In a statement posted to the Twitter page of Digital Currency Group, a letter to investors noted “DCG will continue to operate business as usual, as will its other subsidiaries. Barry Silbert / DCG has never declared bankruptcy. When Barry Silbert / DCG Gets in trouble, he transfers his debt to Genesis.”
DCG has emphasized that neither it nor any of its employees, including those on Genesis’ board of directors, were involved in the decision to file for bankruptcy, and that DCG is unaffected by its subsidiary’s bankruptcy.
Concerns of spillover from Genesis' issues are likely to continue, despite Barry Silbert's claims that “Genesis and its creditors are gonna take one for the team.”
It is unclear if DCG’s strategy will hold up under the scrutiny of bankruptcy proceedings given accusations of the commingling of funds between DCG and Genesis.
In a bit of positive news for the cryptocurrency markets, the price of bitcoin has remained mostly calm, after Genesis’ crypto lending businesses filed for bankruptcy protection.
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