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Crypto Lender Genesis Owes Creditors Over $3B: FT
Digital Currency Group, Genesis' parent company, is reportedly looking to sell some of its venture-capital portfolio, worth around $500 million.
Updated May 9, 2023, 4:05 a.m. Published Jan 12, 2023, 1:23 p.m.
Troubled crypto lender Genesis owes its creditors over $3 billion prompting its parent company, Digital Currency Group, to look at asset sales to pay off the debt, the Financial Times reported on Thursday, citing sources.
DCG is considering offloading some of its venture-capital portfolio, worth around $500 million, the report said. The sale is part of DCG's effort to raise fresh capital after Genesis stopped withdrawals late last year.
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DCG declined to comment.
Its portfolio includes crypto exchanges like Coinbase (COIN), Kraken and Blockchain.com, and the now bankrupt FTX. DCG's assets are illiquid, however, and will likely take some time to sell, the report added.
Tensions between DCG and Genesis creditors have been running high with Gemini co-founder Cameron Winklevoss even calling for DCG CEO Barry Silbert's ouster earlier this week.
DCG also owns CoinDesk.
Read more: Gemini's Cameron Winklevoss Calls for Barry Silbert's Ouster From Crypto Conglomerate DCG
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