According to a report in the Financial Times on January 12, cryptocurrency trader Genesis Global Trading is reported to owe debtors more than $3 billion. Its parent company, Digital currency Group (DCG), is looking to sell some of its venture capital holdings to fill the gap. DCG also owns GrayScale Investments and a series of digital currency trusts.

According to people familiar with the matter, DCG's venture capital unit has more than 200 projects related to login passwords, such as trading centers, banks or fund custodians in at least 35 countries and regions, and the head office is valued at about $500m. According to reports, Genesis hired Moelis, an investment bank, to explore alternative development strategies, although people familiar with the matter indicated that they had little interest in investing. On January 5th Genesis laid off 30% of its staff as part of a cost-cutting effort, the second in six months.

On January 12th, DCGCEO Meher Silbert wrote a letter to the company's shareholders: "the bankruptcy of poor actors and leading data encryption companies has damaged the industry." Silbert also said that Three Arrow Capital still owes Genesis $447.5 million and valued at $78 million 4550BTC BTC will expire in May 2023. Three Arrow Capital is in the bankruptcy procedure at the present stage, and the debtor shows a serious chill to this bankruptcy procedure.

Cointelegraph reported on November 16, 2022 that Genesis suspended withdrawals on the grounds of "unprecedented unrest in the sales market". At that time, it was reported that the company had meaningful assets of $175 million stranded on FTX and had already won the introduction of $140 million of total equity to cover losses.

Previously, it was widely believed that the possible vacancy for Genesis Global was $1 billion. According to Cameron Winklevoss, founder of Gemini, a cryptocurrency trading center, Genesis borrowed more than $2.3 billion from Three Arrow Capital, a financial derivative that has been suspended, leaving $1.2 billion in damage when the company went bankrupt in June 2022. Gemini shows that it brings customer savings of more than $900 million in value to Genesis as part of its profit-making program. More than 340000 customers are affected after Gemini earns money.<>Genesis is controversial all over the world.

This is a small and medium-sized development story, and other information will be added as they become more and more available.