DCG founders had proposed merging Genesis with Gemini at the end of 2022 to re-raise capital and go public.
According to documents submitted by DCG this week showed that DCG founder and CEO Barry Silbert discussed the challenges faced by Genesis and Gemini Earn, which operates in cooperation with DCG's lending business, during a lunch with Cameron Winklevoss (co-founder of Gemini) on October 20, 2022, and suggested that Genesis and Gemini merge and go public.
Reuters: Barry Silbert and Mark Murphy have resigned from Grayscale Investments board
Reuters reported that DCG founder and CEO Barry Silbert and Mark Murphy have resigned from the board of directors of Grayscale Investments. Shifke will replace Barry Silbert as chairman of Grayscale Investments.
Genesis and DCG reach settlement deal over unpaid debts amidst fraud allegations
Genesis and Digital Currency Group (DCG) have come to a settlement agreement over unpaid debts, but the deal still requires approval from creditors. DCG will pay its subsidiary, Genesis Global Capital, $295 million in US dollars and bitcoin by April to partially repay the $620 million owed. However, creditors must still agree to the deal. Gemini, a major Genesis creditor, has opposed the restructuring plans and is currently in a legal dispute with DCG over allegations of fraud. The Securities and Exchange Commission (SEC) has also sued both Gemini and Genesis for selling unregistered securities.
Genesis reaches a US$200 million repayment agreement with DCG, ending approximately US$620 million in litigation
Digital Money Group has reached a new repayment agreement with its bankrupt subsidiary, Genesis Global Holdco LLC, as part of a settlement to end the lawsuit claiming around $620 million from DCG. Genesis lawyer Sean O'Neal stated at a hearing on Tuesday that the deal will provide around $200 million in funding for the bankrupt cryptocurrency lending institution in the coming weeks and requires DCG to complete unpaid payments by April 2024. If DCG defaults, Genesis can attempt to collect any unpaid amounts according to court documents. The proposed agreement aims to settle the lawsuit filed by Genesis in September to recover unpaid loans from its parent company. Court documents show that DCG has been making payments to Genesis since the lawsuit was filed, and as of November 28, DCG still owes its subsidiary $324.5 million.
DCG third quarter consolidated revenue of $188 million
Digital currency group DCG released its third quarter financial performance, reporting a comprehensive revenue of $188 million, mainly due to its asset management department Grayscale. The update also involves the New York Attorney General's (NYAG) lawsuit against DCG's participation in Gemini Earn. The core of the NYAG case revolves around DCG's participation in Gemini's Earn program, which is managed by Gemini but its funds are managed by Genesis.
The New York prosecutor accused DCG and Gemini of lying to investors and hiding information from creditors, and specifically pointed out that its investigation found that "Gemini's internal analysis of Genesis shows that the company's finances are at risk." The lawsuit also accuses former Genesis CEO Michael Moro and Silbert of "attempting to hide over $1.1 billion in losses borne by investors, deceiving investors and the public."
DCG Seeks Dismissal of Gemini's Fraud Lawsuit Over Earn Lending Service
Digital Currency Group(DCG) has filed a motion to dismiss a fraud lawsuit brought by Gemini exchange, alleging that Gemini is trying to shift blame for the problems at its Earn lending service. Gemini's lawsuit claims that DCG and its founder, Barry Silbert, committed fraud through DCG's Genesis subsidiary that held funds for Gemini's Earn program. <br>
Barry Silbert’s Digital Currency Group Names Mark Shifke as CFO
Digital Currency Group, the battered crypto conglomerate run by Barry Silbert, named financial services veteran Mark Shifke as chief financial officer. Shifke has almost four decades of experience in finance and most recently served as CFO at Billtrust, DCG said in a statement Monday. He also served as CFO at mobile banking and prepaid debit-card provider Green Dot, and worked at JPMorgan Chase & Co. and Goldman Sachs Group Inc. Former CFO Michael Kraines left in April after more than two years.
Gemini filed a Lawsuit against DCG and BarrySilbert Personally in New York Court
According to Cameron Winklevoss, Today, Geminifiled a lawsuit against DCG and BarrySilbert personally in New York court. Barry was not only the architect and
mastermind of the DCG and Genesis fraud against creditors, he was
directly and personally involved in perpetrating it.
DCG Defaults on $630M Payment to Genesis Trading, Court Filing Shows
June 22 (Cointime) - According to a court filing entered on June 13th, 2023, DCG has defaulted on their $630M payment to Genesis Trading. Despite DCG's previous claims of always paying on time, they have been in default since May 12th, 2023.
DCG Faces Financial Turmoil as Gemini Demands $1.6 Billion Payment and Creditors Seek Solution
The Digital Currency Group (DCG) has been facing financial difficulties due to a liquidity crisis at its subsidiary, Genesis. However, some creditors, including Gemini, believe that DCG's CEO, Barry Silbert, is also to blame.
