Yugocean
Valued Contributor
Crypto billionaire Barry Silbert's billion-dollar crypto company group, DCG (Digital Currency Group), has been rocking since the destruction of the FTX empire.
The group's lending unit, "Genesis," has stopped all withdrawals and instead soughting a $1 billion emergency loan to hedge its position.
The group's bitcoin holding and spot EFT company, "Grayscale," described its position as financially sound but declined to reveal its reserves. This is increasing suspicions.
The group's crypto media platform, "CoinDesk," has been exposed for failing to properly promote its own sister companies. It is not able to defend them.
Other companies in the group, such as exchange magnate "Luno," bitcoin miner "Foundry Service," and trading giant "TradeBlock," are declaring themselves independent from Genesis to show their financial standing, even though they are partners in some areas.
Overall, nothing is going well for DCG; the FTX is the cause of the group's financial problems, and more are being affected behind the scenes.
The group's lending unit, "Genesis," has stopped all withdrawals and instead soughting a $1 billion emergency loan to hedge its position.
The group's bitcoin holding and spot EFT company, "Grayscale," described its position as financially sound but declined to reveal its reserves. This is increasing suspicions.
The group's crypto media platform, "CoinDesk," has been exposed for failing to properly promote its own sister companies. It is not able to defend them.
Other companies in the group, such as exchange magnate "Luno," bitcoin miner "Foundry Service," and trading giant "TradeBlock," are declaring themselves independent from Genesis to show their financial standing, even though they are partners in some areas.
Overall, nothing is going well for DCG; the FTX is the cause of the group's financial problems, and more are being affected behind the scenes.
