DCG and Genesis' liquidity issues hang above crypto like a sword of Damocles, danielgkuhn writes. Opinion for 'The Node' newsletter.
Bitcoin, after months of laggard movements downward, has seen a notable rally. The largest cryptocurrency by market value is now trading above $20,000.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the fullWhile this sounds like good news all around, there are still material risks hanging above the crypto industry making a sustained rally, or a return to better days, unlikely.
For months, the two firms, both founded by bitcoin OGs, have been embroiled in a dispute related to a loan Gemini made to DCG subsidiary Genesis. The Winklevoss-founded exchange loaned upward of $900 million worth of their customers’ assets to Genesis, which it hired as its principle partner to earn yield for the Gemini Earn lending program. Gemini froze withdrawals from Earn the same day Genesis paused withdrawals.
Since then Gemini co-founder Cameron Winklevoss has issued a series of increasingly heated statements – at first accusing Silbert of usingand now calling for Silbert’s ouster. Commentators have noted the usually talkative Silbert seems to be punting on taking deliberate action .
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