DCG owes collectors over $3B, contemplating $500M VC portfolio sale
Cryptocurrency dealer Genesis International allegedly owes its collectors greater than $3 billion, in accordance with a brand new report published by the Monetary Instances on Jan. 12. Its father or mother, Digital Foreign money Group (DCG), which additionally owns Grayscale Investments and its collection of digital asset trusts, seeks to promote a part of its enterprise capital holdings to offset the shortfall.
In response to folks accustomed to the matter, DCG’s enterprise arm has greater than 200 crypto-related initiatives “similar to exchanges, banks, and custodians in at the least 35 nations” with a complete valuation of round $500 million.
Cointelegraph beforehand reported on Nov.16, 2022, that Genesis International halted withdrawals citing “unprecedented market turmoil.” On the time, the corporate reportedly had $175 million value of funds caught on FTX and had already acquired a $ 140 million equity infusion to cowl losses.
This can be a growing story, and additional info shall be added because it turns into out there.