DCG’s Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022
DCG CEO Barry Silbert (CoinDesk archives)
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DCG CEO Barry Silbert (CoinDesk archives)
Crypto lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, to recover more than $689 million.
The bankrupt crypto lender appears to be no longer seeking to reorganize, after a lawsuit from the New York Attorney General dimmed hopes of a deal.
Digital Currency Group CEO Barry Silbert asked Sam Bankman-Fried for help, SBF testified Friday (DCG)
DCG CEO Barry Silbert has a credible claim his subsidiary lending firm was lied to by Sam Bankman-Fried, as New York’s attorney general accuses Genesis of lying to the public. (Kevin Moloney/Fortune Brainstorm TECH/Flickr, modified by CoinDesk)
A Genesis booth at the FTX conference in the Bahamas (Danny Nelson/CoinDesk)
His Gemini crypto exchange and conglomerate Digital Currency Group are battling – in and out of court – over the failure of Gemini’s Earn lending service.
Shifke fills the gap left when Michael Kraines stepped down as CFO in April.
Digital Currency Group comments on the restructuring in an investor letter.
A July 7 report from Teneo, the hedge fund’s liquidator, described the potential claims.