DCG

DCG subsidiary Genesis Global Capital filed for bankruptcy protection in the southern district of New York on Jan 19. Following a massive hit from the recent FTX collapse the lender is the latest firm to fold in the ongoing crypto winter.   Lending Businesses Seek Bankruptcy Protection News of the filing broke via a press release on Thursday. Per the report Genesis alongside two lending subsidiaries Genesis Global Capital and Genesis Asia Pacific submitted voluntary Chapter 11 applications. This followed rumors…

A Thursday release from the Financial Times claims that DCG subsidiary Genesis Global Trading has amassed a debt of over $3B to its creditors. DCG is currently under increased public scrutiny, as the company battles to stay on its feet. DCG’S VC Holdings Add Up to $500M According to the report, the broker’s creditors include exchanges Gemini and Bitvavo, alongside crypto savings company Donut. To address Genesis’ significant debt, Digital Capital Group is reportedly considering offloading a portion of its…

Bitvavo – a Netherlands-based crypto exchange – is unhappy with Digital Currency Group (DCG)’s proposed plan to compensate Genesis’s troubled creditors. While DCG has offered to recover 70% of funds owed to such firms, Bitvavo has deemed the plan unacceptable. Pay it All Back, Says Bitvavo In a statement from Bitvavo on Tuesday, the exchange claimed that DCG “has sufficient funds available for full repayment.” As such, its offer to repay just 70% of debts “in a period acceptable to…

Cameron Winklevoss returned to Twitter on Tuesday with another callout of Digital Currency Group (DCG) and its CEO, Barry Silbert. Winklevoss accused both Genesis Global, DCG, and Silbert of defrauding Gemini, and over 340,000 users of the company’s Earn program. Lies and Fraud at DCG? According to a public statement from the exchange CEO, each party misrepresented the financial health of DCG and Genesis. This lured lenders into continuing to make loans to Genesis, buying time to “dig themselves out…