Genesis, which brokers crypto for financial institutions like hedge funds and asset managers, had frozen client withdrawals in its lending unit in November, citing an "extreme market dislocation and loss of industry confidence" following the downfall of major cryptocurrency exchange FTX. Now, as founder of venture capital firm Digital Currency Group, parent of troubled crypto firm Genesis, he is grappling with problems closer to home. Barry Silbert - Wiki | Golden U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going? In a letter to clients on Tuesday, he wrote that Genesis leadership and its board hired financial and legal advisers following the collapse of FTX. Silbert has come under fire since Genesis suspended withdrawals, with the co-founder of crypto exchange Gemini accusing him of misleading investors and engaging in bad-faith stall tactics. Hebegan investing in blockchain technology firms around 2013. cookies [citation needed] In May 2022, it was reported that Grayscale would list an exchange-traded fund (ETF) for the first time in Europe. [9], In late June and early July 2022, Genesis publicly disclosed that it was exposed to hundreds of millions of dollars in losses from loans to both the Hong Kong based cryptocurrency lender Babel Finance[citation needed] and the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC),[10] and that its parent company DCG had taken on some of Genesis' debts in order to keep the company afloat. Barry Silbert, the boy that spent his bar mitzvah money to trade baseball cards, now has no money. DCG is facing headwinds with the rest of the industry, however, with reports surfacing of Genesis' looming bankruptcy and a federal investigation into the crypto conglomerate. Silbert's current worth is unclear but Forbes pegged it last year at $3.2 billion. Silbert went on to launch Digital Currency Group in New York in 2015, later moving the firm to Connecticut. Density is calculated using land area only. [10] Genesis Trading announced that he would be serving in an advisory position to help with the transition while COO Derar Islim took over his duties as interim CEO.
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