Digital Currency Group, the owner of Grayscale Bitcoin Trust, is mired in a swirl of lawsuits including one from New York Attorney General Letitia James. Rising crypto markets could be its savior.
Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, called for the removal of Digital Currency Group Inc Chief Executive Barry Silbert on Tuesday, amid tensions between the high-profile
EARLIER LETTER The latest development comes a week after Winklevoss penned another open letter to Silbert, accusing him of engaging in "bad faith stall tactics." DCG itself owes $1.675 billion to the crypto lending arm of its subsidiary Genesis, according to a November letter Silbert sent to shareholders. That includes a $1.1 billion promissory note that appears to be connected with liabilities DCG assumed from Genesis after it was hit hard by the collapse of Singapore-based crypto hedge fund Three Arrows Capital.
Stamford, Connecticut-based Digital Currency Group (DCG) is the parent company of several high-profile crypto firms, including crypto asset manager Grayscale and Genesis, which brokers digital assets for financial institutions like hedge funds and asset managers. The conflict comes after Genesis' crypto lending arm halted customer withdrawals in November when crypto exchange FTX filed for bankruptcy.