(This Jan. 12 story has been corrected to show that Genesis Global Capital, and not its crypto lending arm, said in November it would halt transactions, in paragraph 7)By Elizabeth Howcroft and Hannah Lang U.S. crypto company Digital Currency Group (DCG) is at the center of the industry's latest me
U.S. crypto company Digital Currency Group is at the center of the industry's latest meltdown after one of its companies, Genesis, froze customer withdrawals in November.
Genesis' crypto lending arm, Genesis Global Capital, announced in November it would stop making new loans and blocked customers from withdrawing funds, citing the market dislocation caused by the collapse of FTX. DCG itself owes $1.675 billion to Genesis' crypto lending arm, according to a November letter Silbert sent to shareholders. That includes a $1.1 billion promissory note that appears to be connected with liabilities DCG assumed from Genesis after it was hit hard by the collapse of Singapore-based crypto hedge fund Three Arrows Capital.Silbert started Grayscale Investments in 2013 after he stepped down as CEO of SecondMarket.
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