Digital Currency Group CFO Stepped Down Amid Genesis Crisis
Main page News, Crypto Market, Genesis

Digital Currency Group (DCG) Chief Financial Officer, Michael Kraines, has stepped down while the company is trying to resolve issues between its lending firm Genesis and crypto exchange Gemini.

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According to a report from CoinDesk (owned by DCG), Kraines joined the company in 2021. It is unclear, what was the reason behind his departure. Heidrick & Struggles will search a new CFO, the report says. Meanwhile, DCG President, Mark Murphy, and DCG Chief Strategy Officer, Simon Koster, will be responsible for the finance department.

Genesis Owes Creditors Over $3B: Report

In the meantime, Gemini said it had agreed to start a "30-day mediation process" to drive to a final resolution with DCG, whose lending arm Genesis Capital owes users of Gemini Earn around $900 million worth of crypto.

Gemini says the mediation will be "narrowly focused on DCG's economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan."

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