458 episodes

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

Unchained Laura Shin

    • News
    • 4.6 • 1.1K Ratings

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

    The Chopping Block: Will Genesis Creditors Be Made Whole?

    The Chopping Block: Will Genesis Creditors Be Made Whole?

    Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they covered:

    why the markets were up so much recently

    how and why Genesis entered into bankruptcy

    why the hole in DCG's financials are potentially much bigger than previously reported

    the differences between the bankruptcies of FTX and Genesis

    whether 3AC founders Su Zhu and Kyle Davies will find success with their new exchange

    what will happen to GTBC now that a huge portion has already been liquidated

    whether Tarun is predicting "the start of a new supercycle"

    the large percentage of vested SOL held by the FTX estate

    how SBF is still trying to win the public 


    Hosts


    Haseeb Qureshi, managing partner at Dragonfly Capital


    Tarun Chitra, managing partner at Robot Ventures


    Robert Leshner, founder of Compound 


    Tom Schmidt, general partner at Dragonfly Capital



    Links

    Disclosures

    Genesis: 


    Bloomberg: FTX Bankruptcy Judge Backs Company Law Firm, Rejects Last Minute ‘Rumors’


    CoinDesk: 

    Crypto Lender Genesis Global Capital Is FTX's Largest Unsecured Creditor

    Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure

    CNBC: 

    Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities

    Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG

    Unchained: 

    Is Genesis’s Prepackaged Bankruptcy The Ultimate Sacrifice? 

    Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

    DCG Under Investigation by DOJ and SEC: Report

    Genesis CEO Says Firm Needs More Time to Find a Solution



    FTX:


    Unchained: 

    SBF Says Excel Spreadsheet Proves FTX US Is Solvent


    WSJ: New FTX Chief Says Crypto Exchange Could Restart


    The Block: FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’



    3AC/GTX: 

    Unchained: 3AC Founders Are Raising $25M for ‘GTX’


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    • 56 min
    Not Just FTX: One Skeptic’s Take on Why Crypto Is a Scam

    Not Just FTX: One Skeptic’s Take on Why Crypto Is a Scam

    James Block, crypto skeptic and author of the Dirty Bubble Media newsletter, rose to prominence with a timely post predicting FTX’s insolvency. The blogger, a doctor by day, explains why he sees crypto as an unregulated morass of would-be securities and outright “Ponzi schemes.” From an early interest in Tether to connecting the dots on Celsius, Block explains why he does what he does and why almost all of crypto is just “regulatory arbitrage.”

    Show highlights:

    how James got into crypto and why he started writing about the space

    why James chose "Dirty Bubble Media" for the name of his publication

    the problems with the legitimacy of crypto projects

    the reasons to be bearish on Coinbase

    why the question of whether Bitcoin has intrinsic value is highly subjective

    whether every token in crypto is a scam and whether regulations will hit stablecoin issuers hard

    how FTX used tokens to create fictitious value worth billions of dollars 

    why Celsius and FTX were closely linked, and the difference between both cases

    ties James found between FTX's European subsidiary and a company doing binary options, an industry characterized by fraud

    how he believes financial fraud is similar throughout history — it doesn't repeat, but it rhymes

    James’s concerns around Signature Bank and its "questionable tactics"

    why Genesis and DCG got into trouble and how James thinks the situation will likely play out

    whether exchange tokens are securities and why he believes they have very little value

    why he says BNB resembles OneCoin's pyramid scheme

    James's contrarian take on the Avi Eisenberg case



    Thank you to our sponsors!
    Crypto.com
    DeFi Saver

    Links

    Guests:
    James Block:

    Twitter

    Substack


    FTX: 
    Dirty Bubble Media:

    Is Alameda Research Insolvent?

    FTX'ed: The Tangled Ties Of Celsius Network and Sam Bankman-Fried

    FTX's European subsidiary was built on top of a binary options scam

    A forgotten banking scandal suggests FTX is the tip of the crypto iceberg


    DCG

    Dirty Bubble Media: Digital Currency Grift 



    Unchained: ​SEC Charges Gemini and Genesis With Sale of Unregistered Securities



    Binance
    Dirty Bubble Media: The Binance Scam Chain


    Signature
    Bloomberg: Binance Says Signature Sets Transaction Minimum Amid Pullback


    Mango Markets


    The Ballad of Risk-Free Avi - Dirty Bubble Media 


    Unchained: 


    Mango Markets Exploiter Arrested on Market Manipulation Charges

    Solana’s Mango Markets Sees $100M Drained in DeFi Exploit


    Celsius

    Dirty Bubble Media: Anatomy of a (fake) Market



    Unchained: NYAG Sues Celsius’s Alex Mashinsky for Defrauding Investors



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    • 1 hr 6 min
    Why Crypto Developer Activity Continues to Grow Despite the Bear Market

    Why Crypto Developer Activity Continues to Grow Despite the Bear Market

    Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report. Hotly anticipated among crypto observers, the annual report captures which chains developers are building on. Despite 2022’s price carnage, the report finds developer interest remains strong. Ethereum is the leading chain by far but EVM-compatibility is emerging as a major force in winning developers’ hearts and minds. Shen unpacks Bitcoin’s stability, Terra’s implosion, and many more insights from crypto’s open-source code repos.

    Show highlights:

    why the report "undercounts" developers and how it defines active developers

    how developers represent a fundamental measure of the health of emerging technologies like crypto

    the meaning of developer numbers going up even when prices plummet

    why in recent years the speed of developer growth jumped so drastically

    what happened after the number of developers reached an all-time high in June 2022

    the role of Terra in the decline of developer activity in 2022’s second half

    why Ethereum dominates the ecosystem and whether it will continue to be the leader

    the benefits of being part of “the EVM universe”

    why the number of Bitcoin developers has remained flat over the last year

    whether looking at the number of developers in the NFT ecosystem is even relevant


    Thank you to our sponsors!
    Crypto.com

    Guest
    Maria Shen:
    Twitter

    Electric Capital Developer Report

    Full report

    Maria’s 2022 thread


    2021 report

    2020 report


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    • 40 min
    How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

    How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

    From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.

    Show highlights:

    how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class

    how buying bankruptcy claims is also a way to buy crypto assets at a discount

    how to determine how much value creditors are owed in a crypto bankruptcy

    what the marketplaces for buying and selling claims are like

    whether it's possible to tokenize bankruptcy claims

    whether crypto tokens should be treated as property

    what is likely to happen when Mt. Gox creditors are returned their BTC

    the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts

    the likelihood of Celsius being acquired

    why the fact that FTX recovered $5 billion in assets is "amazing"

    why so many stakeholders disputed the ownership of the $450 million in Robinhood shares

    why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims

    whether the customer list of FTX should be kept private

    what type of creditors are Gemini Earn customers



    Thank you to our sponsors!
    Crypto.com
    DeFi Saver

    Links

    Guests:
    Thomas:

    Twitter

    507 Capital

    Previous appearances on Unchained:

    Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In

    Will Celsius Survive the Bankruptcy Process?


    Episode Links: 
    Celsius

    Reuters:

    U.S. judge says Celsius Network owns most customer crypto deposits

    Celsius bankruptcy judge orders return of some crypto assets to customers


    Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets



    FTX


    Unchained: 

    DOJ Seizes $450M in Robinhood Shares from FTX

    Bankrupt FTX Recovers Over $5B Worth of Assets: Report




    CoinDesk: 


    FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim

    After Bankruptcy, FTX User Claims Pay Cents on the Dollar


    Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares



    Reuters: U.S. Trustee files objection to FTX's planned asset sales


    Thomas Braziel’s prediction on the FTX claims


    Connor Grogan’s take on the $5 billion in assets 




    DCG/Gemini:

    Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster


    3AC
    Kyle Davies’ comments


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    • 1 hr 20 min
    The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG

    The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG

    Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news.

    Show topics:

    Haseeb’s TL;DR of the ongoing situation between DCG, Genesis and Gemini

    whether DCG committed fraud because of a misrepresentation of its financials

    why DCG did Genesis a favor by absorbing the losses from exposure to Three Arrows Capital

    what's required to force an entity into bankruptcy 

    why Cameron Winklevoss would request Barry Silbert to step down as DCG CEO

    the SEC’s probe into the investors of FTX and whether the regulators will fine them

    whether there will be on-chain assets for trading FTX bankruptcy claims

    what Tarun thinks of the future of NFTs and what needs to be built for them to thrive

    why Robert thinks most NFTs are “hot garbage”

    what the value behind NFTs is and whether they need a utility 

    whether the massive layoffs are good for the industry and how many companies over-hired during the bull market



    Hosts


    Haseeb Qureshi, managing partner at Dragonfly Capital


    Tarun Chitra, managing partner at Robot Ventures


    Robert Leshner, founder of Compound 


    Tom Schmidt, general partner at Dragonfly Capital



    Links

    DCG/Gemini:


    Unchained: 

    Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

    DCG Under Investigation by DOJ and SEC: Report

    Genesis CEO Says Firm Needs More Time to Find a Solution

    Previous coverage of Unchained on DCG and Genesis: 

    Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?

    ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

    Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months

    Is the Collapse of Crypto Lending Over, or Is It Just Starting?

    Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?

    Why Genesis Could Very Well Be Insolvent, Not Just Illiquid



    FTX:


    Unchained: 

    DOJ Seizes $450M in Robinhood Shares from FTX

    Sam Bankman-Fried Pleads Not Guilty to All Charges




    Decrypt: FTX Restructuring Team Has Clawed Back $5B in Lost Assets


    Previous episodes of The Chopping Block on FTX:

    The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers?

    The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?

    The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater

    The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'?

    The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?

    The Chopping Block: Was FTX a Scam From the Very Beginning?


    Layoffs: 


    Unchained: 

    Coinbase Lays Off 950 Employees Amid Market Conditions

    Genesis Considers Bankruptcy and Cuts Another 30% of Staff: Report - Unchained Podcast


    Bloomberg: Silvergate (SI) Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run



    Why We Missed On Inflation, and Implications for Monetary Policy Going Forward | by Neel Kashkari
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    • 1 hr
    DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?

    DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?

    Gemini has accused Digital Currency Group CEO Barry Silbert of fraud after allegedly misrepresenting the financials of his company. The accusations follow a dispute over the return of $900 million in assets owed to Gemini Earn’s users. Karim Dandashy, CFA and portfolio manager at XBTO Group, discusses everything about the ongoing drama between Genesis, its parent company DCG, and Gemini. 

    Show highlights:

    the fraud accusations against DCG CEO Barry Silbert

    all the details disclosed in Barry's response

    whether Genesis will file for chapter 11 bankruptcy protection

    the meaning of the $1.1 billion promissory note being not callable

    the EDNY and SEC investigation on transfers between DCG and a subsidiary – potentially Genesis

    whether the 1% interest rate charged for the loan was suitable considering the nature of Genesis' business

    whether DCG could sell its venture investments to plug the hole

    why Bitvavo rejected an offer from DCG to return 70% of the $300 million owed to them

    what Karim would do if he was leading DCG 


    Thank you to our sponsors!
    Crypto.com

    Guest
    Karim:

    Twitter

    LinkedIn


    Previous coverage of Unchained on DCG and Genesis: 

    Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?

    ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

    Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months

    Is the Collapse of Crypto Lending Over, or Is It Just Starting?


    The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?



    Genesis/Gemini:


    Unchained: 

    Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

    DCG Under Investigation by DOJ and SEC: Report

    Genesis CEO Says Firm Needs More Time to Find a Solution

    ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith and Stall Tactics’ 

    Genesis Warns of Bankruptcy If Funding Plans Fail: Report


    Financial Times: DCG’s crypto broker Genesis owes creditors more than $3bn



    Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism



    CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities



    Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts


    Decrypt:

    Dutch Bitcoin Exchange Bitvavo Says DCG’s Payback Plan ‘Not Acceptable’ 


    Sam Andrew’s thread



    Ram Ahluwalia on DCG CEO’s update to shareholders



    Ryan Selkis on the definition of the current assets



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    • 44 min

Customer Reviews

4.6 out of 5
1.1K Ratings

1.1K Ratings

Eddie J. Soto ,

UnChained is a welcoming digital asset podcast that delivers!

Ram Ahluwalia really goes into depth on the situation surrounding Genesis and DCG. Made me go into a wormhole of the grayscale trade.

graygler ,

DC episode

Smart insights on Washington this week

Loridans1 ,

Valuable, but Ms. Shin

There’s no question this is an extremely informative podcast. But Ms. Shin sounds like an abused spouse or girlfriend. “Oh yes, SBF just beat the crap out of me. Sure, SBF broke my arm, knocked out my teeth. But you know, it’s really my fault, not his”. Grow up, Ms. Shin

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