Tag Archives: digital currency group

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Barry Silbert’s crypto conglomerate, Digital Currency Group (DCG), revealed halting quarterly dividends until further notice. In an email to shareholders, as viewed by Bloomberg, the crypto investment firm said it is currently focused on “reducing operating expenses and preserving liquidity” in response to the current market environment. Troubles for DCG The FTX collapse exposed significant irregularities in Barry Silbert’s empire, with DCG at the receiving end of intense...

Genesis Global Capital is preparing to finally file for bankruptcy after FTX’s collapse blew a hole through the company’s financials, according to people familiar with the matter.  The bankruptcy may be filed as soon as this week. Per a report from Bloomberg on Wednesday, talks over the bankruptcy are still ongoing, and plans could change.  Shortly after FTX’s collapse, Genesis indicated that it may need to file for bankruptcy if it didn’t receive fresh funding. Its...

Digital Currency Group (DCG), the parent company of wholly-owned subsidiary, crypto brokerage firm Genesis, is reportedly looking to offload some of its venture capital portfolios to raise funds to cover part of the latter’s debt crisis. Genesis halted withdrawals in November, becoming the latest crypto lender to face a financial crisis. According to the Financial Times on Tuesday (January 12, 2023), anonymous sources revealed that Genesis is currently swimming in a debt...

Dutch crypto exchange Bitvavo claimed to have received an offer from Digital Currency Group (DCG) on January 9th to repay 70% of its debt within an acceptable period. However, the company refused the offer citing that the crypto conglomerate has sufficient funds available for full repayment. The development comes days after the trading platform revealed it is actively engaged in conversations with DCG to recover the resulting debt along with other creditors and advisors. The...

According to the latest edition of Arcane Research, the entire market appears to be stabilizing even though there’s still some uncertainty left. Having said that, all eyes are on DCG’s next steps, which can further intensify downward price action. Bitcoin Volatility Nearing 30-Months Low Bitcoin’s current price action was defined as stale as its volatility slumbered toward rare lows. Data suggested that the largest coin’s 7-day volatility reached lows not seen for two and...

Yesterday, the DCG Group – a conglomerate that manages Genesis, Grayscale, and wealth management service HQ – announced a 30% workforce reduction as the shadow of bankruptcy looms over the battered crypto broker. DCG has been in trouble for a while now, with partnered services distancing themselves from any possible fallout. Unfortunately, it seems that problems are piling up at DCG as one division after another begins to fold. Closed for Winter The concerning announcement...

The total cryptocurrency market capitalization managed to increase by around $17 billion in the past seven days. Interestingly enough, the gains came mostly on the back of altcoins. This is highlighted in the declining Bitcoin dominance – a metric that’s commonly used to gauge BTC’s share relative to that of the rest of the market. At the time of this writing, the BTC dominance sits at 38.1%, having peaked at over 38.4% last week.  Bitcoin’s price increased by a total of...

Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, became one of the many industry participants that went bankrupt in the bear market. At its peak, 3AC managed more than $10 billion worth of assets. Its undoing was disastrous but wasn’t purely a market-driven phenomenon. In the latest Twitter thread, Zhu Su said the parent firm of Grayscale Investments and Genesis Trading conspired with FTX to bring down Terra’s LUNA token and Staked Ether (stETH). Zhu Su Blasts...

The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million.  Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion in Debt The recent collapse of one of the largest cryptocurrency exchanges (FTX) caused a huge disruption of...