TechFlow news, according to sources, cryptocurrency broker Genesis owes creditors over $3 billion, prompting its owner, Digital Currency Group (DCG), to explore selling assets from its large venture capital portfolio to raise funds. Genesis' debts include $900 million owed to Gemini customers, €280 million owed to Dutch exchange Bitvavo, and money owed to customers of crypto savings firm Donut. Genesis has hired investment bank Moelis to help explore various options, but negotiations for external funding have so far failed to materialize. DCG declined to comment. Genesis did not respond to requests for comment.
According to sources, as part of its efforts, DCG is considering selling some of its venture investment assets, which include around 200 cryptocurrency-related projects—such as exchanges, banks, and custodians—in at least 35 countries, valued at approximately $500 million.Source
