Tuesday, November 22, 2022

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

Genesis Global Trading is eerily silent after announcing late last week that its crypto lending unit would halt services, including cash withdrawals. Five days have passed, as has the Monday deadline for news of another new loan of $1b. The health of Genesis, DCG and its affiliated units will be 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)
Its said Genesis owes DCG $1.1b.
Fears are swirling that $10b bitcoin and crypto giant Digital Currency Group (DCG) is 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 crypto financial services company Galaxy Digital is also uncertain.