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Home Blog Page 4664

Pathway on Resolving the Genesis; Gemini Exchange ‘Earn’ Insolvency

By
Paul Ugbede Godwin
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0

Sources tell The Block crypto trading firm Genesis Trading—which has been struggling to raise emergency capital to shore up its lending unit’s liquidity profile—has slashed its raise target from $1bn to $500 million. Its faces potential bankruptcy if funding isn’t secured.

DCG’s health begins and ends with Genesis, DCG negotiates resolution with Genesis creditors, everyone avoids bankruptcy, and DCG survives. Creditors reject deal, Genesis goes into bankruptcy, years of court battles, likely same (bad) result for DCG.

The latter situation is what everyone is assuming right now. That’s bad, I don’t see it being survivable for DCG reputation-wise.

Still no access to withdraw rewards from the Genesis Earn Program, All funds are stuck down. Relatively Gemini sent an E-mail to customers last Monday stating no exposure to FTX/FTT. It was carefully worded to avoid any mention of one of the most popularly advertised products, Earn, which had counterparty risk. Presumably they purposefully gave customers a false sense of security.

The Gemini name gave a false sense of security, in hind sight they should have labeled it as ‘You are now leaving Gemini for a third party..” we risk 100% of our capital to make 2% annually somehow that wasn’t very clear.

Bad middleman and agent in this episode are only interested in making fees from the Earn program using client funds/coins. To think many had trusted them so much as their marketing message is always ‘1:1’ safe for funds on their exchange but never emphasizing that Earn is not.

Gemini Exchange, should not had carried on with Earn program with client funds when Genesis is exposed to 3AC and LUNA crash, now Alameda Research- FTX Implosion. Should had help clients redeem their coins lent to Genesis, a breach of Fiduciary duties. Though, the Terms and Conditions stated the funds being lent to Genesis, the marketing material used the ‘Gemini’ branding, there were other material info on their site/app ensuring risk management, governance, auditing etc. where Gemini failed.

DCG, would be saving itself temporarily, but fighting against creditors who believed DCG fully backstopped Genesis. Genesis creditor settlement is a bitter pill to swallow, but arguably better for all parties. Andrew tweeted, DCG owns Genesis and (a little legal nuance) Grayscale. Lots of internal conflicts for creditors and investors should worst case play out.

Basically, DCG argues they’re a creditor on equal footing to external creditors without Genesis. Structure depends on fine print; DCG says “we all take the same haircut, ride or die.”

How much of a haircut do you think Genesis creditors will have to take? How much of DCG do you think they’d have to issue as warrants? I don’t think Gemini can cover all the coins in Earn program and if most customers stop trading on their exchange platform they will be out of revenue. Won’t suprise me that they go belly up in months, well played Binance in crushing your rivals.

It seems better for everyone to make creditors shareholders than to blow the whole thing to hell and take the Crypto Market along for the ride. If Genesis creditors can agree to terms, everyone has more liquidity today, less legal fees (maybe), shared damage.

One reason there might be a likely pathway is if DCG has some long-dated assets to offer with real upside not linked to 3AC/FTX/Alameda bankruptcy claims+ Warrants in DCG and Grayscale, this is highly recursive. Data providers only know cold wallets. Hope they move client funds in fewer wallets rather than many one-time used wallets for transparency. Gemini removed their message about working with Genesis to resolve the GeminiEarn issue on the mobile app.

If creditors agrees to Genesis resolution, then the DCG assets become more valuable. That’s because it’s likely that DCG can raise outside capital if and only Genesis liabilities are defined, limited, and contained. DB tweeted, similarly Barry Silbert’s Letter to Investors stressed that “Genesis board hired financial and legal advisors and the firm is exploring all possible options amidst the fallout from the implosion of FTX.”

Despite FTX Collapse, Billionaire Mark Cuban Believes Crypto Still Has A Lot of Value

By
Ojukwu Emmanuel
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0

Following the collapse of FTX which has negatively impacted the crypto industry, American Billionaire Entrepreneur Mark Cuban believes that crypto still has a lot of value.

Cuban, who has endorsed crypto investments, investing heavily in several projects and firms in the industry, disclosed that people should not be discouraged by the FTX collapse, rather they should ignore the noise and look at the big picture.

In a recent interview, he said “Separate the signal from the noise. “There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”

He further stated that, as long as investors have viable options in the crypto world, he doesn’t foresee virtual assets going into oblivion.

Mark Cuban is one of those billionaires who believe that investing in crypto is a good investment idea, unlike some other billionaires like Warren Buffet and Bill gates who feel otherwise.

Cuban has in the past specifically listed Bitcoin and Ethereum as potential coins for crypto traders to invest in. He owns some crypto assets and has made investments in several blockchain companies.

Despite his endorsement of crypto investment, Cuban believes that the amount of money one should use to buy virtual currencies should be limited, i.e traders should invest the money that they can afford to lose.

Following his advice on the FTX collapse, several other crypto investors share the same opinion with him, as they disclosed that the FTX collapse is not a crypto failure but a scammer taking advantage of investors and the lack of regulation.

On the other hand, the FTX collapse has plummeted the prices of crypto assets to an all-time low, which has reduced investors’ confidence in the industry. The crypto market was already in an awful state even before the FTX collapse.

The crypto exchange platform collapse further fueled volatility, as there have been big volatility results in the prices of tokens, meanwhile a big number of traders are taking advantage of it.

On the other hand, so many retail investors have withdrawn their assets, while institutional investors linked to FTX and its sister company Alameda Research are still determining their losses from their exposure to Sam Bankman-Fried’s empire.

In the Bahamas, following the collapse of FTX which was headquartered in the small island country, Bahamians are still trying to find a way to make sense of the recent upheaval.

Reports reveal that the sudden collapse of the crypto exchange platform has left a trail of unemployment in the country.

The Latest G5 Governors’ Fashionista in Nigeria

By
Ndubuisi Ekekwe
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1

The G5 Governors of Nigeria have been trumpeting cultural fashionista as they move from Rivers to Benue, Oyo, Enugu and now Abia. During a PDP campaign gala night last week, the five men showcased another style. As I look at this photo, I can see  “jioji” – one of the most important classes of wrappers in Igbo tradition..Jioji is rooted in Igbo tradition and mythology and it symbolizes purity, valor, guidance and atonement.

When a young lady is being married, of all gifts, a jioji must be included; it is a symbol that I have come with a pure heart to make you part of my family.  After warfare and going to the Ikoro (the highest enclave where only brave men are initiated), men are dressed in jioji. Also, during festivals, the men who guide the highest masquerades are dressed with some jioji. Traditionally, elders use the jioji for sacrifices. Largely, jioji is revered and it is more than a wrapper! (Painfully, during funeral rites, without providing jioji, nothing has happed.)

In ancestral Igbo, there is no space for trousers; you have oja and “iwa ogodo”. This design here is actually a Nollywood-like creation even though many have hailed it as a traditional Igbo attire. The designer cleverly  avoided areas that would have caused problems for any politician: no red cap (a symbol of authority) with an eagle feather (blameless authority and respect).  Also, no staff and elephant tusk (the highest level of social respect in Igbo Nation) were used. They only carried swords which are “common symbols” in Igbo Nation.

If you read Chinua Achebe’s Okike, a collection which includes some of his important writings on Igbo tradition, and connect it to works of Prof FC Ogbalu, a dean of modern Igbo language and culture who super-headed Igbo Izugbe, you will weep for what Nollywood has done to Igbo culture. But do not blame Nollywood as they need to grow their markets. Interestingly, politicians have the memo: you can create evolving designs as part of modern culture. It is all good provided it comes with good governance.

Where and How “Immediate” Is Used in Governor Ademola Adeleke’s Inaugural Address

By
Mutiu Iyanda
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0
Osun local government

After a 12-year absence as the ruling party in Osun State, the People’s Democratic Party returned to power on November 27, 2022, with the inauguration of Senator Ademola Adeleke. The Osogbo City Stadium swearing-in ceremony has been described and discussed in various ways, from the physical to the virtual sphere. According to our observations, Senator Ademola Adeleke’s emergence as the new governor is well deserved, given the various battles he fought between 2018 and 2022.

Meanwhile, in this piece, our analyst examines his inaugural speech in order to determine where and how he used the word “immediate” in his speech. Our analyst became interested in this term as a result of a netnography analysis conducted on Facebook and Twitter, which revealed that the new governor has begun taking critical actions. Some of his supporters on the two social networking sites have frequently mentioned his cancellation of the State of Osun, implying that the state will now be known as Osun State.

According to an analysis of the speech, Governor Adeleke used 2, 198 words, 863 of which were unique. According to our analytical tool, the governor’s ability to have a variety of vocabularies to support his submission and arguments on the issues and needs he discussed during the inauguration is represented by his use of unique words. State (38), Osun (27) and administration (18) were more frequently used than people (13) and immediate (12).

Contextual analysis of these words reveals that Governor Adeleke frequently referred to state development whenever he used the word ‘state.’ This also applies to instances where he used the words ‘Osun’ and ‘administration.’ The word ‘people’ was frequently used by the governor when discussing how he would build human capital and thanking those who had supported his ambition since 2018.

Analysis of the 52 paragraphs he used reveals that the word ‘immediate’ appeared in 7 of them. The word was mostly used to announce the presence of people who supported him and to express gratitude for their relationship with him. Our analyst also discovered that Governor Adeleke appropriated the word for criticizing the previous administration’s last days decisions, which he believes were not appropirate and were made with the intent of creating early crises for his administration. Aside from that, Governor Adeleke used the term to signal his intention to investigate the Gboyega Oyetola administration.

The Word Placement

  1. No form of illegality will be allowed to stand and all acts of impunity committed by the immediate past administration on local government administration will be reversed following due process.
  2. Let me therefore announce an immediate return to status quo of all fresh appointments, placements and other major decisions taken by the immediate past administration with effect from the 17th of July, 2022.
  3. It is therefore my desire to ask for your patience and understanding to give my administration a few weeks to review and sort out all the actions and malicious confusions which the immediate past administration has created since July 17th 2022. Those actions were indeed vindictive measures against the people of Osun State for voting them out of office.

39….

  1. Immediate freezing of all government accounts in banks and other financial institutions
  2. Immediate establishment of a panel to carry out an inventory and recover all government assets
  3. An immediate establishment of a panel to review all appointments and major decisions of the immediate past administration taken after the 17th July, 2022
  4. Let me also thank the state chapter of the PDP under the able leadership of Dr. Adekunle Akindele, the immediate past leadership under Hon. Sunday Bisi and all party leaders in the 30 local government areas and Ife East area office. I thank you for your steadfastness, loyalty and commitment to the ideals which the Peoples Democratic Party represents.
  5. My deep sense of appreciation goes to my immediate family members beginning with my elder brother Dr, Adedeji Adeleke, my immediate elder sister Yeye Modupe Adeleke-Sanni, my wives Titi and Ngozi, my children, nephews and nieces especially David Adedeji Adeleke A.K.A. Davido for their love, support and sacrifice towards ensuring that we got this far. May your sacrifices never be in vain. I assure you that the selfless services of our late father Sen. Raji Ayoola Adeleke, our mother Prophetess Esther Adeleke and our late scion of the Adeleke family, the first Governor of Osun state, His Excellency Alhaji Isiaka Adetunji Adeleke will always guide my actions as I serve the good people of Osun state.

 

Constructive Criticism is the beauty of democracy

By
Stanley Alieke
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0

It made it to the news that a 300-level student of the Federal University of Dutse, Jigawa state, was arrested and whisked away to Abuja by the operatives of the  State Security Services (SSS) some days back on the offense of criticizing/ slandering the wife of the president of Nigeria, Mrs. Aisha Buhari on Twitter through a tweet he made.

The young folk tweeted in Hausa which when loosely translated to English says “the wife of the president is getting fatter from eating the collective wealth of the masses while the masses are suffering”. He posted the picture of the president’s wife alongside this tweet. Mrs. Aisha Buhari found this tweet libelous, defamatory, offensive, and abusive and directed that the men of the Department of State Security (DSS) arrest and detain the boy over the tweet.

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If you make any threat against any public servant, political office holder, or against the country, even if you are joking or not you will be whisked away by the operatives of the state security services. This is not just “a Nigerian thing”, even in the western world, threats against the life of the president, his family members, or relatives are taken seriously and any threat of terrorism in the country or threat of disturbance of public peace by anybody, be it a joke or a social media banter, the state security have been trained to presume that every of such threat is meant by the originator and the originator has already taken steps in the execution of such threat hence why the DSS jumps into immediate action to respond accordingly and to thwart the threat.

But, a threat to the life of the president or his family members or a threat against the state should be distinguished and differentiated from constructive criticism against the state or against public office holders or political office holders like the presidents or the governor, and the act of the presidents or governors and arresting or detaining individuals whose only offense is criticism is just an abuse of power.

Therefore, defamatory or libelous words do not transcend to threat to life, hence the only avenue available for Mrs. Aisha Buhari if she feels that she has been defamed by the boy is by her approaching the court to air her grievance and displeasure by instituting a lawsuit for libel or defamation against the boy. Using the security operatives to arrest, oppress and harass her perceived enemy is only painting her as an autocrat and a dictator.

We hope that Mrs. Buhari listens to the voice of reason and lets the boy go; being the wife of the president does not mean she can abuse her powers and privileges and she has taken the law into her hands and she should as well render due apologies and compensate the boy for this ordeal.

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