By crypto standards, today was like any other day—both newsy and noisy. Let’s see, Coinbase laid off 20% of its staff, and the Winklevoss twins escalated their public battle with crypto conglomerate Digital Currency Group with an open letter demanding the removal of its chief, Barry Silbert. Meanwhile, a former Coinbase manager's brother was sentenced to prison for violating insider trading laws through cryptocurrency transactions.
If you step back, though, you can see some big-picture developments. One is that the crypto winter will "weed out bad companies," as Coinbase’s Brian Armstrong noted today. We can see what he means in the travails of the Winklevoss twins’ crypto exchange, Gemini, and their battle with DCG. In hindsight, it is clear that the brothers, Gemini’s co-founders, demonstrated poor judgment by entrusting all the customer funds in their Earn high-yield crypto accounts to a single institution—DCG’s Genesis—in this volatile crypto market where managing risk requires more care than usual.
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