News
Genesis is seeking over $3.3 billion from DCG, Barry Silbert and affiliates in two lawsuits alleging fraud, insider enrichment and concealed transfers.
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Digital Currency Group News
Digital Currency Group, Inc. is a venture capital company that specializes in cryptocurrency, digital currency and blockchain markets. Digital Currency Group was launched by Barry Silbert in 2015 and is headquartered in New York, U.S. The portfolio of Digital Currency Group’s investments includes such projects as Bitpay, Blockstream and Coinbase. The long-term development of blockchain implementation into banking, IT and fintech industries is stated as a top priority of the Digital Currency Group’s investments. The company believes that Bitcoin and blockchain are game changers in the current social and economic structure of the world and tries to help technology-driven startups accelerate their evolution and development for the purpose of providing new opportunities for the mass consumer.
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The executive added that most of the millions of cryptocurrencies in circulation today lack any real monetary value.
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Despite spinning off Fortitude Mining, Foundry retains the largest Bitcoin mining pool with over 30% of the network’s hashrate.
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In a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets.
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Genesis Trading transferred over 12,600 Bitcoin to Coinbase over the past 30 days, two months after reaching a settlement with the state of New York.
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Revenue at Digital Currency Group (DCG) increased 51% to $229 million in the first quarter of 2024, driven by the rebound in crypto markets.
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Barry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete with the likes of Coinbase and FTX.
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DCG claims the settlement was made with the assumption that NYAG would win in court, and it does not observe the parent company’s rights.
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Filings suggested that Genesis Global Holdco held roughly $1.6 billion worth of shares of Grayscale Bitcoin Trust, Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust.
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Whether Bitcoin’s era has begun is hard to say, but the challenges to broader adoption may be the last breath of a prolonged crypto winter.
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According to DCG, Genesis’ proposed bankruptcy plan pays creditors “hundreds of millions of dollars more” than the amount of the petition.
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The bankrupt firms whittled the sum down from a much larger debt to avoid the delay and uncertainty of litigation.
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Grayscale investment products are no substitute for BTC, Genesis creditors say, and there’s still the matter of late fees.
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The CEO of Digital Currency Group, Barry Silbert, stated that the company has now satisfied all its obligations that are currently due.
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Digital Currency Group has over $320 million left to repay, according to Genesis, and the deal would see that remaining sum repaid by April 2024.
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