Silence From Digital Currency Group's Genesis Spooks Crypto

Genesis Global Trading has been eerily silent after announcing last week that its crypto lending unit would halt services in light of FTX's collapse. From a report: Five days have passed since its lending unit ceased withdrawals and new loan originations. And the lack of communication has opened the door to speculation about the health of the overall firm, as well as its parent Digital Currency Group and sister unit Grayscale Investments. If Genesis were dealing with insolvency concerns and were to file for bankruptcy, that would imperil Digital Currency Group.

It is only speculation. There has been no reporting to suggest this outcome. Digital Currency Group, or DCG, founded by Barry Silbert in 2015, is among the largest crypto companies, sporting a valuation of $10 billion just last year. It holds investments in some 165 companies, from public companies including Coinbase Global to well-known private shops Ripple and Ledger. In other words, a hurt DCG would have industrywide repercussion

Read more of this story at Slashdot.