Crypto Winter Takes Toll: Digital Currency Group Winding Down Wealth-Management Division

1 year ago 83

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Alex Dovbnya

Financial turbulence astatine the institution has been simmering since November, erstwhile crypto speech FTX filed for bankruptcy

Digital Currency Group (DCG), the crypto behemoth that specified large crypto players Genesis and integer plus manager Grayscale, confirmed Thursday that it is winding down HQ, its wealthiness absorption division, according to a study by The Information.  

DCG commented that the determination was made owed to the sizeable economical turmoil and protracted crypto winter.

The subsidiary had roughly $3.5 cardinal successful assets nether absorption arsenic of December, according to the report. 

Financial turbulence astatine the institution has been simmering since November erstwhile crypto speech FTX filed for bankruptcy. The achromatic swan event sent shockwaves passim the assemblage and enactment utmost unit connected DCG, which owns Genesis Global Trading.

The astir caller quality coincided with an unfastened missive written by Cameron and Tyler Winklevoss, founders of cryptocurrency speech Gemini, accusing DCG and Genesis of employing "bad-faith stall tactics" to debar repaying their debts. The 2 reportedly beryllium Gemini users astir $900 million.

Barry Silbert, CEO of DCG responded by denying these allegations portion reasserting they are successful nary information of facing currency travel problems oregon liquidity issues.

Thursday's developments whitethorn beryllium a awesome DCG has superior wealth occupation looming.

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