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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase to cut jobs by 20%, and Cameron Winklevoss pens new letter to DCG board: 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, David Siemer of Wave Financial discusses the state of Digital Currency Group.

☆ In a tough year for hedge funds, the top firms still crushed it
▼ + stars: | 2023-01-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, we've got hedge fund returns. It's returns season for hedge funds, and boy is this year a doozy. Insider's Alex Morrell has a breakdown of how some of the flagship strategies at top hedge funds like AQR, Citadel, D.E. Alex's story gets into the nitty gritty — and more importantly, the specific numbers — but the big takeaway is this: While 2022 was a pretty awful year for the hedge fund industry, some of the industry's top funds absolutely crushed it. And while it might seem impossible to figure out a way to make money in that type of environment, that's exactly when I'd expect a hedge fund to step up.

☆ Who is DCG's Barry Silbert, the crypto baron in the crosshairs of the Winklevoss twins over 'bad faith' business practices?
▼ + stars: | 2023-01-09 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Barry Silbert is the CEO of Digital Currency Group, the crypto conglomerate that owns Genesis and Grayscale. In 2015, the 46 year old started Digital Currency Group (DCG), the $10 billion parent company that controls industry giants like crypto brokerage Genesis and digital asset manager Grayscale. The conglomerate also owns trade publication Coindesk, crypto mining firm Foundry Services, crypto index provider TradeBlock, and digital asset platform Luno Global. Cameron Winklevoss blasted Silbert for "bad faith" business practices last week, alleging the crypto baron owes the digital asset exchange's customers $900 million. Prior to launching DCG, Silbert went to Emory University's Goizueta Business School and began his career as an investment banker at Houlihan Lokey.

☆ Genesis owner DCG has closed its wealth management unit as the crypto giant battles a stream of troubles
▼ + stars: | 2023-01-06 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Crypto giant Digital Currency Group has shut its wealth management unit, reports said Thursday. DCG's crypto businesses include financial services provider Greyscale, in addition to embattled broker Genesis and wealth manager HQ. Troubles have been mounting at DCG subsidiaries after leading crypto exchange FTX's collapse, which shook faith in the crypto industry. Its crypto-lending unit reported it had $2.8 billion in total active loans as of the third quarter of 2022. Meanwhile, DCG is entangled in a tussle with Gemini over $900 million its Genesis businesses borrowed from the crypto exchange's customers.

☆ Crypto firms off to rocky start in 2023 with outflows, layoffs and a lawsuit
▼ + stars: | 2023-01-05 | by ( Hannah Lang | ) www.reuters.com time to read: +4 min

The fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week. Among those hit were Genesis Global Capital, which laid off staff, and crypto-focused Silvergate Bank, which reported a large fall in deposits. Another crypto entrepreneur, Alex Mashinsky, the founder and former CEO of Celsius Network, also encountered a legal battle on Thursday. The accounts at Silvergate Bank and Farmington State Bank, which does business as Moonstone Bank, held about $143 million, court records showed. Crypto exchange Gemini, which had a crypto lending product in partnership with Genesis, and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX’s rapid descent into bankruptcy.

☆ Crypto lender Genesis Trading lays off 30% of workforce
▼ + stars: | 2023-01-05 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Genesis had already laid off 20% of its workforce and last year replaced its CEO. Silbert's crypto conglomerate, which includes the Grayscale Bitcoin Trust (GBTC) and mining company Foundry, was hit by the market tumult of 2022 and the bankruptcy of crypto hedge fund Three Arrows Capital. The Wall Street Journal reported earlier on the cuts. Genesis engaged bankruptcy professionals shortly after the collapse of crypto exchange FTX and its sister hedge fund Alameda Research. The Wall Street Journal reported that Genesis had sought an emergency loan of $1 billion shortly after the implosion of Alameda, which was a major Genesis client.

☆ 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?

☆ Winklevoss says crypto broker Genesis negotiating in bad faith
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Gemini has a crypto lending product called Earn in partnership with DCG's crypto firm Genesis. Genesis halted customer withdrawals in November, following the collapse of major crypto exchange FTX. Winklevoss said Genesis owed more than $900 million to some 340,000 Earn investors, and that he had been trying to reach a "consensual resolution" with Silbert for the past six weeks. "However, it is now becoming clear that you have been engaging in bad faith stall tactics," Winklevoss wrote in an open letter to Silbert that was posted on Twitter. Winklevoss wrote that DCG owed Genesis $1.675 billion, which was money that Genesis in turn owed to Earn users and other creditors, adding "this mess is entirely of your own making."

☆ Crypto exchange Bitvavo says it aims to recoup 280 million euros from DCG
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Dec 16 (Reuters) - Dutch cryptocurrency exchange Bitvavo said on Saturday it is trying to recover 280 million euros ($296.30 million) from U.S.-based Digital Currency Group (DCG) and its subsidiaries. FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting. A public relations agent for DCG on Saturday said the accounts in question were held at Genesis, not DCG itself. "We are in discussions with multiple entities of the group and given the mingling within the group we hold DCG responsible for the outstanding amount," a Bitvavo spokesperson said.

☆ Crypto exchange Bitvavo says 280 million euros 'locked' at DCG
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 16 (Reuters) - Bitvavo, a Dutch cryptocurrency exchange, said on Friday it has 280 million euros ($296.30 million) locked at Digital Currency Group (DCG), a U.S.-based company. "DCG is currently experiencing liquidity problems ... As a result, DCG has suspended repayments until this liquidity issue has been resolved," the Dutch firm said on its blog. DCG operates several subsidiaries, including major cryptocurrency lender Genesis Global Capital, which froze withdrawals in November following the collapse of FTX. Bitvavo said it expects to be reimbursed over time and that it has enough funds to "prefund any locked assets at DCG". It said it had given the money to DCG to offer Bitvavo customers a product where they could earn interest on their cryptocurrency token deposits.

☆ 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.

☆ Crypto lender Genesis tells clients it is working to preserve their assets
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 7 (Reuters) - U.S. crypto firm Genesis is working to preserve client assets and strengthen liquidity, it said in a letter to clients on Wednesday, adding that it would take "weeks rather than days" to form a plan. Genesis' lending arm, Genesis Global Capital, froze customer withdrawals on Nov. 16, citing "unprecedented market dislocation" following the collapse of major crypto exchange FTX. Genesis had almost $3 billion in total active loans at the end of the third quarter, its website said. Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets. Genesis and Digital Currency Group owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday.

☆ The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says
▼ + stars: | 2022-12-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Crypto lender Genesis owes exchange platform Gemini $900 million, the Financial Times reported. Gemini, run by Tyler and Cameron Winklevoss, is trying to recover its customers' funds. Gemini has a crypto lending product through its partnership with Genesis, which acts as its broker. Gemini tweeted on November 29: "We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. Gemini was founded in 2014 by the Winklevoss twins and it was the first US-based licensed Ethereum exchange.

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

Dec 3 (Reuters) - Crypto exchange Gemini is trying to recover $900 million from crypto lender Genesis and its parent company Digital Currency Group after the collapse of Sam Bankman-Fried's crypto exchange FTX, Financial Times reported citing people familiar with the matter. Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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.

☆ 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.

☆ Digital Currency Group Says Revenue Will Fall This Year
▼ + stars: | 2022-11-22 | by ( Peter Rudegeair | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Barry Silbert, chief executive officer of Digital Currency Group, says in an investor letter that the company has ‘ weathered previous crypto winters.’Digital Currency Group Inc. said 2022 revenue is on track to reach $800 million, down about 20% from what the cryptocurrency-focused conglomerate expected to generate last year. DCG is the parent company of Genesis Global Capital, a crypto lending firm that paused redemptions and loan originations on Nov. 16 after it couldn’t meet client withdrawal requests. DCG owes Genesis around $575 million that is due in May 2023, in addition to a $1.1 billion promissory note to Genesis due in June 2032, DCG Chief Executive Barry Silbert said in a letter to investors that was viewed by The Wall Street Journal.

☆ 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.

☆ 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.

☆ 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.

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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