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Barry Silbert

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cryptocurrency2 years ago

"Barry Silbert's Crypto Empire Thrives Amid Time and Rising Markets"

Barry Silbert's Digital Currency Group (DCG) is facing a series of legal problems, including a potential ban in New York State and lawsuits from creditors. The collapse of the Terra cryptocurrency in 2022 has had a significant impact on DCG, with its Genesis Global Capital lending unit filing for bankruptcy protection. Despite the recent rally in the price of Bitcoin, DCG's flagship Grayscale Bitcoin Trust (GBTC) continues to trade at a discount. The company's future is uncertain, with the New York Attorney General seeking to ban DCG and Genesis from doing business in the state. However, the rising crypto markets could potentially help DCG recover.

via Forbes|
#barry-silbert#cryptocurrency#digital-currency-group
cryptocurrency2 years ago

Former NYSE President Acquires CoinDesk, Adding to Barry Silbert's Crypto Empire

Former NYSE president Tom Farley's digital asset exchange, Bullish, has acquired crypto news site CoinDesk from Barry Silbert's Digital Currency Group (DCG). The purchase comes after months of speculation and failed purchase agreements for CoinDesk. The terms of the all-cash deal have not been disclosed. CoinDesk will operate as an independent subsidiary of Bullish, with the existing management team remaining in place. An editorial committee, led by former Wall Street Journal editor-in-chief Matt Murray, will be established to protect the publication's autonomy. This acquisition is seen as another setback for Silbert's crypto empire, which has faced challenges and legal issues in recent months.

via CNBC|
#barry-silbert#bullish#coindesk
cryptocurrency2 years ago

Sam Bankman-Fried's Trial: Testimony, Fraud Allegations, and Management Concerns

Sam Bankman-Fried, former CEO of FTX, testified at his trial that he declined requests for help from Digital Currency Group's Genesis subsidiary and Celsius, both of which later filed for bankruptcy. Bankman-Fried stated that he passed on providing equity capital to Genesis during the crypto market downturn, and he also rejected an emergency funds request from Celsius. These revelations come as Bankman-Fried faces charges of criminal fraud and conspiracy.

via CoinDesk|
#barry-silbert#blockfi#cryptocurrency
cryptocurrency2 years ago

Gemini's Lawsuit Against Digital Currency Group and Barry Silbert Exposes Alleged Fraud

Gemini has filed a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert, alleging fraud and claiming "fraud against creditors." Gemini accuses DCG and Silbert of engaging in a scheme involving lending large amounts of cryptocurrency and U.S. dollars to Genesis, a DCG subsidiary. Genesis had operated an Earn program in partnership with Gemini, but halted withdrawals and filed for bankruptcy. Gemini seeks to recover funds incurred due to DCG's and Silbert's alleged false representations and omissions. Gemini co-founder Cameron Winklevoss claims that Silbert knew Genesis was insolvent and accuses DCG and Genesis of creating false financial reports. DCG has dismissed the lawsuit as a "publicity stunt."

via Cointelegraph|
#barry-silbert#cryptocurrency#digital-currency-group