I'll tell you the whole #Gemini & #Genesis story & what the #SEC did to protect people in short bullet points to save you time.
Here's what every #crypto trader/investor should know!
A thread 🧵
Here's what every #crypto trader/investor should know!
A thread 🧵
• Cameron Winklevoss a founder of Gemini, an American regulated exchange send a public letter to Barry Silbert the CEO of DCG one of the biggest crypto investment companies, it owns Grayscale, Genesis, coindesk & more
•Gemini lent to Genesis over $900 million in funds as a part of its earning program.
•Genesis lost billions in the FTX collapse, so they didn't return the money to Gemini.
•Genesis lost billions in the FTX collapse, so they didn't return the money to Gemini.
•Cameron accused Barry publicly of disclaiming responsibility & co-mingling funds.
•Barry denied this but Cameron insisted on accusing DCG of fraud, he said that they made false statements & misrepresentations to the public at large about the financial health of Genesis.
•Barry denied this but Cameron insisted on accusing DCG of fraud, he said that they made false statements & misrepresentations to the public at large about the financial health of Genesis.
•Basically, Genesis said that everything was okay & that they have the liquidity to fill the hole that 3AC & FTX collapses caused, and this was not true.
•Two days ago Barry finally confirmed Cameron's accusation of the amount of debt, but he denied the other accusations.
•Yesterday the SEC brought up charges against Genesis & Gemini for the unregistered offer & sale of crypto securities weeks after Genesis halted withdrawals.
•Yesterday the SEC brought up charges against Genesis & Gemini for the unregistered offer & sale of crypto securities weeks after Genesis halted withdrawals.
• So Gary Gensler, the chair of the SEC appeared after the disaster to act like a hero, he's supposed to be investigating all these companies in the crypto industry to protect people's funds before the calamity.
• Gary Gensler missed #Celsius, #Voyager, #3AC, #Luna & of course #FTX, our guy was too busy keeping up with Kardashians
How does this affect crypto industry?
• Gemini & Genisis are big companies but the market continues to rally, it's probably because a lot of investors understand that charges and fines are pretty common in this space, even on the traditional side.
• Gemini & Genisis are big companies but the market continues to rally, it's probably because a lot of investors understand that charges and fines are pretty common in this space, even on the traditional side.
That's a wrap!
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