Riding The Wave News Summary 97

Genesis, the Troubled Crypto Lender, Hires a Restructuring Adviser, Bank of Japan to trial digital yen with three megabanks, & more

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News

Table of Contents

1. Tweets

2. Genesis, the Troubled Crypto Lender, Hires a Restructuring Adviser

3. Bank of Japan to trial digital yen with three megabanks

4. Anxious Ethereum Stakers Question When They’ll Be Able to Access Funds

5. First Mover Americas: FTX’s First Hearing, Genesis Seeks Help

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Tweets

Andrew @AP_ArchPublic

BREAKING: @DCGco owes $1.1B to Genesis via a previously undisclosed promissory note that has been hidden from potential investors. **now we know why DCG is doing a $1B raise, and is getting rebuffed. @Grayscale assets are the only assets receiving any meaningful interest.

PlanB @100trillionUSD

Age distribution of all 19.2M #bitcoin Note this is real on-chain bitcoin (as seen by my node), not fake paper "I owe you btc, trust me" bitcoin.

Financelot @FinanceLancelot

Lehman Brothers declared bankruptcy on September 12th, 2008 but market makers held stocks up until September 29th, 2008 (month end). Contagion starts slow and then happens all at once.

Ryan Selkis 🥷 @twobitidiot

Guys - I’ll say this one more time. All Grayscale trust assets are at Coinbase and untouchable. If they were touched, it would be fraud by Coinbase, Grayscale, and negligence by both companies auditors. The assets are there. It’s the rest of the trust structure that is broken.

Root 🥕 @therationalroot

Not the first time #Bitcoin failed to break these two aligned resistance levels — next try we'll have a stronger base.

The Kobeissi Letter @KobeissiLetter

Happening Now: 1. $VIX still broken, trades lower with stocks 2. Oil prices down like we are in a recession 3. Gold falling like inflation is gone 4. Treasury yields up like inflation is 10% 5. Tech stocks falling like it’s 2001 Perfect summary of the stock market in 2022.

Watcher.Guru @WatcherGuru

JUST IN: Crypto lender Genesis warns of bankruptcy without new funding.

Andrew @AP_ArchPublic

UPDATE: ‘drop dead’ date for Genesis bankruptcy decision is Wednesday. The previously undisclosed $1.1B promissory note from Genesis to DCG still exists. Lack of liquidity and loan losses at Genesis still exists. Reg M redemptions at Grayscale still being considered.

Cred @CryptoCred

Genesis Timeline November 8: "No material net credit exposure" November 9: We lost $7M November 10: Okay, we have $175M locked in FTX November 16: Sorry, no withdrawals or new loans November 17: Okay, we need $1BN November 21: We'll go bankrupt without the money 👍

Watcher.Guru @WatcherGuru

JUST IN: #Binance turns down request to invest in Genesis.

Aylo @alpha_pls

Another brand for Polygon? 114 million YouTube channels 2.6 billion active users Might be something...

Watcher.Guru @WatcherGuru

Crypto firm Genesis previously lent $2.36 billion to bankrupt hedge fund Three Arrows Capital.

Genevieve Roch-Decter, CFA @GRDecter

The FTX story keeps getting crazier. Here are new details that have come out in the last 24 hours:

Root 🥕 @therationalroot

#Bitcoin Spiral: 4 Year Cycle.

The Kobeissi Letter @KobeissiLetter

New FTX Developments: 1. SBF’s parents stole $120 million to buy real estate 2. Over $1 billion in funds still missing 3. $70 million in customer funds traced to political donations 4. FTX promoters face lawsuits 5. Over 1 million users impacted This keeps getting worse.

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Genesis, the Troubled Crypto Lender, Hires a Restructuring Adviser

Genesis Global Capital, the troubled crypto lender, has hired the investment bank Moelis & Company to explore options including a potential bankruptcy, three people familiar with the situation said.

no final decisions had been made, and that it was still possible for the company to avert a bankruptcy filing.

Full Article

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Bank of Japan to trial digital yen with three megabanks

Despite Japan’s uncertainty on whether to issue a central bank digital currency (CBDC), the Bank of Japan (BoJ) continues experimenting with a potential digital yen.

The Japanese central bank has started a collaboration with three megabanks and regional banks to conduct a CBDC issuance pilot, the local news agency Nikkei reported on Nov. 23.

The pilot aims to provide demo experiments for the issuance of Japan’s national digital currency, the digital yen, starting in spring 2023.

Japan’s central bank plans to proceed with its CBDC experiment for about two years and make a decision on whether to issue a digital currency by 2026, the report notes.

As Cointelegraph reported on Nov. 22, the Reserve Bank of India is preparing to start a retail pilot of the digital rupee in collaboration with major local banks including the State Bank of India in December. In mid-November, the Federal Reserve Bank of New York’s Innovation Center announced the launch of a 12-week proof-of-concept CBDC pilot in partnership with banking giants like BNY Mellon, Citi, HSBC and others.

Full Article

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Anxious Ethereum Stakers Question When They’ll Be Able to Access Funds