SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : GBTC: Bitcoin Investment Trust (Not an ETF) OTC:QX
GBTC 89.02-1.2%Oct 28 4:00 PM EDT
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: SGJ who wrote (230)1/18/2023 5:16:05 PM
From: nicewatch1 Recommendation

Recommended By
SGJ

  Read Replies (1) of 270
 
Crypto Firm Genesis Is Preparing to File for Bankruptcy

Rachel Butt and Olga Kharif
Wed, January 18, 2023 at 7:37 PM GMT+1

(Bloomberg) -- Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.

The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.

Representatives at Genesis Global Capital didn’t immediately respond to requests for comment. A representative for DCG declined to comment. Talks are ongoing and plans could change, the people added.

Financial pressure at Barry Silbert’s DCG began to emerge after the collapse of hedge fund Three Arrows Capital. Genesis suspended withdrawals in November, soon after crypto exchange FTX — where Genesis held some of its funds — filed for bankruptcy. The failures have had ripple effects on crypto exchange Gemini Trust, run by Cameron and Tyler Winklevoss. Gemini Earn — a service that let Gemini’s users get yield for lending out their coins through Genesis — stopped redemptions as well.

Creditors, Genesis and DCG exchanged several proposals, but have so far failed to come to an agreement, the people said. Kirkland & Ellis and Proskauer Rose have been advising groups of creditors.

DCG told shareholders that it’s suspending quarterly dividends in an effort to conserve cash, according to a Jan. 17 letter to shareholders seen by Bloomberg.

finance.yahoo.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News