DCG, Genesis Were the ‘Adults in the Room’ but Didn’t Behave Like It

In crypto, companies are often more intertwined and dependent than you would suspect, and, after a while, all of the schemes that brought down firms like Three Arrows Capital, Celsius Network and BlockFi begin to rhyme. Lied and lied to. Genesis’ hole appeared after the collapse of 3AC, itself brought down by the implosion of Do Kwon’s UST stablecoin.