Financial Times: Genesis Trading owes over $3 billion to creditors – Cryptonium News

Financial Times: Genesis Trading owes over $3 billion to creditors

Genesis Trading has more than $3 billion in debt. As part of the fundraising, parent company DCG estimates a venture capital fringe asset resale at $500 million, the Financial Times reports, citing a prominent whistleblower.

The latter includes 200 positions in plans such as Coinbase, Kraken, FTX, and Blockchain. Com.
According to the publication’s interlocutors, these investments are valued at about $500 million, but have an illiquid nature – finding customers takes time.

Earlier this year, DCG announced the closure of its subsidiary HQ Digital, which specializes in asset management; Genesis Trading has laid off 30% of its employees; and the company has been in the process of closing its HQ Digital office.

According to media reports, the company and Digital Currency Group were obligated to pay $900 million to purchasers of Gemini invoices.

Co-founder Cameron Winklevoss called for DCG head Barry Silbert to resign in the following message The widely publicized incident raised concerns that Genesis itself might file for bankruptcy.

Perron did not discard this scenario in November and expressed interest in raising funds. Similar developments have raised alarm bells about the resilience of parent company DCG and GBTC, the moneymaker in Silbert’s empire.

According to Bloomberg, the SEC and the U.S. Department of Justice launched an investigation in January into the nature of the interactions between Digital Currency Group and Genesis Trading.
Bernstein approved the liquidation of Bitcoin Trust Grayscale as a termination of the “troubled” DCG.
Messari Founder Reveals Difficulty in ‘Rescuing’ DCG Couldn’t Read All Totals RepeatA Second Attempt…