Genesis has been experiencing significant liquidity difficulty since the FTX crash.
Co-founder of Gemini recently addressed an open letter to DCG CEO.
Digital Currency Group (DCG), Genesis Global’s parent business, has chosen to shut down its wealth section hours after word of the layoffs spread. Genesis has been experiencing significant liquidity difficulty since the FTX crash, and this is the latest hint of concern.
A spokesman for Digital Currency Group (DCG) stated that the business has closed its wealth management section, known as HQ Digital.
The DCG representative said in an email statement:
“Because of the failure of the FTX cryptocurrency exchange, the Digital Currency Group has had significant problems with several of its largest subsidiaries.”
Domino effect Storming the Industry
Genesis Global, a wholly owned subsidiary of DCG, stated abruptly last month that they would be stopping withdrawals due to a severe cash flow crisis. Since then, Genesis’ lending divisio
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