This research is from July 23 2022 but it is particularly relevant today to due concerns surrounding the solvency of Genesis, their parent company Digital Currency Group, and DCG’s exchange traded product GBTC.The executive summary is: It looks like DCG and 3AC were engaged in some kind of scheme to extract value from the GBTC premium. This provided massive leverage for 3AC which they encashed and used to fund a wide range of things. It also generated a lot of short-term profits for DCG via fees. But 3AC was wildly leveraged and they appear to have gone insolvent over the Terra-Luna weekend. The epic losses from this blowup are only starting to be felt. And GBTC may be the center of bigger trouble.