13.01.2023

Genesis, a Cryptocurrency Lender, Owes Creditors $3 Billion

Author: Iskander Ziyanurov

According to sources cited by the Financial Times (FT), Genesis's parent company Digital Currency Group (DCG), is thinking about selling some of the venture assets in its portfolio to acquire funds to assist in paying off the creditors. The debt of Genesis is more than $3 billion.

Genesis already cut roughly 30% of its personnel earlier this month as it dealt with the consequences from FTX, which had already forced them to halt client withdrawals.

According to the FT, DCG, which has a venture capital portfolio worth about $500 million, has had problems finding outside investment.

Genesis creditors have expressed worries about the situation, with one, Gemini co-founder Cameron Winklevoss, calling for the resignation of DCG CEO Barry Silbert this week.