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☆ Gemini's Winklevoss accuses crypto mogul Silbert of 'bad faith stalling tactics' over frozen funds
▼ + stars: | 2023-01-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. He also alleged that Digital Currency Group and Genesis are "beyond commingled." Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~1.675 billion," Winklevoss said. watch nowIn addition to Genesis, Digital Currency Group also owns Grayscale, the embattled digital asset manager. "DCG did not borrow $1.675 billion from Genesis," Silbert said in reply to Winklevoss' tweet Monday.

☆ Inside DCG, the crypto conglomerate led by billionaire Barry Silbert that's come under fire from the Winklevoss twins
▼ + stars: | 2023-01-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Gemini cofounder Cameron Winklevoss blasted Digital Currency Group CEO Barry Silbert for "bad faith" tactics in an open letter. Both executives' respective companies have locked horns over a business disagreement, where Winklevoss alleges that DCG owes Gemini nearly $1 billion. Gemini cofounder Cameron Winklevoss blasted Digital Currency Group (DCG) founder and CEO Barry Silbert in a public letter on Monday, accusing the billionaire of "bad faith" business practices. Winklevoss says that DCG and Genesis owe the crypto exchange and its customers $900 million. How did DCG, Genesis and Gemini get wrapped up in the alleged debt-based scandal?

☆ Oil funds and a Turkey ETF were 2022 market winners, but Russia and crypto tanked
▼ + stars: | 2022-12-27 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN —Oil stocks skyrocketed in 2022, so it’s no surprise funds that track the energy sector were Wall Street winners this year. The iShares MSCI Turkey exchange-traded fund had more than doubled as of December 19, according to data from Morningstar Direct. The Turkish economy has slowed recently as unemployment has risen, but the instability has not hurt Turkish stocks. Other US and international oil funds and ETFs were also at the top of Morningstar Direct’s list. (Morningstar Direct provided CNN Business with a ranking of the best and worst mutual funds and ETFs for 2022, excluding so-called leveraged funds that make outsized bets on stock market indexes.)

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther rises above $1,200, and Grayscale explores returning some investor money: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Umee founder Brent Xu discusses the future of DeFi following the collapse of FTX.

☆ If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says
▼ + stars: | 2022-12-19 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Grayscale CEO Michael Sonnenshein said the firm doesn’t have a specific timeline for when it would explore options beyond the ETF conversion. Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust ‘s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund. These options could include a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, Grayscale Chief Executive Michael Sonnenshein said in a letter to investors viewed by The Wall Street Journal. A tender offer would make a direct appeal to shareholders to sell—or tender—their shares at a specific price during a certain time.

☆ Grayscale may look at tender offer if GBTC conversion fails
▼ + stars: | 2022-12-19 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale may look at tender offer if GBTC conversion failsNews from Grayscale. With CNBC's Melissa Lee and the Fast Money traders, Chris Verrone, Karen Finerman, Steve Grasso and Julie Biel.

☆ Grayscale CEO Michael Sonnenshein discusses ETF rejection, FTX fallout and crypto winter
▼ + stars: | 2022-12-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale CEO Michael Sonnenshein discusses ETF rejection, FTX fallout and crypto winterGrayscale CEO Michael Sonnenshein joins CNBC’s ‘Squawk Box to discuss the SEC blocking its proposal for bitcoin ETF, the FTX fallout, and more.

☆ Bankruptcy concerns grow for Grayscale Bitcoin Trust's parent company
▼ + stars: | 2022-12-15 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBankruptcy concerns grow for Grayscale Bitcoin Trust's parent companyRam Ahluwalia, Lumida Wealth Management, on bankruptcy concerns surrounding GBTC's parent company, Digital Currency Group. With CNBC's Melissa Lee and the Fast Money traders, Karen Finerman, Dan Nathan, Guy Adami and Steve Grasso.

☆ Institutions are charging forward in crypto, even in the industry's darkest days
▼ + stars: | 2022-12-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

After years of pooh-poohing cryptocurrency, institutions finally entered the crypto market last year and fell straight into crypto winter. "Right now [investors] are going back to basics, doing their homework, finding out what this means," said Lyn Alden, founder of Lyn Alden Investment Strategy. Near-term risk Institutions often look at big crashes like this one as opportunities , Alden said. "FTX destroyed trust in the industry and may delay traditional finance institutions that haven't already committed to digital assets to invest," Belshe said. However, for "institutions and brands that are already building products in crypto and Web3, we have not seen a slowdown of interest to build, grow and invest."

☆ There Is No Free Money in Bitcoin
▼ + stars: | 2022-12-07 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

The same answer would hold if the currency in question were euros, yen or even bitcoin. But, in the case of one of the largest holders of the cryptocurrency, there is a catch. Grayscale Bitcoin Trust , under the ticker GBTC, is a publicly traded entity with nearly $11 billion in assets under management, all in bitcoin. It is a way for anyone with a brokerage account to get exposure to the cryptocurrency without the complexity of direct ownership. GBTC held about 635,000 bitcoin as of the end of September, according to regulatory filings, or more than 3% of the circulating supply, according to CoinMarketCap figures.

☆ Crypto advertising is under fire after the FTX implosion, but firms like Binance, Grayscale, and OKX are pouring money into marketing to win back consumer trust
▼ + stars: | 2022-12-06 | by ( Lara O'Reilly | Reed Alexander | Lauren Johnson | ) www.businessinsider.com time to read: +5 min

The bitcoin crash and FTX implosion massively dented the crypto advertising boom. But fewer crypto advertisers can also create an advantage for those still trying to get their messages to consumers. And Dinu added that crypto companies' efforts to advertise to restore trust could persist "well beyond" the next six months. Some crypto companies are still launching splashy campaigns, similar to crypto ad campaigns from the beginning of the year. "Crypto companies have to stop talking about themselves and start talking about how cryptocurrency or blockchain fits into normal people's lives."

☆ Banker bonuses are set to be so bad even the firm's revenue drivers are going to get dinged
▼ + stars: | 2022-12-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. While they aren't internally announced and paid until early next year, firms are wrapping up discussions about the size of bonus pools that divisions will be able to disperse from. And for many firms, the pools are being resized from Olympic to kiddie. The Financial Times reported Friday that JPMorgan Chase, Citigroup, and Bank of America are considering cutting bonus pools within M&A and IPO teams by 30%. More on how crypto firms are hoping ads can quell trust concerns.

☆ Crypto exchange Gemini trying to recover $900 million from crypto lender Genesis, Financial Times reports
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

Dec 3 (Reuters) - Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday. Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, the newspaper said, citing people familiar with the matter. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders last month. Gemini, which runs a crypto lending product in partnership with Genesis, has now formed a creditors' committee to recoup the funds from Genesis and its parent DCG, the report added. Genesis Global Capital suspended customer redemptions in its lending business last month, citing the sudden failure of crypto exchange FTX.

☆ Crypto firms like Binance, Grayscale, and OKX are pouring money into marketing to regain trust and save their companies from the fallout of the FTX implosion
▼ + stars: | 2022-12-01 | by ( Lara O'Reilly | Reed Alexander | Lauren Johnson | ) www.businessinsider.com time to read: +5 min

☆ Washington lawmakers hold on to crypto holdings despite calls for new laws in wake of FTX collapse
▼ + stars: | 2022-12-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

Another lawmaker, Republican Sen. Tommy Tuberville of Alabama, disclosed at a Senate Agriculture Committee hearing about FTX on Thursday that he, too, holds some crypto assets. Tuberville's most recent disclosure reports from this year reviewed by CNBC do not show any crypto stock purchases. Out of all ten offices contacted, only one said they sold their crypto stock holdings after FTX imploded. Rep. Marie Newman, D-Ill., who lost her bid for reelection owned crypto stock up until last week, recently sold her digital token stocks as the industry took a hit. Toomey told CNBC "HODL" when asked about whether he plans to sell his crypto stock following FTX's collapse.

☆ U.S. crypto broker Genesis says it is working to avoid bankruptcy filing
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency. "Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing," a Genesis spokesperson said. Genesis has hired investment bank Moelis & Company "to evaluate the best possible asset preservation strategy and effectuate a roadmap," the firm said in the letter. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions earlier this month, citing the sudden failure of FTX, where its derivatives business has approximately $175 million in locked funds, the company had said. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders this month.

☆ How FTX's implosion put crypto news sites like CoinDesk, The Block, and Decrypt in the spotlight as they work to fend off an ad slump and conspiracy theories about their coverage
▼ + stars: | 2022-11-24 | by ( Reed Alexander | Steven Perlberg | ) www.businessinsider.com time to read: +15 min

Crypto news sites like CoinDesk, The Block, and Decrypt have dominated coverage of the FTX implosion. Now, crypto media staffers are wondering whether more dominoes falling from FTX could further hurt the industry or cripple their ad revenues. "We cover the good, the bad and the ugly," Dan Roberts, the editor-in-chief of Decrypt, told Insider. "In general, I think these things are good for crypto media," he said. Stacy-Marie Ishmael, the managing editor for Bloomberg's crypto team, likened burgeoning crypto coverage to 1990s coverage of the Internet.

☆ CoinDesk's chief content officer breaks down crypto media's advertising challenges and how he's steering the site through by exploring opportunities in NFTs and Web3
▼ + stars: | 2022-11-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

The incident has led to stress on other crypto companies, including one owned by CoinDesk's parent company. It's all unfolding as media companies fend off cuts and layoffs and an industry-wide slump in advertising revenue, which has seen big crypto companies like Grayscale, Binance, and Coinbase slash their advertising budgets. In an email to Insider, Casey reiterated that the incident does not impact CoinDesk's business. Are you a crypto or media insider with insight to share? Disclosure: Axel Springer is Insider's parent company.

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors' nerves after the sudden collapse of FTX. Since FTX's rapid winddown two weeks ago, investors have worried about a crypto contagion affecting every corner of the industry. "We have weathered previous crypto winters," Silbert wrote, adding that "while this one may feel more severe, collectively we will come out of it stronger." They've each expressed shock at FTX's apparent deceit of investors and customers and emphasized that client assets are secure. It also absorbed the $1.1 billion debt that the bankrupt crypto hedge fund Three Arrows Capital owed Genesis.

☆ Cathie Wood still sees bitcoin hitting $1 million by 2030 as the current crisis will have the token 'coming out of this smelling like a rose'
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Cathie Wood reiterated her forecast of bitcoin hitting $1 million by 2030 in a Bloomberg interview Tuesday. "Sometimes you need to battle test, you need to go through crises... to see the survivors." "Sometimes you need to battle test, you need to go through crises... to see the survivors," she said. "We think bitcoin is coming out of this smelling like a rose," she maintained. Similar to bitcoin, ether — the second largest crypto by market cap, behind bitcoin — has shed nearly 70% of its value year to date.

☆ Cathie Wood is buying the dip in Coinbase, adding $53 million this month as the FTX collapse pressures the crypto industry
▼ + stars: | 2022-11-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Cathie Wood's ARK Invest bought over 1.3 million shares of Coinbase this month, per Bloomberg. In total, Wood's Ark holds about 8.7 million shares of Coinbase, or about 4.7% of the company's total outstanding shares. Amid the plunge, Wood's ARK Invest has bought over 1.3 million shares this month alone, worth about $53 million, according to Bloomberg data. That brings the fund's total stake to about 8.4 million shares, or about 4.7% of Coinbase's total outstanding shares. The majority of ARK Coinbase holdings are part of its flagship fund, ARK Innovation ETF, making up its 13th largest position.

☆ Digital Currency Group owes $575 million to Genesis Trading's crypto lending arm
▼ + stars: | 2022-11-22 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, is owed $575 million by Genesis' crypto lending arm, Chief Executive Barry Silbert said in a letter to shareholders on Tuesday afternoon. Loans from Genesis Global Capital, which suspended customer withdrawals last week, were used to "fund investment opportunities" and repurchase stock from non-employee shareholders, Silbert said in the letter, which was seen by Reuters. Digital Currency Group (DCG) had assumed that liability from Genesis. In suspending redemptions and pausing new loans, Genesis Global Capital cited the "unprecedented market turmoil" that rippled through the market after crypto exchange FTX filed for bankruptcy. At the time, DCG said the halted withdrawals at Genesis had no impact on its operations or subsidiaries.

☆ The story of Sam Bankman-Fried's FTX implosion put crypto news sites like CoinDesk and The Block on the map. Inside their plan to fend off an ad slump and conspiracy theories — and keep winning.
▼ + stars: | 2022-11-21 | by ( Reed Alexander | Steven Perlberg | ) www.businessinsider.com time to read: +14 min

Now, crypto media staffers are wondering whether more dominoes falling from FTX could further hurt the industry or cripple their ad revenues. Crypto media kicks into overdriveRoberts said Decrypt's traffic doubled during the first week of the FTX saga. "In general, I think these things are good for crypto media," he said. Stacy-Marie Ishmael, the managing editor for Bloomberg's crypto team, likened burgeoning crypto coverage to 1990s coverage of the Internet. "It's now a situation where the crypto media has egg on their face.

☆ Grayscale refuses to share proof of reserves due to 'security concerns' as shares trade at a 45% discount to bitcoin
▼ + stars: | 2022-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Grayscale, the asset manager running the world's largest bitcoin fund, said in a statement that it won't share its proof of reserves with customers. Grayscale's flagship fund is the Grayscale Bitcoin Trust, known by its GBTC ticker. The firm pointed to a letter sent by Coinbase CFO Alesia Haas on Nov. 18, which breaks down an accounting of the tokens held at Coinbase Custody. In a tweet, the firm added that the "laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered." Barry Silbert's Digital Currency Group is the parent company of Grayscale, Genesis, and CoinDesk.

Genesis is owned by Stamford, Connecticut-based venture capital company Digital Currency Group. The contagion concerns stem from Genesis' prominence in crypto, its links to troubled firms and broader reach into the financial world. "It's a signal of worse outcomes" for the crypto market, particularly since Genesis also deals with brokers, family offices and money managers. Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets, according to its website. Crypto.com, an exchange, and Tether, which operates the world's largest stablecoin, on said Wednesday they had no exposure to Genesis.

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