Sources: crypto broker Genesis owes creditors more than $3B, leading DCG to explore selling venture assets, estimated to be worth ~$500M, to raise cash
Barry Silbert's conglomerate weighs offloading venture assets to help wholly owned digital asset lender
Financial Times Nikou Asgari
Related Coverage
- Scoop: More Genesis creditors say crypto lender duped them Protos · Stephen Gandel
- DCG's crypto broker Genesis owes creditors more than $3 billion Reuters
- Troubled Crypto Lender Genesis Owes Creditors Over $3B: FT CoinDesk · Parikshit Mishra
- Why the Winklevoss brothers are in a $900 million crypto faceoff with Barry Silbert CNBC
- Breaking: DCG owes creditors over $3B, considering $500M VC portfolio sale Cointelegraph · Zhiyuan Sun
Discussion
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@ap_abacus
Andrew
on x
Scoop: More Genesis creditors say crypto lender duped them https://protos.com/... via @Protos “...those financial documents were inaccurate and hid the firm's growing financial problems.”
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@stevesokolowsk2
Steve Sokolowski
on x
@ramahluwalia As a direct Genesis creditor, I can confirm that I was provided this balance sheet, that Griffin Tiedy explained it to me, and the ONLY reason that we kept half our money at Genesis in September was because the loan appeared to make Genesis solvent when he explained…
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@ramahluwalia
@ramahluwalia
on x
Ryan has an intriguing hypothesis re: $1.1 Bn loan. ‘Current’ has two meanings: 1) convertible to cash in under a year, 2) a loan that is performing. Which meaning is Barry invoking? It would be misleading not to clarify. That is Q #1 https://twitter.com/...
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@wublockchain
Wu Blockchain
on x
FT: Genesis owes creditors more than $3 billion, and DCG is considering selling some of its venture capital assets to raise cash. Genesis' debts include $900 million owed to Gemini clients, €280 million owed to Dutch exchange Bitvavo, and crypto savings firm Donut.
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@deitaone
@deitaone
on x
DCG's crypto broker Genesis owes creditors more than $3bn - Financial Times https://www.ft.com/...
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@coinbureau
@coinbureau
on x
@tier10k Those projects that DCG invested in https://twitter.com/...
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@neiljacobs
Neil Jacobs
on x
Big week for Barry. https://twitter.com/...
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@nikasgari
Nikou Asgari
on x
New: Crypto broker Genesis owes creditors more than $3bn DCG (backed by Softbank and previously advised by Larry Summers + Glenn Hutchins) is considering selling down its $500mn venture portfolio as one way to fill the hole https://www.ft.com/...
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@ap_abacus
Andrew
on x
UPDATE: DCG/Genesis liabilities balloon to beyond $3.1B. **facing decisions to liquidate portfolio assets (which won't cover even 10% of the above sink hole). **reminder - said two months ago there was ZERO interest in their capital raise.
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@tier10k
@tier10k
on x
[DB] DCG Weighs Offloading Venture Assets to Raise Cash, Genesis Owes Creditors More Than $3bn: FT
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@twobitidiot
Ryan Selkis
on x
Does current asset mean “due within one year” or “performing & current”? You're going to get an accounting and legal master class in the coming months. https://twitter.com/...