Bad news, guys!
The crypto market is about to be nuked by...
DCG or Digital Currency Group, which owned most of the Bitcoin in their portfolio, failed in their investment management.
The market is about to know what exactly is going on in Genesis Trading with $1B at least hole.
If DCG leveraged their portfolio through Grayscale trusts and lent money to Genesis, and then all money was gone, this is another FTX disaster of their own issued token $FTT that cannot be redeemed when the market finds out.
Someone did confirm around 50% truth about their Bitcoin holdings under Coinbase.
But their "trust me, bro" vibe got everyone nervous.
It gives everyone a Deja Vu that SBF gave everyone before FTX collapsed...
The way crypto lending business was conducted is very questionable.
We will see how it plays out for the next week...
Photo by Ant Rozetsky on Unsplash
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here and here and here
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Random Thoughts
Broken Promise
And it's gone
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
