DCG Bankruptcy News: With the Digital Currency Group (DCG) experiencing huge liquidation in the last 24 hours, speculation is rife about the stability of the platform. The crypto market is still not out of danger from the FTX related contagion. Following the bankruptcy of FTX, the market is still not sure about the stability of Genesis and Grayscale. This sentiment is in line with the negative price trend with the cryptocurrency prices.
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Massive Liquidation
Earlier, it was reported that DCG’s assets were witnessing a massive selloff. The transactions were seen related to cryptocurrencies: Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others. Meanwhile, there are concerns that Genesis liquidation and may cause its parent company Digital Currency Group (DCG) to fall in danger of bankruptcy.
“There is speculation that DCG is dumping assets based on below. It could mean 2 things;
1. They are trying to repay the $1,5bn loan to Genesis. The loan may be recalled in case of a bankruptcy.
2. They are entering chapter 11. To do so they must first exhaust all liquid assets.”
Also Read: Ethereum Price Prediction: Why ETH Price Could See Major Selling Ahead?
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