ETH DCG Finally! 🚨
Crypto lending firm Genesis has filed for bankruptcy People think It will affect whole industry,
but I dont think so. This shit wont give up its BTC
There are three companies that Genesis filed for bankruptcy. Holdco/Capital/Pacific PTE, assets and debts are in an order of magnitude, for example, Pacific PTE is responsible for 100~500 million, and his assets are also 100~500 million
So it's no pretty bad. Because on the chain we are able to see that his trading (trading) account is 400 million worth of assets. And they are high quality assets, in order of position size ETH, COMP, SAND, APE, MANA...
In bull run, these high-quality assets market will recovery, a couple of years, or this year, up a few times, a dozen times may be with 100,000 creditors completely reconciled.
The bigger problem is the 50 additional unsecured creditors, in fact, it's like give up those 50biggest creditors and put money on others😂
The reason why those three companies assets and debts can make an almost even match. Because there are 50 large accounts of 3.5 billion in debt were singled out and calculated. 🤔🤔This post is based on this twitter thread.