Cryptocurrency dealer Genesis World allegedly owes its collectors greater than $3 billion, based on a brand new report revealed by the Monetary Instances on Jan. 12. Its guardian, Digital Foreign money Group (DCG), which additionally owns Grayscale Investments and its collection of digital asset trusts, seeks to promote a part of its enterprise capital holdings to offset the shortfall.
In accordance with folks acquainted with the matter, DCG’s enterprise arm has greater than 200 crypto-related initiatives “resembling exchanges, banks, and custodians in at the very least 35 international locations” with a complete valuation of round $500 million.
Cointelegraph beforehand reported on Nov.16, 2022, that Genesis World halted withdrawals citing “unprecedented market turmoil.” On the time, the corporate reportedly had $175 million value of funds caught on FTX and had already obtained a $ 140 million fairness infusion to cowl losses.
It is a growing story, and additional info shall be added because it turns into obtainable.
