Genesis
DOJ, SEC Reportedly Probe Crypto Conglomerate DCG; Jefferies Downgrades Marathon Digital
Officials with the U.S. Department of Justice's Eastern District of New York and the SEC are examining transfers between Digital Currency Group (DCG) and the conglomerate's Genesis subsidiary, according to Bloomberg. DCG is the parent company of CoinDesk. Plus, Jefferies downgraded its rating for bitcoin miner Marathon Digital Holdings (MARA) from "buy" to "hold" due to construction delays.
US Authorities Examining Transfers Between DCG, Genesis: Bloomberg
Officials with the U.S. Department of Justice's Eastern District of New York (EDNY) and the U.S. Securities and Exchange Commission are examining transfers between Digital Currency Group (DCG) and the conglomerate's Genesis subsidiary, according to a report from Bloomberg. Bernstein's Managing Director of Global Digital Assets, Gautam Chhugani, discusses the latest developments. DCG is the parent company of CoinDesk.
Bitcoin Trading Flat Below $17K on Its 14th Birthday
Bitcoin (BTC) is trading around $16,600 as Gemini co-founder accused Digital Currency Group CEO Barry Silbert of “bad faith stall tactics.” Silbert responded, saying his firm submitted a proposal to Genesis and Gemini’s advisers last Thursday. DCG is the parent company of CoinDesk. Sean Farrell, Global Advisors Head of Digital Asset Strategy at research firm Fundstrat, shares his crypto markets analysis.
Gemini Co-Founder Says Genesis, DCG Creditors Present Plan to Resolve Liquidity Issues
A creditor committee that includes crypto exchange Gemini has presented a plan to Genesis and Digital Currency Group (DCG) to "provide a path for the recovery of assets," Gemini co-founder Cameron Winklevoss said in a tweet. "The Hash" panel discusses the potential outcomes. Genesis and CoinDesk are owned by parent company Digital Currency Group.
Grayscale Bitcoin Trust Discount Touches Record 50%
"The Hash" panel discusses their take on Grayscale Bitcoin Trust (GBTC) shares hitting a record-high discount rate relative to the price of bitcoin (BTC), pushing past 50% for the first time. Genesis is a sister company of CoinDesk, owned by Digital Currency Group.
SBF's Alameda Research Secretly Funded Crypto Media Site 'The Block'; Crypto Contagion Concerns
Crypto media site The Block was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research, The Block confirmed on Friday. Bernstein reacted to Genesis’ extended withdrawal freeze, saying that saving Grayscale would cost a fortune for Digital Currency Group (DCG), which owns Genesis Trading, Grayscale and CoinDesk. Plus, details on Coinbase asking users to switch USDT for USDC and Bankman-Fried agreeing to testify before U.S. House Financial Committee.
Binance's Bitcoin Reserves Are Overcollateralized: Report; Genesis Developments
Binance released a new report from global financial audit, tax and advisory firm Mazars showing that its customer bitcoin (BTC) reserves are overcollateralized. However, the assessment is not an official audit, according to Francine McKenna, lecturer in financial accounting at The Wharton School at the University of Pennsylvania. Plus, Genesis interim CEO Derar Islim said resolution of his company’s lending unit’s withdrawal freeze is likely to be a matter of “weeks” rather than days. CoinDesk and Genesis share the same parent company.
Lyn Alden on Crypto Industry Outlook After FTX Collapse
Lyn Alden, founder of Lyn Alden Investment Strategy and member of Swan Bitcoin's Board of Directors, discusses her crypto markets outlook as the fallout from FTX continues to ripple through the industry. "I wouldn't be surprised if another shoe [like Genesis] were to drop," Alden said.