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DCG, which owns CryptoX and other crypto companies, has become embroiled in the financial distress at its once-prolific lending platform Genesis. DCG owner Barry Silbert has been locked in negotiations with billionaire entrepreneurs Cameron and Tyler Winklevoss, whose crypto exchange Gemini offered a lending product that fell apart because Genesis,
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Following charges by the U.S. Securities and Exchange Commission against the crypto exchange Gemini and the digital currency lender Genesis, Tron founder Justin Sun told the press that he may be able to purchase assets from Genesis, up to $1 billion, “depending on their evaluation of the situation.” Additionally, the
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Cryptocurrency broker Genesis Global Trading allegedly owes its creditors more than $3 billion, according to a Jan. 12 report from the Financial Times. Its parent, the Digital Currency Group (DCG), which also owns Grayscale Investments and its series of digital asset trusts, seeks to sell part of its venture capital
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Winklevoss accused Genesis of recklessly lending to Three Arrows Capital (3AC) and hoping to “buy time to dig themselves out of the hole which they had created”.On Tuesday, January 10, Gemini co-founder Cameron Winklevoss wrote an open letter addressing the member of Digital Currency Group (DCG). In his letter, Winklevoss
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Galaxy Digital Holdings CEO Mike Novogratz hosed down fears over the crisis facing Digital Currency Group (DCG) and Genesis saying while it’s “not good news,” it won’t “include a lot of selling.”In a Jan. 10 interview on CNBC’s Squawk Box Novogratz said he expects the current debacle facing DCG and
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“The GBTC discount compressing may be the product of traders betting on either the complete unwind of the trust or Grayscale being forced to enable full/partial redemptions,” said Sean Farrell, head of digital asset strategy at Fundstrat. “However, it is tough to draw any conclusions just yet since volumes are
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Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has penned an open letter to the board of Digital Currency Group, or DCG, saying CEO Barry Silbert was “unfit” to run the company.In a Jan 10. letter, Winklevoss claimed Silbert and Genesis Global Capital — a subsidiary of DCG — had
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Winklevoss, on behalf of Gemini, called for Silbert's removal for his involvement in the disagreement between Genesis and its creditors. Original Source
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The latest price moves in bitcoin (BTC) and crypto markets in context for Jan. 9, 2023. First Mover is CryptoX’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
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The prosecutors with the DOJ's Eastern District of New York office have so far requested interviews and documents from DCG and Genesis, the report said, while the SEC appears to be in a similarly early stage of its own inquiry. The report, which cited people familiar with the matter, said
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