Business News

Is Genesis Global Capital about to file for bankruptcy ?

According to Bloomberg, the lending arm of DCG is in the process of filing for bankruptcy, as soon as this week possibly. Genesis suspended withdrawals a few days after FTX filed for bankruptcy, but its financial troubles started with the implosion of hedge fund Three Arrows Capital. Genesis reportedly lost hundreds of millions from 3AC collapsing.

Trouble continued for the lender, as it held funds from Gemini for its Earn program. A feud then started between the Winklevoss brothers, founders of Gemini, and Barry Silbert, founder of DCG. A class action lawsuit was filed by Gemini clients at the beginning of the month.

DCG told its shareholders this week that quarterly dividends would be suspended in order to conserve liquidity.

CoinDesk, a crypto news site owned by DCG, released a statement in which they confirm hiring Lazard as a financial adviser to look into a partial or total sale.

Stay ahead of the game with our Crypto News.
Boost your knowledge about Crypto with our Crypto Encyclopedia.


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.
Back to top button