Digital Currency Group’s ongoing strifes may be bad news for crypto, but won’t lead to “a lot of selling” in the crypto markets, tips Mike Novogratz.
) have held “pretty steady” despite “a lot of bad news” over the last few months and have even seen an uptick over the last few days, he said.
“It’s a pretty clean market right now,” said Novogratz, referring to investors who have sold or reduced leverage in recent months. Alarm bells first began ringing for DCG and Genesis in November 2022 after Genesis halted withdrawals on Nov. 16 citing “unprecedented market turmoil” caused by the collapse of FTX and Three Arrows Capital.
In an open letter directed to DCG CEO Barry Silbert on Jan. 2, Gemini co-founder Cameron Winklevoss alleged that DCG-owned Genesis was yet to pay back a $900 million loan it owes to Gemini, which was due to DCG owing Genesis $1.675 billion. On Jan. 10, Winklevoss penned a second letter, this time toward DCG’s board of directors claiming Silbert and DCG only “pretended” to fill a $1.2 billion hole in the Genesis balance sheet. He said Silbert was “unfit” to run the company and called for his removal, effective immediately.
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