8chan/8kun QResearch Posts (10)
#19051430 at 2023-06-22 13:06:58 (UTC+1)
Q Research General #23394: Marker: RETURN THE 7.5 Ca-rat DIAMOND Jill Biden Edition
>>19051385
>>19051358
>>19051425
https://twitter.com/DataFinnovation/status/1665290945288445953
https://medium.com/chainargos/dcg-filings-analysis-b96818abfec
Summaries above.
Basically, Barry Silbert, CEO of DCG, umbrella company of Genesis and Greyscale knew the GBTC trade was exploding, so he took out $1B from Genesis, which forced them to clawback from 3AC, which blew up the whole thing, blamed it on Terra Luna and now Do Kwan is in jail. I haven't pulled on that thread much. Barry filled the gap by offering a promissory note in exchange. Meanwhile, he self-deals the returned funds into another DCG owned entity that itself takes loans from Genesis, which is then custodying and taking loans at SVB which collapses because Peter Thiel causes a run on that bank. The interesting bit is that the Managing CEO of the DCG fund of funds is an ex-CEO of the Thiel Foundation and CFR Member, among other things.
#18180114 at 2023-01-20 11:38:09 (UTC+1)
Q Research General #22293: Some Heroes Don't Wear Capes Edition
https://www.cnbc.com/amp/2023/01/20/crypto-lender-genesis-trading-files-for-bankruptcy-Barry-Silbert-digital-currency-group.html
Crypto lender Genesis files for bankruptcy
in latest blow to Barry Silbert's DCG empire
CNBC, by Rohan Goswami & MacKenzie Sigalos
Posted By: Dreadnought, 1/20/2023 12:28:26 AM
Crypto lender Genesis filed for Chapter 11 bankruptcy protection late Thursday night in Manhattan federal court, the latest casualty in the industry contagion caused by the collapse of FTX and a crippling blow to a business once at the heart of Barry Silbert's Digital Currency Group. The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. Three separate petitions were filed for Genesis' holding companies. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. The company's derivatives and spot trading business will continue unhindered
#18173223 at 2023-01-19 07:48:09 (UTC+1)
Q Research General #22284: 'Remember This Day' Edition
Crypto giant Genesis is 'days away' from bankruptcyafter suffering steep losses in wake of FTX collapse: Firm owes creditors $3 BILLION - including $900M to Winklevoss twins
January 19, 2023
Crypto broker Genesis is said to be in the final stage of its Chapter 11 paperwork
The company, which is owned by venture capital firm Digital Currency Group, had been considering filing for some time, as it reportedly owes creditors $3bn
Among those are customers of Cameron and Tyler Winklevoss's Gemini
The statuesque twins - perhaps best known for their protracted legal battle with fellow billionaire Mark Zuckerberg - recorded $900m in losses when FTX fell
Cameron and his brother's exchange used Genesis as its main lending partner, leaving the brothers - and millions of their customers - the red as a result
Popular cryptocurrency broker Genesis is expected to file for bankruptcy within days, insiders have revealed.
It would make the firm the latest crypto casualty following the spectacular downfall of Sam Bankman-Fried's FTX, where the company held some of its funds.
According to people familiar with the matter, Genesis is currently in the final stage of its Chapter 11 paperwork as it works toward a deal with creditors.
The company, which is owned by venture capital firm Digital Currency Group, had been considering filing for bankruptcy for some time, as it reportedly owes creditors more than $3billion.
Among those owed money is Gemini, owned by Cameron and Tyler Winklevoss, which reportedly saw more than $900million of its customers' funds evaporate from the exchange after Bankman-Fried's own Chapter 11 filing in November.
The statuesque twins - perhaps best known for their protracted legal battle with fellow billionaire Mark Zuckerberg made famous in The Social Network - were among many to record losses when FTX fell.
Cameron and his brother's exchange used Genesis as its main lending partner, leaving the brothers - and millions of their customers - in the red as a result.
Lenders like Genesis, founded by crypto magnate Barry Silbert, suffered steep losses from loans it supplied FTX's now-defunct trading firm Alameda Research and its hedge fund backer Three Arrows Capital, both of which filed for bankruptcy.
A new report published Wednesday by Bloomberg revealed that as figures such as Winklevosses seek to recover sums lent to Genesis, the New York based-lender has resigned that it cannot raise the funds to pay back its creditors.
Sauce/more: https://www.dailymail.co.uk/news/article-11652049/Crypto-exchange-Genesis-prepares-file-bankruptcy-end-week.html
#18133806 at 2023-01-13 01:47:55 (UTC+1)
Q Research General #22231: It's Joever. Edition
Gemini and Genesis Sued by SEC Over Crypto 'Earn' Program
US regulators sued crypto brokerages Genesis Global Capital and Gemini Trust Co. for breaking securities rules. The Securities and Exchange Commission said on Thursday that the firms illegally raised billions of dollars from hundreds of thousands of investors through the so-called Gemini Earn program. That product, which let customers loan out their assets in exchange for interest payments, amounted to the offering of unregistered securities, the SEC said.
Gemini launched Earn in February of 2021, with the idea of offering users passive returns on their coins in exchange for the right to lend the tokens out. By August of that year, the program, which offered rates that far exceeded those on traditional bank accounts, crossed $3 billion in assets. Customers haven't been able to pull money from Earn accounts since mid-November and Cameron Winklevoss, who co-founded Gemini, recently accused Barry Silbert, the founder of Genesis parent Digital Currency Group Inc. of stalling efforts to resolve the issue. Silbert has denied the claim.
Regulators have been scrutinizing the Earn product for at least a year. In a series of tweets on Thursday, Gemini's other co-founder, Tyler Winklevoss, said the firm would defend itself against the SEC's case, which he said amounted to a "manufactured parking ticket." He said Gemini had been in talks with the SEC for 17 months about Earn and the regulator didn't raise an enforcement action until Genesis paused withdrawals from the program.
Genesis didn't immediately respond to requests for comment. "Today's charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws-(that you don't seem to ever enforce cause you bizzy watching pron) Doing so best protects investors," SEC Chair Gary Gensler, who has regularly argued that many crypto firms are selling products that should be registered with the agency, said in a statement. The regulator said related investigations remain ongoing. While Earn's terms of service warned customers that they could lose all their money, the program benefited from the widespread view among customers that the exchange took a conservative approach to risk.
Crypto lending products have been at the epicenter of the fallout from the turmoil that plagued the market in 2022. Genesis Global Capital was hit particularly hard by crypto exchange FTX's sudden and spectacular collapse in November and halted customer withdrawals and new loan originations. The freeze remains in place.
The SEC filed its case in the US District Court for the Southern District of New York and is seeking penalties, injunctive relief and return of ill-gotten gains to investors. Separately, the SEC and federal prosecutors in Brooklyn are scrutinizing the internal financial dealings of DCG, the parent company of Genesis.
The case is Securities and Exchange Commission v Gemini Trust Co., 23-cv-287, US District Court, Southern District of New York.
https://www.bnnbloomberg.ca/gemini-and-genesis-sued-by-sec-over-crypto-earn-program-1.1869562
This opens the floodgates by classifying them as securities (they really aren't) but all of them are on notice and this is how Gary 'Former CFTC Chairman' who shelved multiple Silver manipulation investigations-only to have JP Moran charged for exactly that in 2020 by the DOJ-settled for $920-picks the winners and losers here
JPMorgan Chase & Co. Agrees To Pay $920 Million in Connection with Schemes to Defraud Precious Metals and U.S. Treasuries Markets
https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us
How this works is that one place books a loss on say copper, but then books a huge gain that offsets that loss in something else in the comm. mkts ..lather, rinse repeat
#18061111 at 2023-01-02 22:42:25 (UTC+1)
Q Research General #22136: Bakes on a Planefag Edition
2023 Starts Off With A Bang: Winklevoss Slams Barry Silbert's Genesis, Accuses Of Commingling Funds
If anyone expected that the bursting of the crypto bubble and the resulting unprecedented tidal wave of failure and fraud would somehow be confined to 2022 we have some bad news.
As if the collapse of Sam Bankman-Fried's crypto empire wasn't bad enough, its fallout just got much messier after digital-asset entrepreneur and Facebook billionaire, Cameron Winklevoss, accused fellow crypto businessman Barry Silbert of "bad faith stall tactics" and the commingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX's meltdown.
First, some background: in early November, shortly after FTX imploded, Gemini Trust which was founded by the Winklevoss twins, paused redemptions on a lending product called Earn, which offered investors the potential to generate as much as 8% in interest on their digital coins. It did so by lending them out to Genesis Global Capital, one of the companies owned by Silbert's Digital Currency Group. The Earn halt came after Genesis suspended both redemptions and new loan originations at its lending unit because of its exposure to FTX. Genesis has told clients that it could take "weeks" to find a path forward, and that bankruptcy may be one possibility.
Which brings us to today: this morning, facing pressure of his own from angry customers locked out of their Gemini accounts and a lawsuit alleging fraud, Cameron Winklevoss published an open letter saying he had provided Silbert with multiple proposals to resolve the issue, including as recently as Dec. 25. He told Silbert "this mess is entirely of your own making," citing some $1.675 billion owed to Genesis by DCG, which it used for other business purposes within Silbert's conglomerate. "This is money that Genesis owes to Earn users and other creditors."
"It's not lost on us that you've been working desperately to try and firewall DCG from the problems that you created at Genesis," Winklevoss added, strongly hinting that the relationship between DCG and Genesis is similar to that between FTX and Alameda. And in case that wasn't clear, the next sentence strikes it home: "You should dispense with this fiction because we all know what you know - that DCG and Genesis are beyond commingled."
https://www.zerohedge.com/markets/2023-starts-crypto-bang-winklevoss-slams-Barry-Silberts-genesis-accuses-commingling-funds
#17942962 at 2022-12-14 23:21:46 (UTC+1)
Q Research General #21994: SUPER ELITE EDITION
>>17942786
https://cointelegraph.com/news/will-grayscale-be-the-next-ftx
Excerpts:
"Will Grayscale be next?
The answer is that it's unlikely. And that's largely because the people at the top, the ones who made Grayscale what it is, appear to be more competent than Sam Bankman-Fried ever was."
"Grayscale's parent company - the same that owns trading firm Genesis, mining company Foundry, crypto investment app Luno, and media outlet CoinDesk, among others - is Digital Currency Group, whose founder and CEO Barry Silbert shared a note to DCG shareholders on Nov. 23 addressing all the "noise" surrounding the company. He indicated that despite the so-called crypto winter, the company was on track to reach $800 million in revenue and its separate entities were "operating as usual."
"We have weathered previous crypto winters," the CEO's note read, "and while this one may feel more severe, collectively we will come out of it stronger."
Silbert is an early Bitcoin evangelist and a true cryptocurrency enthusiast. But, unlike Sam Bankman-Fried, he has 28 years of experience under his belt. Before he discovered crypto, he used to be an investment banker in New York and was the CEO of stock trading platform Second Market, which he sold to Nasdaq in 2015. This is not, in other words, his first rodeo."
"In other words: to anyone who cares about the future of crypto and believes in the importance of regulators acting in good faith to propel the industry forward, Grayscale is fighting a good fight.
"Panic sparked by others is not a good enough reason to circumvent complex security arrangements that have kept our investors' assets safe for years," Grayscale's Nov. 18 statement noted. They have proven their worth and substantiated their reputation with a decade-long track record of consistent growth. This is unlikely to change anytime soon."
#17909674 at 2022-12-09 00:52:37 (UTC+1)
Q Research General #21949: A Prayer Is Called For: Maggie Was Walked Out Of NYT Edition
Client insider & "expert" take
GBTC fees are 2%/year
Fees are charged to shareholders at 1% every semester. I'm not sure of the actual date but it's likely at the end of each semester.
This means that the next date is coming up.
Grayscale manages GBTC, and Grayscale, like Genesis, is a company under the DCG holding company of Barry Silbert. The price of the underlying Bitcoin in GBTC is actually almost 200% of the current price of the shares in the trust. This negative premium would evaporate if the SEC would approve the trust to ETF conversion, but the SEC chair (((Gary Gensler))), who is also caught up and under investigation in the FTX scandal denied the conversion. Hence, Grayscale suing the fuck out of the SEC for the last 6 months or so.
In any case, Genesis is solvent, but illiquid because of the FTX scandal. Actually it's actually only the isolated lending branch that has any issue. They're other desks are working fine. They are adamant about not filing bankruptcy and as of yesterday, claim that they'll need a couple more weeks to come up with a solution working with hired experts and 3-4 teams of the largest creditors.
Originally, they wanted to raise $1B, but then they lowered the ask to $500M. Assuming 1% of the about $20B AUM in GBTC (based on share price, not underlying asset price), by the end of the year, they should have ~$200M from fees that DCG might be able to loan or somehow shift over to Genesis lending.
Spitballing, but I'm only a half-wit.
#17909638 at 2022-12-09 00:47:24 (UTC+1)
Q Research General #21948: Will The Merchant of Death Talk? Spinless With Balls Kneel? Edition
Client insider & "expert" take
GBTC fees are 2%/year
Fees are charged to shareholders at 1% every semester. I'm not sure of the actual date but it's likely at the end of each semester.
This means that the next date is coming up.
Grayscale manages GBTC, and Grayscale, like Genesis, is a company under the DCG holding company of Barry Silbert. The price of the underlying Bitcoin in GBTC is actually almost 200% of the current price of the shares in the trust. This negative premium would evaporate if the SEC would approve the trust to ETF conversion, but the SEC chair (((Gary Gensler))), who is also caught up and under investigation in the FTX scandal denied the conversion. Hence, Grayscale suing the fuck out of the SEC for the last 6 months or so.
In any case, Genesis is solvent, but illiquid because of the FTX scandal. Actually it's actually only the isolated lending branch that has any issue. They're other desks are working fine. They are adamant about not filing bankruptcy and as of yesterday, claim that they'll need a couple more weeks to come up with a solution working with hired experts and 3-4 teams of the largest creditors.
Originally, they wanted to raise $1B, but then they lowered the ask to $500M. Assuming 1% of the about $20B AUM in GBTC (based on share price, not underlying asset price), by the end of the year, they should have ~$200M from fees that DCG might be able to loan or somehow shift over to Genesis lending.
Spitballing, but I'm only a half-wit.
#17882813 at 2022-12-06 01:17:51 (UTC+1)
Q Research General #21928: Get Out and Vote for the WONDERFUL Herschel Walker TOMORROW Edition
THEN
>>15903412 (PB)
>TARIK FREITEKH AND THE winklevoss TWINS BECOME FIRST BITCOIN BILLIONAIRES
NOW
Winklevoss twins owed $900M by crypto broker as FTX contagion spreads
December 5, 2022
The crypto exchange owned by the Winklevoss twins is trying to recoup $900 million from a cash-strapped crypto broker that has been gutted in the wake of the FTX collapse, according to a report.
New York-based Gemini - which Tyler and Cameron Winklevoss started after settling their famous beef with ex-Harvard classmate Mark Zuckerberg over who founded Facebook - ran a partnership for customers in its "earn" program in which Gemini lent its coins to the crypto broker Genesis in return for a fixed stream of returns.
But Genesis said it could not afford to make good on all of its returns last month after it faced "unprecedented market turmoil" as a result of the FTX collapse, according to the Financial Times.
The Winklevosses have created a committee of creditors to try to reclaim their $900 million investment from Genesis and its parent company, Digital Currency Group (DCG).
The Winklevoss twins founded Gemini in 2014, and became the first US-based licensed Ethereum exchange.
Meanwhile, Genesis is trying to raise emergency funds to pay off its debts, and has hired the investment bank Moelis & Co to help figure out how, the FT reported.
Genesis has about $2.8 billion in active loans, according to its website. Its parent company DCG is in $2 billion worth of debt, $1.7 billion of which is owed to its own subsidiary, Genesis.
DCG was founded in 2015 and is one of the biggest investors in the crypto industry, reaching a $10 billion valuation last year.
Genesis, which is run by billionaire Barry Silbert, lost $1.1 billion over the summer on a loan to imploded hedge fund Three Arrows Capital. DCG took on Genesis's liabilities, subsequently owing $1.1 billion to Genesis, according to FT.
FTX, founded by Sam Bankman-Fried, filed for bankruptcy protection on Nov. 11 in the highest-profile crypto blowup to date, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal.
Sauce: https://nypost.com/2022/12/05/winklevoss-twins-owed-900m-by-crypto-broker-as-ftx-contagion-spreads/
#14146294 at 2021-07-18 02:43:37 (UTC+1)
Q Research General #17897: #AuditALL50! Edition
17 pages of research into Bit Fraud
http://mileswmathis.com/bitfraud.pdf
This story reads just like Google, doesn't it? It is now admitted that the Stanford computer science department was directly funded by U.S. Intelligence and that doctorate students Sergey Brin and Larry Page developed Google under close supervision and guidance from Intelligence agents. We have every reason to believe the same thing was (and is) happening at UW's computer science school, and that Microsoft was one of the results of Intel's investment. (And lest I forget to mention it, the two largest investors in Microsoft are The Vanguard Group and BlackRock.) Likewise, Nick Szabo and Wei Dai were the Brin and Page (or Gates and Allen, if you like) of Bitcoin - computer science students at a spook school developing another product for their financial backers in Intel. Or more likely, the faces paid to front the product.
Since The Vanguard Group and Blackrock keep coming up so much, let's see what other connections we can find. How about this. The number one cryptocurrency news and opinion site is CoinDesk.com. It popped up in 2015, almost out of nowhere. In fact, it didn't come out of nowhere, but it takes a bit of digging to figure out who's behind the site. It's owned by Digital Currency Group, a venture capital firm started in 2015 by Barry Silbert. Silbert is a Bitcoin angel investor who provided funding for some of the earliest Bitcoin companies like Coinbase and BitPay. But Digital Currency Group is actually a subsidiary of NASDAQ Private Market, owned by NASDAQ Inc., which of course owns and operates the NASDAQ stock exchange as well as eight of the largest European stock exchanges. Guess who are the second and third largest institutional holders of NASDAQ Inc.? BlackRock and The Vanguard Group.
It should raise all sorts of alarms in your head that Silbert is one of the biggest cryptocurrency investors and also the man behind the top news site about cryptocurrencies, which claims to be an impartial news source. A December 2017 Reuters article, aptly titled "Ex-banker cheerleads his way to cryptocurrency riches", points out the obvious confict of interest there, as does this scathing article at Medium, which also points out that Digital Currency Group doesn't just own CoinDesk.com, but also 19 popular cryptocurrency exchanges and/or trading companies, including Kraken, Shapeshift (of which Erik Voorhees is CEO), Coinbase, Bitoasis, Bitfyer, Bitso, Coinsetter, and so on.
8kun Midnight Riders Posts (1)
#33627 at 2021-01-02 16:26:31 (UTC+1)
QR Midnight Riders #154: Watch who rises from the ashes. Its going to shock the world Edition
>>33607
Bitcoin Spikes Above $32k As Supply Squeeze Continues
by Tyler Durden - Saturday, Jan 02, 2021 - 8:41
Update (1115ET): Well that escalated quickly. Less than an hour after first breaking above $30,000, Bitcoin has spike beyond $31k and now $32k..
Source: Bloomberg
Ether is also extending gains, nearing $780, but BTC is now trading at almost 42x ETH - itshighest since May, erasing m,uch of the DeFi boom's effects on Ethereum…
The area immediately below $30,000 had proven a source of intense selling pressure throughout the past few days, a setup similar to that which Bitcoin disrupted at $20,000 just weeks ago.
"If you're looking for an entry to HODL Bitcoin long term, don't nickel and dime an entry. You're not going to sweat a few thousand dollars of non-perfect entry when it's $100k,$200k,$300k in a year," popular statistician Willy Woo summarized on Friday.
"The main bull phase is here. Capital inflows has gone nuts."
But while the crypto currency is rising in value against the dollar, Bitcoin price claimed another all-time high, this time against gold, offering further confirmation that demand for digital assets is on the rise…
As Bitcoin nears $31,000, the digital currency trades at over 16 ounces of gold, surpassing the 2017 highs (15.6).
As we detailed previously, Bitcoin's biggest proponents believe the digital currency is eating away at gold's market cap as investors opt for the efficiency, portability and proven scarcity of the asset. Astonishingly, that view is also shared by JPMorgan Chase analysts, who believe Bitcoin's digital gold narrative is drawing capital away from precious metals.
Additionally, as CoinTelegraph notes, some believe that Bitcoin's supply squeeze could send prices higher over the course of 2021. Specifically, digital asset manager Grayscale bought up nearly three times the BTC mined in December. Demand from PayPal, Cash App and others has also contributed to an apparent supply shortage of BTC.
It's official: Miners can't produce enough Bitcoin
Last month, the company added a total of 72,950 BTC ($2.132 billion) to its assets under management (AUM). During the same period, miners generated just 28,112 BTC ($821.7 million) - 38.5% of Grayscale's buy-in.
The figures underscore what many have described as an ongoing liquidity squeeze in Bitcoin, where large buyers suck up any available supply and remove it from circulation, sending it to cold storage for long-term hodling.
As Cointelegraph reported, the phenomenon was already visible in November 2020, but December 2020 saw a clear increase in demand from Grayscale and other institutional entities.
Grayscale now controls $20 billion in crypto
As the clock chimed midnight on New Year's Eve, meanwhile, Grayscale CEO Barry Silbert celebrated bringing the company's total AUM across its various crypto funds to over $20 billion. Just one year ago, the figure stood at a mere $2 billion.
The company remains the largest institutional player on the Bitcoin scene, with its $17.475 billion in BTC far outstripping any other market participant. Newcomer MicroStrategy, while not an investment business, now controls 70,470 BTC ($2.06 billion).
Going forward, analysts predict that more demand for the fixed supply of "new" Bitcoin from miners will only serve to create a bidding war and push up the price. Sellers already faced stiff resolve from buyers in December 2020, when new all-time highs failed to produce significant long-lasting pullbacks.
https://www.zerohedge.com/crypto/bitcoin-tops-30k-supply-squeeze-continues
endchan qrbunker Posts (1)
#35665 at 2022-10-09 09:00:00 (UTC+1)
QR Bunker General #131: Post Rally REEEEEE! WWG1WGA Edition
>>35659
He starts out strong then he goes into being the #1 pitchman for BSV. He knows all of them are controlled and if not yet then eventually they will be. DCG Barry Silbert seems to be the major culprit. THIS Howdy Doody looking m.fer
"Digital Currency Group is a venture capital company focusing on the digital currency market. It is located in Stamford, Connecticut. The company has five subsidiaries which are CoinDesk, Foundry, Genesis, Grayscale Investments, and Luno"
and what's that I hear? DIGIBYTE!!! EEETS DIGIBYTE (keep those coins safe, choose Mt. Gox) kek