DCG Owes Creditors More Than $3 Billion
BITmarkets Team
Jan 12, 2023
According to a Financial Times report, cryptocurrency broker Genesis Global Trading owned by venture capitalists Digital Currency Group (DCG) owes creditors over $3 billion, which may push DCG to sell some of its assets in a large venture portfolio to raise funds.
The FTX collapse has had its repercussions on the crypto world, and Genesis was no exception. Genesis, which is fully-owned by DCG has halted fund withdrawals in November after the disintegration of FTX. The offloading of assets, worth nearly $500 million, can include nearly 200 crypto-focused indicatives and projects which include banks and exchanges in at least 35 nations.
DCG head Barry Silbert has informed shareholders that the group slashed 30% of its workforce at Genesis and has recently expulsed its wealth management segment in an effort to cut down on costs.
Sources:
https://www.ft.com/content/eb22bfab-ef05-48ce-83de-ebb904a35dca
