Friday, January 20, 2023

Gansta G Gang of Four: Genesis, Grayscale, Galaxy, Gemini - update III

Crypto lender Genesis announced that it had filed for bankruptcy.  The health of Genesis, DCG and its affiliated units is critical to the future of others in the crypto space. The apparent pending failure of Genesis stands to bury DCG and its affiliated units. (some 160 entities) Genesis owes DCG $1.1b. DCG owes creditors over $3b.
Fears were swirling that $10b bitcoin and crypto giant Digital Currency Group (DCG) was in trouble after its crypto lender Genesis was forced to pause withdrawals and was seeking an emergency $1b loan.
These are four prominent companies in the crypto space; two are associated with crypto billionaire Barry Silbert’s Digital Currency Group – Grayscale and Genesis Global Capital. The future of crypto exchange Gemini and Galaxy Digital is also uncertain.