🟠Everybody's broke

GM.

It’s Arsen, bringing you the first edition of TLDR.

Block time: 774123

Estimated read time: 2 minutes and 13 seconds

Here’s what I have for you this week:

• BlockFi financials leaked by accident

• Super Mario 🤝 Bitcoin

• Genesis sues Roger Ver for $20 million

BlockFi “secret” financials were leaked

As we know, BlockFi was bailed out by FTX during the summer and was later sent into bankruptcy after FTX itself imploded (who needs a rollercoaster when you have crypto, right?).

The now-bankrupt crypto lender had $1.2B FTX/Alameda exposure (oopsie).

The funny part? This info was leaked by accident.

A member of the creditor committee uploaded uncensored financials in a presentation (double oopsie).

Here’s what the documents show:

• $415.9M held on FTX

• $831.3M in loans to Alameda

• The money tied up with FTX/Alameda account for ~ 50% of BlockFi’s all assets

“Risk management? What’s that?”

And currently, BlockFi has $1.3 billion left over but only $668.8 (a bit over half) in liquid assets.

After all, the loan and assets connected to FTX have an adjusted value of $0

To recuperate even some losses, on the same day they BlockFi went bust, they sued one of SBF’s companies seeking some of his Robinhood shares that were pledged as collateral

So, in a nutshell - one broke company lent out lots of money to two broke companies.

Now they’re all having fun staying poor.

Play stupid games, and win stupid prizes.

Or something like that.

Talking about games, check this out 👇

Super Mario meets Bitcoin

Let me tell you something about me.

I love lots of things, but especially these:

1. Bitcoin

2. Old video games

And when you combine them, you got my full attention.

And Zebedee, a bitcoin gaming company, did exactly that.

Christian pimped his NES console to win 10 sats for every Mario coin (one of the few shitcoins I approve of) he collects.

Finally, I can tell my parents that playing video games is not a waste of time.

Yo Chris, where do I send my NES to get upgraded?

Genesis sues Roger Ver for $20M

Roger the tennis guy?

No, Roger the guy who was telling everyone their funds on Mt Gox were safu only a few months before the exchange collapsed and everyone lost their money.

And Roger made the news for owing Genesis $20 million.

Who owes Gemini $900 million.

Who owes those $900 million to its 350,000 users.

And now, over 50 Genesis creditors are battle royaling over whatever money is left over.

If you didn’t know, Genesis is the company that did degen leverage trading and is now broke after announcing bankruptcy last week.

A textbook definition of “f*ck around and find out”

And now, Barry’s baby DCG, who is Genesis’ parent company, will be forced to plug that gaping $900 hole.

ELI5 - a teen borrowed a neighbor’s lawnmower and then ran over their cat and broke their fence.

Now the parents have to pay.

That’s it for this one.

See you next Sunday,

Arsen

This week in a meme

Job of the week

Foundation Devices, a solid bitcoin-only hardware company, is looking for somebody to lead their marketing efforts. Not gonna lie; if Relai didn’t happily employ me, this is the position I’d be eyeing.

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