Billy Markus, the IT engineer who created the original meme cryptocurrency Dogecoin together with Jackson Palmer in 2013, has taken to Twitter to comment on the recent news of Genesis crypto lender filing for bankruptcy.
In particular, Markus shared his take on the cryptocurrency lending business and on the founder of Genesis parent company DCG – billionaire Barry Silbert, a hater of Dogecoin.
“Crypto lending is stupid”
Markus pointed out that “another dumb thing dies,” apparently bearing in mind the crash of the FTX exchange and the bankruptcy that followed. The founder of the platform, Sam Bankman-Fried, was taken into custody and accused by the SEC of defrauding investors.
Now, after a series of events caused by a lack of funds, Genesis has filed for bankruptcy protection. It estimated that it has around 100,000 creditors and has between $1 billion and $10 billion in liabilities and assets.
The company’s debt to at least 50 creditors stands at $3.5 billion and includes Winklevoss-run crypto exchange Gemini and New Finance Income Fund run by VanEck fund manager.
The collapse of FTX was the last straw for Genesis, which also suffered massive losses due to the bankruptcy of the Three Arrows Capital fund, which happened last year.
Billy Markus stated that the whole business of “crypto lending is stupid,” and so is everyone who gets involved in it.
Genesis is not the only company belonging to DCG that is being hit by the lack of funding now. As reported by U.Today earlier, prominent crypto media outlet CoinDesk run by Barry Silbert’s firm is now looking for a new buyer. Cardano founder Charles Hoskinson stated that he would check the strike price and that he might buy CoinDesk.
Explaining his interest in this purchase, he stated that he would like to bring more innovation to the crypto media industry and restore journalistic integrity. CoinDesk is now the largest media outlet focused on the cryptocurrency space.
Markus slams Silbert for shorting DOGE
In the comment thread, the co-founder of Dogecoin reminded the community that back in 2021, Barry Silbert tweeted that he was shorting DOGE, urging everyone to convert their Dogecoin into Bitcoin.
Besides, Markus stressed, Silbert was doing it on the FTX exchange, which is not bankrupt and has been called a crypto fraud for using its customers’ funds without their knowledge.
