After the news of financial difficulties due to FTX collapse there was information that the DCG holding suspends the payment of quarterly dividends. This is reported Bloomberg.
The team is now focusing on “strengthening the balance sheet by cutting operating costs and maintaining liquidity,” the letter to shareholders said.
Such steps are provoked by problems at the subsidiary crypto-lending platform Genesis Digital. Recall, Genesis Digital owed $3 billion, according to the media. This amount includes claims Gemini exchange clients for $900 million.
After Cameron Winklevoss in another open letter urged DCG CEO Barry Silbert to step down, there were fears that Genesis would file for bankruptcy.
For example, in November, the platform did not rule out this script in an attempt attract funding. This move raised concerns about maternal DCG stability and future GBTC.
Early 2023 Digital Currency Group announced the closure a subsidiary of HQ Digital specializing in asset management. Genesis Trading has laid off 30% of its employees.
Recall, according to Bloomberg, in January, the SEC and the US Department of Justice began to study the nature of the interaction between Digital Currency Group and Genesis Trading.
