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The CEO will be replaced by Goldman Sachs executive Peter Mintzberg effective Aug. 15.
According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCGs equity stake.
Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its [...]
The post Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M appeared first on Crypto Breaking News.
The settlement would address and resolve the claims made by the two bankrupt firms against each other while being under court supervision
The recently amended lawsuit by NYAG claimed that investors were cheated out of $3 billion.
DCG has sought a mediator for the bankruptcy proceeding after the creditors challenged Genesis' restructuring plan.
TradeBlock - the trade execution and prime brokerage arm of DCG - will shut down effective as of May 31st.
Digital Currency Group (DCG) will shutter its trade execution and prime brokerage subsidiary, TradeBlock, citing the concerns of the broader economy and regulatory uncertainties in the United States. It will initiate the close-down process on 31 May, as reported by Bloomberg.
TradeBlock Could Not Survive the Harsh Market Conditions
“Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,” a DCG spokesperson said in a media statement.
TradeBlock was established in 2011 by Jaron Lukasiewicz and Paul Simos, that received popularity for its crypto price indexes, trading platforms, and analytics tools. The company was acquired by Coindesk, the crypto-focused media outlet of DCG, in 2021. However, Coindesk only kept the index data business, rebranding it to CoinDesk Indices, and spun off the other units as a standalone trading business.
Many Challenges for DCG
The shuttering came when the Digital Currency Group has been facing challenges over the bearish market stance and from its exposure to other collapsed crypto companies. The group also shuttered its wealth wealth-management division headquarters in January.
Barry Silbert-led DCG’s crypto lending arm also filed for bankruptcy in New York earlier this year. Genesis Global Holdco and its two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, were named in the Chapter 11 proceedings.
The DCG’s troubles can also be measured by its losses exceeding $1 billion in 2022, as disclosed by the group, mostly due to its exposure to the cryptocurrency hedge fund Three Arrows Capital.
DCG also locked into a spat with Winklevoss-twins’ crypto exchange Gemini. During the bankruptcy, Genesis agreed to an exit plan to repay a $765.9 million loan to Gemini. However, the bankrupt company missed its $630 million repayment earlier this month, pushing Gemini to consider a forbearance option against DCG.
This article was written by Arnab Shome at www.financemagnates.com.
Digital currency company Genesis Capital's settlement process has been disrupted by creditors, raising concerns about the timing of the process. Genesis' parent company, Digital Currency Group (DCG), has filed a motion for mediation, citing renewed demands from creditors. (Read More)
Starting May 31, TradeBlock will commence the official procedure of winding down its operations.
Under the initial settlement plan, Genesis creditors were expected to receive 80% recovery of funds lost due to the bankruptcy.
A group of unnamed Genesis Capital creditors have raised new demands and walked away from their previous agreement with the bankrupt crypto firm. Genesis Capital wants the court to appoint a mediator In an April 24 court filing, the bankrupt crypto lender applied for appointing a sitting bankruptcy judge in the Southern District of New […]
The post Multiple Genesis Capital creditors walk away from agreement – DCG responds appeared first on CryptoSlate.
In the midst of the financial dispute between crypto exchange Gemini and Digital Currency Group (DCG), Gemini has alleged that DCG failed to make a payment of around $630 million that was due last week. In response, Gemini has stated that it may extend “forbearance” to DCG in order to prevent a default. DCG’s Alleged [...]
The post DCG Fails to Make $630M Payment to Creditors Amid Genesis Negotiations, Says Gemini appeared first on Crypto Breaking News.
Luno's new CEO will aim to guide the company's global expansion and prepare it for an eventual listing on Nasdaq.
DCG is currently at risk of defaulting should the company be held to an earlier agreement with creditors.
Binance's CEO says CoinDesk is not a good fit for the exchange’s media empire.
With the Bitcoin (BTC) halving more than a year away, don’t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating. This week, Silvergate Bank’s parent company announced it would shut down and liquidate the crypto bank “in light of [...]
The post Crypto Biz: Silvergate shutting down, Alameda suing Grayscale appeared first on Crypto Breaking News.
Grayscale’s CEO as well as owners Digital Currency Group and Barry Silbert allegedly violated trust agreements, according to the lawsuit.
DCG reported a financial loss of $1.1 billion in 2022 due to the crypto market crash and Genesis' bankruptcy.
As the crypto empire struggles, Barry Silbert's Digital Currency Group has divested interests in Grayscale Investments funds. (Read More)
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