Crypto trading firm Genesis’ exposure to bankrupt crypto firms FTX and Three Arrows Capital is pulling its parent Digital Currency Group (DCG) and Grayscale into the contagion. Now, it has come to light that Barry Silbert’s DCG owes over $1.1 billion to Genesis. Some claim DCG fallout could have more ripple effect than FTX.
DCG Owes Over Billion To Genesis
Andrew Parish, co-founder of ArchPublic, in a tweet on November 21 claimed that Barry Silbert’s DCG owes $1.1 billion to Genesis via a previously undisclosed promissory note hidden from potential investors. He believes hidden funds are the primary reason behind DCG and Genesis seeking $1 billion in emergency funding from investors.
“now we know why DCG is doing a $1B raise, and is getting rebuffed. Grayscale assets are the only assets receiving any meaningful interest. If Genesis dies, so does DCG (DCG actually owes Genesis more than the $1.1B but have been asked not to disclose yet).”
Genesis needs a $1 billion capital inj
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