U.S. crypto company Digital Currency Group (DCG) is at the center of the industry's latest meltdown after the lending arm of one of its companies, Genesis, froze customer redemptions in November.
. Many industry observers cited the report as the catalyst for the downfall of Alameda and Bankman-Fried's crypto exchange FTX, which filed for bankruptcy less than two weeks later.Genesis Trading was originally the bitcoin trading division at DCG Chief Executive Barry Silbert's SecondMarket, but re-launched with its new name as a subsidiary of DCG when Silbert started the venture firm in 2015.
DCG itself owes $1.68 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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