              DeFi Saver


                                              Gabriel:

                                              • Twitter
                                              • Gabriel’s video with a machete
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                                                24 min
                                              • The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? - Ep. 424

                                                Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news concerning the collapse of FTX. 


                                                Show topics:


                                                • the statements of newly appointed CEO John Ray in the first day declaration
                                                • why Tarun, Robert and Haseeb think SBF is possibly delusional or at least in denial
                                                • whether the assets of FTX and Alameda were commingled from the beginning or whether they had been separate and at a certain point, FTX loaned money to Alameda
                                                • whether the Bahamian government was the 'FTX' hacker
                                                • the theories of why Alameda started falling
                                                • how regulators and legislators are assessing the failure of FTX
                                                • whether SBF will get a pardon like Mark Rich and the chances of him being charged criminally
                                                • whether Genesis will go insolvent and its potential contagion effects

                                                • Take Unchained's 2022 survey!  

                                                  https://www.surveymonkey.com/r/unchained2022

                                                  Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 


                                                  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


                                                    Episode Links


                                                    Previous coverage of Unchained on FTX:


                                                    • Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
                                                    • Is the Collapse of Crypto Lending Over, or Is It Just Starting?
                                                    • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
                                                    • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                                                    • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                                    • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                    • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

                                                    • FTX Collapse:

                                                      • First declaration document
                                                      • Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
                                                      • Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
                                                      • SBF tweet: FTX files for Chapter 11 bankruptcy protection
                                                      • WSJ: FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree
                                                      • Vox interview with SBF: Sam Bankman-Fried tries to explain himself
                                                      • NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
                                                      • Arthur Hayes’s article on SBF: ‘White Boy’

                                                      • NYT: Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud

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                                                        1 hr 2 min
                                                      • Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion - Ep. 423

                                                        Kevin Zhou, cofounder of Galois Capital, and Jesse Powell, cofounder of Kraken, talk about why FTX collapsed, the warning signs, and whether it’s a catalyst for self-custodial adoption. 


                                                        Show highlights:
                                                        • the root causes of the FTX collapse, according to Jesse and Kevin
                                                        • whether there were warning signs of all the risks that were to come
                                                        • the importance of learning from mistakes, even for new people in the space
                                                        • Kevin's response to the stuck funds in FTX
                                                        • the debate about utilitarianism and SBF's effective altruism
                                                        • whether the philosophy behind founders matters
                                                        • Kevin's and Jesse's theories of how FTX and Alameda lost billions of dollars
                                                        • how Alameda and FTX's books were commingled 
                                                        • whether people will start using self-custodial wallets
                                                        • whether the fall of FTX vindicates BTC maximalism
                                                        • whether regulation has been beneficial or harmful for American customers
                                                        • the role of venture capital firms and their "mixed incentives"


                                                        • Take Unchained's 2022 survey!  

                                                          Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                                                          Thank you to our sponsors!

                                                          Crypto.com

                                                          Chainalysis

                                                          Minima


                                                          Kevin:

                                                          • Twitter
                                                          • Previous Unchained episodes:
                                                          • How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain
                                                          • Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge.
                                                          • The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash

                                                          • Jesse:

                                                            • Twitter
                                                            • Previous Unchained episodes:
                                                            • Jesse Powell, CEO of Kraken, on Drawing a Line With Regulators

                                                            • Episode Links

                                                              Previous coverage on Unchained of FTX:

                                                              • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? – Ep. 422
                                                              • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                                                              • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                                              • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                              • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

                                                              • FTX Collapse:

                                                                • First declaration document
                                                                • Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
                                                                • Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
                                                                • SBF tweet: FTX files for Chapter 11 bankruptcy protection
                                                                • Vox interview with SBF: Sam Bankman-Fried tries to explain himself
                                                                • NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
                                                                • Bloomberg: Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX
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                                                                  1 hr 22 min
                                                                • Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? - Ep. 422

                                                                  Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case. 


                                                                  Show highlights:
                                                                  • why CEO Ray said there's been a complete failure of corporate controls in FTX
                                                                  • how there was no separation of accounts between Alameda and FTX
                                                                  • whether FTX US customers are in a better position to recuperate their assets
                                                                  • why FTX's Bahamas unit is seeking protection under chapter 15 of the US bankruptcy code
                                                                  • why there's a jurisdictional battle, according to Wassie
                                                                  • whether the Bahamian government is responsible for letting deposits out of the platform
                                                                  • how former CEO Sam Bankman-Fried is trying to save the company 

                                                                  • Take Unchained's 2022 survey!  

                                                                    Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                                                                    Thank you to our sponsors!

                                                                    Crypto.com

                                                                    Ava Labs

                                                                    DeFi Saver


                                                                    Wassielawyer:
                                                                    • Twitter
                                                                    • Thread on community buyout
                                                                    • Previous Unchained episodes:
                                                                    • Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
                                                                    • Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
                                                                    • Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?


                                                                    • Episode LinksPrevious coverage of Unchained on FTX:
                                                                      • The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
                                                                      • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                                                      • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                                      • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

                                                                      • FTX Collapse:
                                                                        • First declaration document
                                                                        • FTX filed for Chapter 11 bankruptcy protection.
                                                                        • FTX Wasn’t Authorized to File for US Bankruptcy: Bahamas Liquidators
                                                                        • Vox interview with SBF

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                                                                          42 min
                                                                        • The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater - Ep. 421

                                                                          Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin, CEO of the show, to chop it up about the collapse of FTX. 


                                                                          Show topics:
                                                                          • Haseeb's explanation of the blowup of FTX
                                                                          • whether FTX was a Ponzi scheme
                                                                          • Sam Bankman-Fried's strategy to become a billionaire
                                                                          • the weird sale of Serum, a project backed by SBF
                                                                          • the lack of proper accounting practices in FTX and Alameda
                                                                          • whether FTX did not have a proper and large enough security team 
                                                                          • the likelihood that FTX’s volume numbers are fake 
                                                                          • why Haseeb thinks this is one of the biggest catastrophes in venture history
                                                                          • the role of media in building SBF's character and the revindication of journalism
                                                                          • whether venture capital firms run propaganda for their portfolio companies
                                                                          • whether VC culture enabled this collapse to happen
                                                                          • the story of how Sam convinced Tom Brady to invest in FTX
                                                                          • the debate about effective altruism and whether SBF's EA caused his mistakes
                                                                          • whether FTX's failure will set the crypto industry back


                                                                          • Hosts

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


                                                                              Guests

                                                                              Laura Shin, author, host of Unchained


                                                                              Episode Links


                                                                              Previous coverage of Unchained:

                                                                              • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                                              • The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama
                                                                              • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                                                              • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

                                                                              • FTX Collapse:

                                                                                • FTX filed for Chapter 11 bankruptcy protection
                                                                                • NYT’s “How Sam Bankman-Fried’s Crypto Empire Collapsed”
                                                                                • Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
                                                                                • $600 million hack
                                                                                • Unchained coverage:
                                                                                • Could FTX’s Bankruptcy Trigger a Domino Effect?
                                                                                • FTX May File for Bankruptcy After Binance Walks Off the Deal
                                                                                • FTX Needs $8B to Meet Investor Withdrawals: Report
                                                                                • Tron Founder Justin Sun Says He Is Working With FTX on a Solution
                                                                                • US DOJ Joins SEC and CFTC Probe of FTX
                                                                                • FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
                                                                                • Sequoia Capital Writes Off $214M FTX Investment to Zero
                                                                                • Binance Set to Buy FTX Amid Liquidity Crisis
                                                                                • SBF’s Net Worth Plummets 94% In One Day: Report
                                                                                • Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
                                                                                • Alameda’s Balance Sheet Sparks Controversy

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                                                                                  1 hr 53 min
                                                                                • Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In - Ep. 420

                                                                                  Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX. 


                                                                                  Show highlights:
                                                                                  • what the bankruptcy process of FTX is expected to look like
                                                                                  • why FTX got to the the point of filing for bankruptcy protection
                                                                                  • why Wassie thinks Alameda is dead
                                                                                  • why FTX filed for bankruptcy in the US given that it's a Bahamian company
                                                                                  • how FTX's balance sheet is composed and whether it includes Alameda
                                                                                  • whether Justin Sun will be dragged into the bankruptcy
                                                                                  • how FTX's terms of service differ from Celsius’s and Voyager’s
                                                                                  • how the $600 million hack affects the bankruptcy proceeding
                                                                                  • whether it's worth it to spend millions of dollars in law firms to go after the hacked money
                                                                                  • what's the impact of the 192 million FTT tokens that were printed Saturday night
                                                                                  • what will happen with the fork of Serum and the forked tokens
                                                                                  • the consequences for all the projects that FTX invested in
                                                                                  • why Wassie thinks that tokenizing the liabilities could be a good potential solution
                                                                                  • how the FTX's bankruptcy affects Voyager's proceedings and customers
                                                                                  • whether FTX’s bankruptcy has put BlockFi in trouble



                                                                                  • Take Unchained's 2022 survey!  

                                                                                    Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! 

                                                                                    Thank you to our sponsors!

                                                                                    Crypto.com

                                                                                    Chainalysis

                                                                                    Minima


                                                                                    Wassielawyer:
                                                                                    • Twitter
                                                                                    • Thread on community buyout
                                                                                    • Previous Unchained episodes:
                                                                                    • Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
                                                                                    • Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?

                                                                                    • Thomas:
                                                                                      • Twitter
                                                                                      • 507 Capital
                                                                                      • Previous Unchained episodes:
                                                                                      • Will Celsius Survive the Bankruptcy Process?


                                                                                      • Episode LinksPrevious coverage of Unchained on FTX:
                                                                                        • Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
                                                                                        • The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
                                                                                        • Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

                                                                                        • FTX Collapse:
                                                                                          • FTX filed for Chapter 11 bankruptcy protection
                                                                                          • Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
                                                                                          • $600 million hack
                                                                                          • Unchained coverage:
                                                                                          • The Bahamas Loophole: FTX Users Buy KYC Accounts to Withdraw Crypto
                                                                                          • Could FTX’s Bankruptcy Trigger a Domino Effect?
                                                                                          • FTX May File for Bankruptcy After Binance Walks Off the Deal
                                                                                          • FTX Needs $8B to Meet Investor Withdrawals: Report
                                                                                          • Tron Founder Justin Sun Says He Is Working With FTX on a Solution
                                                                                          • US DOJ Joins SEC and CFTC Probe of FTX
                                                                                          • FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
                                                                                          • Sequoia Capital Writes Off $214M FTX Investment to Zero

                                                                                          • Contagion:
                                                                                            • Serum Fork in the Works Amid Fears That FTX-Owned Upgrade Keys Are Compromised
                                                                                            • BlockFi Halts Withdrawals Amid FTX Crisis
                                                                                            • Voyager had to reopen the bidding process for its assets

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                                                                                              1 hr 44 min

                                                                                            About Unchained

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                                                                                            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…