DCG intends to sell some assets, since genesis owes the creditors over $ 3 billion: report

DCG intends to sell some assets, since genesis owes the creditors over $ 3 billion: report

The Digital Currency Group (DCG), the parent company of the 100 % subsidiary of the crypto broker company Genesis, reports to be repaid some of its risk capital portfolio in order to obtain funds to cover part of the latter's debt crisis.

Genesis stopped the withdrawals in November and became the latest crypto loan who was faced with a financial crisis.

• According to the Financial Times on Tuesday (January 12, 2023), anonymous sources revealed that Genesis is currently swimming in debts worth over $ 3 billion.
• The crypto loan had previously commissioned Moelis, a global investment bank with its headquarters in New York
• Meanwhile, the parent company DCG tries to raise funds in order to compensate for the debts, as was unveiled by the matter. The conglomerate intends to sell some of its risk capital portfolios.
• According to the sources, this includes 200 crypto exchanges, storage and banks worth $ 500 million. The most important venture portfolios of DCG include Coinbase, Blockchain.com, Kraken and Bankrotte FTX.
• As already reported by cryptopotato , Genesis owes Gemini Earn users around $ 900 million, while the Dutch crypto exchange Bitvavo owes 280 million euros. Bitvavo rejected DCG's offer to repay 70 % of its debts and explained that the conglomerate had the funds for full repayment.
• Genesis, which has to struggle with a financial crisis, stopped the withdrawals in November 2022 after it was affected by the collapse of FTX. Cameron Winklevoss, co -founder of Gemini, recently asked the board of DCG to dismiss his CEO Barry Silbert, and explained that Silbert was unable to find a solution that is appropriate to the creditor.

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