Reading time 4m40s
GM.
Genesis is suing Roger Ver, known as âBitcoin Jesus,â for $20M in unsettled crypto options trades. Meanwhile, creditors are suing DCG (Genesisâs parent company) and Barry Silbert (DCGâs CEO) in a class action lawsuit.
It has not been Rogerâs year, let me tell you. The guy was early on Bitcoin in 2010, and now heâs getting liquidated and sued left and right.
(The man in this lovely screenshot is Roger:)
On a similar note, Celsius, the bankrupt crypto lending platform, is apparently considering minting a new debt coin to pay off its creditors. Are people gonna settle for that?
Weâll see, but first, we got some trivia cominâ in hot:
Dogecoin is the OG meme coin, the first of its kind and still the highest-market cap meme token. What name does its co-founder go by on Twitter?
Tap your answer below to see if youâre right!
Today's Agenda:
- Genesis Files $20M Suit đ
- Celsius Minting Debt Coin? đ
- Game Platform Moves to Polygon đ
- Earn BTC for Podcasts?! đ
- âRZRâ: New Web3 TV Series đş
The Genesis-DCG-Silbert situation continues to evolve â or devolve, depending on how you look at it đ
In an effort to recover some money in the midst of losing all of it, Genesis has sued Roger Ver, known as âBitcoin Jesus,â for $20M of unsettled options trades.
He has 20 days to answer the summons to court, or otherwise, heâll have to pay the full amount.
Ver earned the name âBitcoin Jesusâ by being one of BTCâs early investors all the way back in 2010. But weâre seeing that being early isnât everything â I mean, just look at Verâs stats. I wouldnât want him in my fantasy investing league:
Thatâs just the first half of our update today, though: DCG and Barry Silbert have been sued by creditors under allegations of selling unregistered securities.
This lawsuit has been filed after the initial Genesis lawsuit that was announced just last week.
Not looking super pretty for Silbert and co.
The class-action lawsuit is for everyone who had any digital asset lending agreements with Genesis, and it accuses the firm of running a scheme to defraud lenders with misleading statements.
Genesis also still owes Gemini users $900M. Meanwhile, itâs working through the first of its bankruptcy hearings in the middle of all this. Weâll keep you posted on any updates as things unfold.
I seriously hope this isnât the case, but itâs looking bleak đ Celsius seems to be seriously considering the option of minting a new coin (from nothing) to pay its creditors.
What could go wrong?
Oh, nothing â just that the coin could become worthless immediately and attract predatory investors who want to short it all to hellâŚ
This has happened before with Bitfinexâs LEO token in 2019 and Poolinâs IOU (I Owe You) tokens last September.
According to Celsiusâs recovery plan, holders with less than $5,000 in claims wouldnât get any of the new coin, only larger holders.
Of course, this new debt token might never even be minted â but itâs apparently a serious part of Celsiusâs recovery plan currently. Weâll let you know if any solid progress is made in their bankruptcy hearings.
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Other Top Stories Today đ˘
Fractal, a Solana gaming platform co-founded by Jusin Khan in 2021, is now expanding to Polygon as well. The goal of the expansion is to meet developers where theyâre actually at. Khan shared the following with Decrypt: âOur goal is to support game developers, and part of that is being wherever the game developers want to be. And a lot of them want to be on Polygon, to be honest.â
Podcasting app Fountain has announced that itâs going to offer users the opportunity to earn BTC for time spent listening to podcasts. Fountainâs CEO Oscar Merry said the following on the subject: âA few years from now, weâll look back at paid subscriptions for content platforms that arenât related to how much we actually use those platforms and laugh at how basic and inefficient it was.â
David Bianchi held a public table reading for âRZR,â his new Web3 series, stating that he is âabsolutely convinced that within the next three to five years, everything that we interact with from music, film, intellectual property, even information systems will be somehow tethered to a blockchain mechanism.â This guy gets it. Table readings are typically private, but âin the spirit of decentralization,â Bianchi decided to hold this one publicly. Set in dystopian Los Angeles, âRZRâ is about a war veteran engineer who has genetically modified his body to use the web.
Web3 Resource of the Day
blockchaindemo.io - Website
If youâre a visual learner and are curious about what actually happens on a blockchain, this is the site for you. Blockchaindemo.io offers a web-based demo of actual blockchain technology that doesnât require anything of you except a web browser. It has an actual living blockchain, a real Peer-to-Peer network, and a complete user tour. This is not sponsored content â I really just think itâs a helpful tool for understanding the tech we talk about.
Halfway Through the Week!
Youâre crushing it. Donât let the news get you down, either â just make sure your crypto is safe, and your exposure is within your risk tolerance. Be like this guy:
Unbothered. Moisturized. Happy. In his lane. Focused. Flourishing.
Thatâs all for today, frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.