Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet. According to the Wall Street Journal, CoinDesk has sought the help of investment bankers from financial advisory firm Lazard, who are helping the firm weigh options including a full or partial sale. You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu — Charles Hoskinson (@IOHK_Charles) January 19, 2023 DCG has purportedly received multiple offers exceeding $200 million to buy out the media firm over the last few months, which would result in a phenomenal …
Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York,on Jan. 19. The firm has estimated liabilities of $1 billion to $10 billion and assets in the same range according to the filing. Earlier reports claimed the company would file for bankruptcy protection if it was unable to raise capital due to a liquidity crisis. The firm suspended withdrawals from its platform in November 2022 amid market turbulence caused by the collapse of FTX. Earlier in January the company laid off a further 30% of its workforce, the second round of job cuts in …
A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May. Genesis’ lawyer Sean O'Neal made the comments at a Jan. 23 initial hearing at the United States Bankruptcy Court for the Southern District of New York, according to a Reuters report. He added Genesis had "some measure of confidence" it would resolve disputes with creditors by the end of the week and, if needed, would look for the judge to install a mediator, but said: …
A seven-member committee has been appointed to represent the interests of unsecured creditors in Genesis Global bankruptcy case, according to court filings on Feb. 4. The committee will represent the creditors in court, having the right to be consulted before major decisions and to participate in the reorganization plan. Members are generally select from a list of twenty largest unsecured creditors. Among the chosen members are Mirana Asset Management - an arm of crypto exchange Bybit, SOF International, Digital Finance Group, and crypto exchange Bitvavo, along with three individual creditors Amelia Alvarez, Richard Weston, and Teddy Andre Amadeo Goriss. The …
Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating tocollapse of crypto hedge fund, Three Arrows Capital (3AC). DCG reportedly lost $1.1 billion last year, according to its Q4 2022 investor report, and said the results “reflect the impact of the Three Arrow Capital default upon Genesis” along with the “negative impact” from falling crypto prices. Genesis is the lending arm of DCG, the firm filed for Chapter 11 bankruptcy in late January. Genesis is 3AC’s largest creditor as the company loaned the now-bankrupt hedge fund …