Crypto Lender Genesis Owes Creditors over $3Bn

Cryptocurrency lending outfit Genesis​ owes creditors more than $3 billion, according to the Financial Times.

Genesis parent Digital Currency Group (DCG) is considering selling some of the assets in its venture portfolio to raise money to help pay off the creditors, according to sources.

Earlier this month, Genesis laid off about 30% of its workforce as it faced up to the FTX fallout, which had already forced to it to stop customer withdrawals.

DCG, which has a venture capital portfolio worth around $500 million, has struggled to find outside investment.

Genesis creditors have been raising concerns about the issue, with one - Gemini co-founder Cameron Winklevoss - this week calling for the removal of DCG CEO Barry Silbert.

(Source: Finextra)