Genesis Owes Creditors Over $3B: Report
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Cryptocurrency brokerage firm Genesis owes creditors over $3 billion as its parent company Digital Currency Group (DCG) is seeking options to find more cash to weather the crisis, the Financial Times has learned, citing people familiar with the matter.

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The report says DCG is currently considering selling parts of its portfolio holdings (such as exchanges, banks and custodians). The whole sum of the projects is worth about $500 million. Although the timeframe of the offloading remains unclear, sources say some of DCG's assets are illiquid, which means it would likely to take some time to sell them.

The news follows accusations by Cameron Winklevoss, co-founder and president of digital currency exchange Gemini, who recently blamed the head of DCG, Barry Silbert, for engaging in "bad faith" tactics.

Gemini's Winklevoss Calls for Removal of DCG CEO Barry Silbert

As iHodl earlier reported, Gemini's lending arm, Gemini Earn, halted withdrawals, citing issues at Genesis. The exchange wrote in a blog post that Genesis' partial suspension of services had made it impossible to meet requirements of the service-level agreement.

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