correspondence between digital currency group, that big entity run by perry soul work in the winklevoss twins gemini for the gemini earned product. it's days after you have cameron winklevoss alleging private lies and accounting fraud. in the same week that you have buried silver, the head of digital currency group reaching out to investors with a very large multipage question and answer that addresses how digital currency uses the proceeds of loans borrowed from genesis capital, the same asset in question that is under the sec review. there will be a lot of questions, both from investors, as well as regulators on where the money went, what kind of money was lost, how you get back. at the end of the day, as i said before, these two are being named the complaint together after days and days, months really, sparring. so, how they handle this when they are listed together as under the complaint of the securities and exchange commission. ed: this is an interesting development because bloomberg said the federal prosecutors were looking into barry silber in the digital currency group. so now we hav

winklevoss after a number of correspondences between dcg, digital currency group as well as the winklevoss twins for this gemini earned product. it is days after you have cameron winklevoss alleging accounting fraud and also in the same week that you have the head of digital currency group also reaching out to investors with a very large multipage question and answer. it addresses how digital currency group uses the proceeds of loans borrowed from genesis capital. the same as that here in question under the sec review. there will be a lot of questions but from investors as well as regulators on where the money went, what kind of money was lost, how you get it back but at the end of the day, as i said before, these two are being named to the complaint together after days and days, months sparring. how they handle this when they are both listed together as under the complaint of the securities and exchange commission. course an interesting development because bloomberg reported last week that federal prosecutors were looking into barry silva and the digital currency group. now we have this triangl

this is the crypto lending unit of cryptocurrency group led by the winklevoss twins. want to get more context on the story and how we got here. sonali, walk us through how we got to this point. >> we are getting to the point here, genesis global capital, it is a lending unit of not only digital currency group but that big trading business that is known as genesis, part of the crypto industry. this global capital unit had suspended withdrawals back in november. this is the counterpart business that also halted withdrawals. stood by the sec for the marketing and dissemination of these products. genesis global capital, the plans here may change, the talks are ongoing, they have been talking to creditor groups amid this liquidity crunch. the question has been for a while now, how much the plans here could start to spiral into other parts of this empire, that is digital currency group. to the point that you are making [indiscernible] to conserve cash according to that january 17th letter. an effort to go through bankruptcy proceeding will put questions forward on the relat

this is for gemini, which is run, founded by the winklevoss twins, and genesis these two firms had teamed up on one of those high interest bearing products it was called earn it offered about 8% yield for customers. on the back end they were lending that out to hedge funds. and the s.e.c. saying that this product should have been registered as a security gary againstler in his statement saying today's charges build on previous actions to make clear the marketplace and investing public that crypto lending products and their other intermediaries need to comply with time-tested securities laws i mention the the winklevoss twins here of facebook and social network fame. genesis, meanwhile, is a lending firm one of the first really market makers and lenders in the space. shut down a few months ago as a result of what's happening with ftx. but one of the big lenders here, they teamed up as i mentioned on that interest-bearing product. these two firms have been fighting back and forth over this earned product but the latest here from the s.e.c., we've had a lot going back, back and forth between

zuckerberg of stealing their ideas back when they were all at harvard in the early 2000s —— winklevoss twinshey company gemini had quite a close relationship with genesis and they have a joint product together and they've accused the company of misappropriating in the order of close to $900 million of customer funding so it's going to be a watch this space but yes, that's been the latest development in what has been a really rocky time for the crypto currency community. katie, thank you. to the us now, where the co—founder of netflix, reed hastings, says he's stepping down as the company's ceo after leading it for two decades. netflix has been under pressure over the past year, losing subscribers for the first time in its history and suffering a steep fall in its share price. but the latest figures show a return to growth as hit shows including harry & meghan attracted more viewers. samira hussain has more. of course, the company started up of course, the company started up by of course, the company started up by renting dvds by mail but it has changed quite a lot. it's been quite the year f

. >>> and the crypto change founded by the winklevoss twins with the third round of layoffs in the lastr. >>> and let's gear you up for the trading day ahead. several pieces of economic data out this morning, including -- i know you couldn't sleep thinking about the philadelphia fed non-manufacturing and flash manufacturing index and services pmi numbers. i know it's hard to sleep earnings rolls on. you have a company called microsoft, ge, johnson & johnson and verizon and lockheed martin and union pacific out with numbers. apparently nominations for the oscars are set to be announced at 8:30 a.m. eastern time this morning. let's dive into the trading day ahead and get movie recommendations from tiffany mcghee i'm kidding. i'll not put you on the spot with the movies. >> we can talk about movies. >> everything that "top gun:maverick" and move on. >> we have to talk about "avatar. >> yes $2 billion >> $2 billion. >> i said a lot of words pmi. what are you watching closely for this week? >> first of all, i did get a good night's sleep which usually i don't before i'm on the show i did. li

tom: despite the travails of the winklevoss twins and gemini, having to cut headcount.ut bitcoin has been on something of a tear, that risk on view, softer dollar plays into that, the fed stepping back to 25 basis points, that is what we are seeing across the tech sector, solid gains, nasdaq with gains of 5% of the last two days , ending up just above 2%, 3% in the last trading day friday. we haven't upgraded around some of the main semiconductor makers, the likes of amd, and qualcomm, barclays saying the worst of the chip rout is behind us. that tied into optimism around the nasdaq. the s&p itself ended up above the 4000 line that many see as essential, it has now added 12% since the bottom in october. when it comes to futures in europe, we are setting up for a fourth straight day of gains, futures pointing to gains of .4 percent. a solid session in asia, up .6 percent, driven by tokyo with the caveat that many indexes are closed for lunar new year in europe, optimism despite the commentary from level -- from lagarde around the need for further rate hikes. manus: she i

tom: a pretty public and nasty spat there from the winklevoss twins at gemini versus a team at genesisyou for bringing us the latest on the bankruptcy of genesis and the potential applications there. that is for the broader crypto industry. coming up, it is lunar new year this weekend in china. how well a surgeon holiday travel affect the country? has only just ended its covid zero policy. we will find out next. this is bloomberg. ♪ tom: welcome back to the open. 53 minutes until the european trading day. gains of three-tenths of a percent across sectors, energy leading up 1%. food and beverage down for tens of a percent. on the energy front looking like we are set up for two straight weeks of gains for oil on the back of expectations that there is going to be growing demands out of china offsetting risks and concerns about a recession in the u.s.. let's look at events we are following today. at 10:00 a.m. u.k. time madame lagarde is participating in a paddle -- panel at the world economic forum. u.s. existing home sales data at 3 p.m. u.k. and then at 6 p.m. u.k. the fed's chris walla

the failure of genesis may also mean more trouble for the winklevoss twins they've accused the lendersop of all that the scc violated both of violating security laws. they're one of the biggest players in what you would call a private block chain. they've invested a lot in that technology and space with genesis now out of the market people are looking to banks and more institutional players. but it could be an opportunity >> yeah, everything comes full circle thank you. up next we will hear from the qualcomm chairman. he weighs in on i.t. spending and enterprise demand. and do not forget to follow and subscribe to our podcast tech check is ckn stba iju a moment - psst! susan! with paycom, employees do their own payroll. - what's paycom? a magic payroll genie? - it's a payroll app. - payroll is way too complicated for the average person. - paycom guides them through it. missing or duplicate punches, pending expenses, unapproved pto, on and on. - why would employees wanna do all that? - this could be a stretch, but i think it's 'cause they wanna get paid correctly. i like getting paid co

it's the latest in a battle playing out between high-profile crypto executives on one side, winklevoss twins, and barry silver, the founder and ceo of dcg, digital currency group, parent company of bitcoin trust. sillbert says he's looking to address the speculation about dcg, some of which is reasonable and some that is baseless and false. he goes through the business model and lending relationships with subsit dairies including genesis. he said loans were always structured at an arm's length basis and were priced at prevailing market interest rates. this morning cameron winklevoss tweeted an open letter to dcg's board calling the removal of barry sillbert accused him of fraud and making false statements to the public dcg responded calling the comments malicious, false and defamatory and said it's another desperate and unconstructive publicity stunt from cameron winklevoss to deflect blame from himself and gemini at the core of the issue, the gemini earned interest bearing account, that relied on the back end that happened through dcg and one of the subsidiaries there, the lending arm has s

twins. winklevoss gemini >> you're quick. >>> united health just reporting. united health. we saw bertha last hour. reporting fourth quarter results that beat on the top and bottom lines. adjusted earnings at $5.34 a share. 17 cents above estimate. $82.8 billion beat guidance. this is something i'm not sure united health reaffirm guidance to $3.60 did they reaffirm guidance before do you know? >> i don't >> if this is the first time -- >> just an affirmation >> yes >> the gemini twins. >> there you go. now one on succession. rome a pet name above cese consensus we shouldn't say it. full year earnings estimates fell short just to give you an idea, this company was going to be put out of business with obamacare you know the market cap? just under a half a t. yes. 465. somewhere around there it is indicated higher today oh, you can see it almost $500 a share at $495. it was 4$463 billion and a dow i'm told thank you. >>> tesla is cutting prices in the u.s. and europe. the move in the u.s. will qualify more of tesla's models for a federal tax credit including the model y suv an

well, barry sill silver -- silver and the winklevoss twins have been engaged in -- [inaudible] obviouslynd gary gensler at the sec, he's just taking his time. he's not offering a lot of clarity in terms of what he considers to be the unlawful behavior. he's doing it on a case by case study, enforcement by action whereas in el salvador, charles, what the country's done is actually introduced a law that says quite clearly that bitcoin is money, everything else is considered to be a security. so exactly the words that gary. gensler uses, but for some reason he's being very ambiguous when it comes to enforcing the law, applying the law, and these two guys got caught up many -- in peddling unregistered securities for a number of years, and the sec is finally coming after them. charles: i think by brag -- dragging his feet, you have more and more folks that become victims of all of this stuff. and yet it's so interesting because the moment the sam bankman-fried thing exploded on the public scene to all of the things that have happened since then, has it actually been a cathartic kind of hinge

for people not understanding what is going on one is an exchange that is owned by the winklevoss twinsf this is coming into question because the gates have gone up. what do you think happens with all of this and why do you think this won't create more selling if, in fact, the gaither gates ? >> genesis was our biggest competitor larger than galaxy in lending and trading. it appears they are over their skies. they had credit losses they could not handle they have some loans from the parent company the parent company with some tension. >> do you believe they have accused barry of comingling going on and if it so, how would it relate to grayscale the other business, big business, barry owns a lot of businesses in the crypto space that is the other big one that public investors are exposed to. >> i'm in the good position to be a watcher and not a participant. i think the courts will sort that out listen, barry was engaged in lots of crypto grayscale is the largest asset manager. genesis the largest lender and trader company a large mining operation as well so, it is a complicated mess over

grayscale, which is publically traded and adds fuel between a battle between silbert and the winklevoss twinsst of high-profile failures in this space is fpilig up in large part because of the daisy chain we have seen in collateral and crypto. we will hear about ftx today that team is back in a delaware court this morning. back to you. >> is there a genuine concern, especially given the fact that you are talking about customers of gemini? >> that is a big concern, and that's something that folks are watching in terms of some of the knockdown effects here they have $765 million, depending on where prices are trading, locked up in terms of client funds so they're facing a class action lawsuit from those customers who say, wait a minute we trusted you with our money and it is our issue. they have tried to shift the narrative and say it is a genesis problem. they talked about dcg, that parent company i mentioned potentially committing fraud so you have seen this back and forth. but a lot of fear around that exchange in general. >> kate, thank you and that's going to do it for us on "squawk on the