DCG chief Barry Silbert broke his silence with a letter to the shareholders, but the crypto community was left unimpressed after it failed to address allegations of defrauding customers.
The crypto community woke up to another drama-filled day after the Digital Currency Group chief's reflection went wrong. DCG chief Barry Silbert penned a letter to the shareholders on Jan. 10, reflecting on the state of the crypto market and the growing FUD around the company. DCG is the parent company of Genesis Global Capital, a crypto lending firm and Grayscale, the world’s leading crypto asset manager.
In the letter, Silbert addressed the growing issues around DCG and its subsidiaries owing to the bear market and FTX contagion. He said that bad actors and the implosion of leading crypto companies have wreaked havoc on the industry and noted that “DCG and many of our portfolio companies are not immune to the effects of the present turmoil.”
I’m incredibly proud of the role that DCG & I have played as pioneers & builders over the past decade. We’ve invested in >200 companies that have developed & shaped the industry, we’ve helped build the first publicly-quoted BTC fund, the largest asset manager in the space..In the latter half of the letter, Silbert addressed some of the raging questions around its relationship with FTX, the loan agreement with Genesis and more.
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