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DCG’s Genesis Reportedly Owes Over $3 Billion to Its Creditors

Genesis’ parent company Digital Currency Group (DCG) is considering liquidating its $500 million venture capital portfolio to assist Genesis in covering the...
DCG’s Genesis Reportedly Owes Over $3 Billion to Its Creditors DCG’s Genesis Reportedly Owes Over $3 Billion to Its Creditors

  • Genesis’ parent company Digital Currency Group (DCG) is considering liquidating its $500 million venture capital portfolio to assist Genesis in covering the debt.
  • DCG’s crypto-related portfolio includes over 200 companies, including exchanges, lenders, custodians, banks, and other projects.
  • Genesis has yet to return over $900 million to Gemini Earn users.

Genesis seems to be in bigger trouble than previously thought. The crypto broker owes more than $3 billion to its creditors, according to a report by Forbes.

The massive debt has prompted Genesis’ parent Digital Currency Group (DCG) to consider liquidating part of its venture capital portfolio to bail out its wholly-owned subsidiary.

Barry Silbert conglomerate’s portfolio includes over 200 crypto-related companies. DCG has invested in numerous crypto exchanges, lenders, banks, and other projects in at least 35 countries. The portfolio is worth around $500 million.

Beef with Gemini

The partial liquidation of DCG’s venture capital portfolio still pales in comparison to Genesis’ debt. At least $900 million out of the $3 billion is owed to crypto exchange Gemini’s Earn program users. Gemini’s Earn yield program was built on the relationship with Genesis, which halted withdrawals on November 17.

Genesis’ debt to Gemini users has been the subject of the recent public beef between Gemini CEO Cameron Winklevoss and DCG co-founder and CEO Silbert. Winklevoss has accused Silbert of accounting fraud and asked the DCG board to “immediately” remove him from the company.

In particular, Winklevoss claimed in its second public letter to the DCG board that Silbert intentionally mislabeled DCG’s 10-year promissory note to Genesis as “Current Assets” in financial reports sent to Gemini after crypto hedge fund Three Arrows Capital (3AC) and FTX collapsed last year.

In truth, the promissory note can’t be converted into cash, which didn’t help Genesis improve its financial health. According to Winklevoss, Silbert and DCG tried to hide this from creditors and committed accounting fraud. Gemini has terminated its loan agreement with Genesis and ended the Earn program on Wednesday.

Silbert has denied all allegations brought against him by Winklevoss.

On the Flipside

  • There’s no official confirmation of what Genesis’ debt is.
  • DCG’s crypto portfolio liquidation might give Genesis some breathing room and time to come up with the rest of the owed money.

Why You Should Care

Genesis is perhaps the last major crypto lender left still operating. Crypto investors and users should consider following this story closely as any potential outcome could significantly impact digital asset prices.

You Might Also Like:

Gemini Terminates Genesis Loans, Ends Crypto Yield Program

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08-06-2023 08:53:31 (UTC+7)

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 EUR/USD1.0707Neutral
 GBP/USD1.2447↑ Sell
 USD/JPY139.94↑ Sell
 AUD/USD0.6660Sell
 USD/CAD1.3364↑ Buy
 EUR/JPY149.85↑ Sell
 EUR/CHF0.9737↑ Sell
 Gold1,959.75↑ Sell
 Silver23.593↑ Sell
 Copper3.7460↑ Sell
 Crude Oil WTI72.27↑ Sell
 Brent Oil76.66↑ Sell
 Natural Gas2.319↑ Sell
 US Coffee C186.10Buy
 Euro Stoxx 504,291.91↑ Sell
 S&P 5004,267.52↑ Sell
 DAX15,960.56↑ Sell
 FTSE 1007,624.34Sell
 Hang Seng19,102.50↑ Sell
 Small Cap 20001,891.11↑ Buy
 IBEX 359,359.80↑ Sell
 BASF46.450↑ Buy
 Bayer52.13Neutral
 Allianz208.85Neutral
 Adidas159.26Buy
 Lufthansa9.133↑ Buy
 Siemens AG158.46↑ Buy
 Deutsche Bank AG9.812Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,635/ 6,675
(-10/ -10) # 1,131
SJC HCM6,635/ 6,695
(-10/ -10) # 1,152
SJC Hanoi6,635/ 6,697
(-10/ -10) # 1,154
SJC Danang6,635/ 6,697
(-10/ -10) # 1,154
SJC Nhatrang6,635/ 6,697
(-10/ -10) # 1,154
SJC Cantho6,635/ 6,697
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