S&P 500
7,755.20
-0.05%
Dow Jones
53,920.10
-0.08%
Nasdaq 100
29,638.40
-0.10%
Russell 2000
3,015.33
-0.13%
FTSE 100
10,862.60
-0.35%
Nikkei 225
66,701.30
+0.00%

Investing

Genesis Owes Clients $3B, DCG Seeks to Offload Assets: Report

Photo of 247patrick
By 247patrick Published
Genesis Owes Clients $3B, DCG Seeks to Offload Assets: Report

© Brynn / Wikimedia Commons

According to FT, crypto broker Genesis owes up to $3 billion to clients, and its parent company is looking to offload assets to raise money.

Genesis has been in the news lately after it halted withdrawals in November.

In recent news, Gemini CEO and co-founder Cameron Winklevoss accused DCG of defrauding its Earn users and asked for DCG’s CEO to step down.

DCG has one of the biggest venture portfolios in the crypto world including firms like Coinbase, FTX, Kraken and Blockchain.com.

This article originally appeared on The Tokenist

Contact [email protected] for any questions or corrections.

Follow 24/7 Wall St. on Google
Photo of 247patrick
About the Author 247patrick →

Continue Reading

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors
247patrick |

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors

Cryptocurrency firm Genesis Global has filed for bankruptcy, becoming the latest victim of the ongoing crypto winter.

2023 Crypto Roundup: VC Funding and Hacking Losses
Paul Ausick |

2023 Crypto Roundup: VC Funding and Hacking Losses

Here is a look at some of 2023's lowlights for cryptocurrency, including funding for startups and the impact of hacking.

US Prosecutors Ramp Up Investigations on Crypto Firms Post FTX Collapse
247patrick |

US Prosecutors Ramp Up Investigations on Crypto Firms Post FTX Collapse

U.S. authorities have ramped up their investigation into crypto-related firms following the recent catastrophic collapse of FTX.

Genesis Global Trading’s Crypto Lending Arm Halts Withdrawals, $2.8B in Active Loans
247patrick |

Genesis Global Trading’s Crypto Lending Arm Halts Withdrawals, $2.8B in Active Loans

Genesis Global Capital, the crypto lending arm of Genesis Global Trading, halted the redemption and issuance of new loans.

247patrick |

DCG-Genesis Crisis in the Making as CEO Barry Silbert Fails to Respond

Tracking hundreds of active blockchain projects is a full-time job. But finding out how they are funded is much easier…

SEC Intervenes in Genesis-Gemini Feud Suing Both Companies
247patrick |

SEC Intervenes in Genesis-Gemini Feud Suing Both Companies

The SEC filed a complaint against Genesis Global and Gemini Trust over the unregistered sale of crypto assets through Gemini…

Genesis Global Capital Hires Restructuring Advisors, Bankruptcy Not Ruled Out
247patrick |

Genesis Global Capital Hires Restructuring Advisors, Bankruptcy Not Ruled Out

Genesis Global has halted withdrawals and new loans from its crypto lending group.

Genesis Working With Moelis & Co. Mulling Over Chapter 11 Bankruptcy
247patrick |

Genesis Working With Moelis & Co. Mulling Over Chapter 11 Bankruptcy

Genesis Global Markets reportedly is working with the investment bank Moelis & Company on potential solutions to its financial woes.

Bitcoin Above $22K for the First Time Since Mid-September
247patrick |

Bitcoin Above $22K for the First Time Since Mid-September

Bitcoin and other cryptocurrencies continue their 2023 rally.

Top Gaining Stocks

Datadog
DDOG • Vol: 8,664,501
APA
APA • Vol: 7,197,247
Marathon Petroleum
MPC • Vol: 4,058,055
Akamai
AKAM • Vol: 6,198,244
CF Industries
CF • Vol: 2,778,858

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Verisk Analytics
VRSK • Vol: 2,924,476
Corning
GLW • Vol: 7,659,131
Southwest Airlines
LUV • Vol: 5,579,396
United Airlines
UAL • Vol: 2,844,762