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Why would a lender (Genesis) issue 47% of its loan book to 🤯 ONE entity (Three Arrows Capital)?!!

break down the factors that could drive Genesis to bankruptcy 🏛️. Is FTX the final straw? Watch the full episode: youtube.com/watch?v=ulDEet

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8:03 PM · Dec 6, 2022

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Ram Ahluwalia, crypto CFA

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Before alarm bells ring, note if a lender is winding down their lending book (as appears to be the case for Genesis Lending), pure math dictates that concentration risks will increase during the wind down period…

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Retire,laura

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Board 1: "if number goes up, we're stupid rich" Board 2: "but what if it goes down, we're ruined" Board 3: "I motion to remove Board 2 from this Board" ...a few moments later... CEO: "I'm happy to announce our newest board member..."

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Wildly risky

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3AC and that $2.3 billion position was wound down before the end of Q2. We know this because of Grayscale’s GBTC filings that they liquidated the collateral then. So Genesis active loans at the end of the quarter wouldn’t have reflected the 3AC position.

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Becuz all roads lead to scamming in this scheme.