U.S. crypto company Digital Currency Group is at the center of the industry’s latest meltdown after one of its companies, Genesis, froze customer withdrawals in November. | Reuters
CoinDesk in November published a leaked balance sheet of Alameda Research, the crypto trading firm founded by Sam Bankman-Fried. Many industry observers cited the report as the catalyst for the downfall of Alameda and Bankman-Fried’s crypto exchange FTX, which filed for bankruptcy less than two weeks later.
Genesis Global Capital had partnered with a number of other crypto companies, including crypto exchange Gemini, to offer a crypto lending product. Gemini now says its customers are owed $900 million from Genesis. DCG itself owes $1.675 billion to Genesis’ crypto lending arm, according to a November letter Silbert sent to shareholders. That includes a $1.1 billion promissory note that appears to be connected with liabilities DCG assumed from Genesis after it was hit hard by the collapse of Singapore-based crypto hedge fund Three Arrows Capital.Silbert started Grayscale Investments in 2013 after he stepped down as CEO of SecondMarket.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP to pilot test wholesale digital currency ’til 2024 - BusinessWorld OnlineTHE BANGKO SENTRAL ng Pilipinas’ (BSP) pilot project that tests the use of wholesale central bank digital currency (CBDC) among selected financial institutions will run until 2024, an official said on Wednesday. “This project was launched in 2022 and will run until 2024. The coverage of the pilot project is wholesale CBDC whereby the BSP […]
Read more »
Crypto lending unit of Genesis files for U.S. bankruptcyThe lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis
Read more »
Josephine Tagaytay is now ROSARIO under Vikings GroupWhen one door closes, another one opens! In Josephine Restaurant Tagaytay’s case, its sudden closure last January 1 has been met with a new restaurant concept called ROSARIO, under The Vikings Group of Restaurants.
Read more »
Seoul spy agency raids labor group over suspected North Korea tiesSEOUL: South Korea's spy agency on Wednesday raided the country's main labor union group, saying it was part of a years-long investigation into whether some members had...
Read more »
What happened at K-pop girl group ITZY's two-night concert 'Checkmate' in ManilaAfter three years, K-Pop girl group ITZY returned to Manila for their first world tour “Checkmate,” a two-night concert held at the SM Mall of Asia Arena on January 14 and January 15. Prior to their concert, the quintet-composed of Yuna, Ryujin, Chaeryeong, Lia, and Yeji-had their press event at the Glorietta Activity Center, where they received lots of love from their beloved Filipino fans. In their interview with GMA Integrated News, the popular South Korean girl group talked about how special their first visit to the Philippines in 2019 was because of the warm welcome they received from their fans, which
Read more »
Doctors’ group wants action vs. medical certificates for saleThe Philippine College of Physicians (PCP) has sounded the alarm on the selling of fake medical certificates online.
Read more »