Key Points: According to cryptocurrency Twitter commenter Andrew Andrew, Genesis and DCG were aware that FTX became insolvent in May 2022.
Barry Silbert, the founder of the company, and the firm actively pressed Alameda for the repayment of a $2.5 Billion loan owed Genesis.
Andrew also stated that his sources were verified and that DCG owes Genesis a debt exceeding $1.1 billion. The company did not confirm this information before Silbert made it public.
Another truth has been revealed to the public. This time, it appears that Digital Currency Group (DCG), which is based in New York, knew that FTX would go under insolvency in May 2022. Sources also stated that DCG’s debt to Genesis, which amounts to more than $1.1 billion, was confirmed by Andrew. The company did not confirm the information before it was made public by Silbert. Andrew is currently waiting for responses from Grayscale. Many believe that Grayscale will have to do something to make up the losses and fill the massive hole that Genesis left. Grayscale, which manages the Grayscale Bitcoin Trust, (GBTC), the largest institution-level investment vehicle for all cryptocurrencies is DCG’s cash cow. Previously, US Securities and Exchange Commission officials from the Eastern District of New York (EDNY), and the US Department of Justice (US Department of Justice) were looking into money transfers between DCG and the Genesis subsidiary. According to the report, prosecutors from the DOJ’s Eastern District in New York requested documents and interviews from DCG and Genesis. The SEC is still in the early stages of its investigation. The report, citing people familiar with the matter, said that both companies were “allegedly engaged in misconduct.”DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: AlamedaBarry SilbertDCGFTXGBTCGenesis