FAST FIVE: Is Crypto Conglomerate DCG In Trouble With Genesis On Verge Of Bankruptcy?

Published by on

Last week, Genesis froze its lending program.

Every crypto hedge fund explosion increases the probability that Genesis has directional exposure to crypto assets, including unsold UST.

Not only is DCG dealing with issues pertaining to Genesis withdrawals and its solvency, but the conglomerate has also been forced to defend the backing of GBTC.

pic.twitter.com/MMKzp2HBwQ – ∴Ergo∴ (@ErgoBTC) November 20, 2022 Coinbase Custody, however, came to Grayscale's defense, confirming that GBTC and other Grayscale products remain completely backed by assets under control of Coinbase Custody.

Genesis has a much larger footprint than FTX and provides (provided?) prime brokerage services that empower institutional investment in crypto.

Categories: ZH