Genesis is allegedly owed $2.8 billion in outstanding loans

FlavienNovember 23, 2022

Less than a minute

Genesis is allegedly owed $2.8 billion in outstanding loans

Recent reports led to believe that Genesis Global was on the brink of bankruptcy. A report from Bloomberg stated that the lending arm of Digital Currency Group (DCG) had loaned nearly $2.3 billion to Three Arrows Capital (3AC), which went bankrupt at that time.
DCG’s CEO Barry Silbert declared that they had a liability of $575 million to Genesis, along with a $1.1 billion promissory note due June 2023, directly linked to the consequence of 3AC’s bankruptcy.
Silbert also revealed that he expects $800 million in revenue for 2022.

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FlavienNovember 23, 2022

Less than a minute

Flavien

Greetings, I go by the name of Flavien - a devoted supporter of cryptocurrency and a tech aficionado who has been keeping track of the developments in the world of blockchain and digital currencies since 2019. The potential of decentralized digital currencies to revolutionize our financial systems has captivated me, and I'm constantly exploring the most recent trends and advancements in this ever-evolving industry. As a content creator for Krypto Channel, my aim is to deliver informative and engaging articles that shed light on all aspects of the crypto world. Whether you're a seasoned investor or simply curious about blockchain technology, I am here to keep you updated on the latest happenings and trends. Being part of this lively and dynamic community is an honor, and I am thrilled to share my passion for cryptocurrency and blockchain with all of you.