DCG al lui Barry Silbert, Genesis Fallout ar putea fi mai rău decât FTX, iată de ce

Crypto trading firm Genesis’ exposure to bankrupt crypto firms FTX and Three Arrows Capital is pulling its parent Digital Currency Group (DCG) and Grayscale into the contagion. Now, it has come to light that Barry Silbert’s DCG owes over $1.1 billion to Genesis. Some claim DCG fallout could have more ripple effect than FTX.

DCG Owes Over Billion To Genesis

Andrew Parish, co-founder of ArchPublic, in a tweet on November 21 claimed that Barry Silbert’s DCG owes $1.1 billion to Genesis via a previously undisclosed promissory note hidden from potential investors. He believes hidden funds are the primary reason behind DCG and Genesis seeking $1 billion in emergency funding from investors.

now we know why DCG is doing a $1B raise, and is getting rebuffed. Alb-negru assets are the only assets receiving any meaningful interest. If Genesis dies, so does DCG (DCG actually owes Genesis more than the $1.1B but have been asked not to disclose yet).”

Genesis needs a $1 billion capital injection by today in order to prevent the contagion spread to DCG and Grayscale. DCG has already provided $140 million to Genesis after it disclosed nearly $175 million locked in an FTX trading account. However, it wasn’t enough and forced Genesis to pause redemptions, withdrawals, and new loan originations.

DCG also bailout Genesis from Three Arrows Capital exposure worth $1.2 billion in July. Some believe failing to raise capital may force DCG and Grayscale to dissolve GBTC and ETHE trusts, which are already trading at over 40% discount. This could have more impact than FTX fallout.

Între timp, Grayscale denied disclosing its proof of reserves citing security concerns. Investors were disappointed with the decision to keep reserve details confidential amid the FTX crisis and uncertainty surrounding Genesis. Moreover, Grayscale Bitcoin Trust Fund (GBTC)’s premium rate has now fallen to a whopping -45.2%.

Varinder este scriitor și editor tehnic, pasionat de tehnologie și gânditor analitic. Fascinat de Tehnologiile Disruptive, el și-a împărtășit cunoștințele despre Blockchain, Criptomonede, Inteligență Artificială și Internetul Lucrurilor. El a fost asociat cu industria blockchain și criptomonede pentru o perioadă substanțială și în prezent acoperă toate cele mai recente actualizări și evoluții din industria criptomonedelor.

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