Currency group (dcg) is shutting down its wealth management division, hq, effective january 31, 2023. who was involved? digital currency group (dcg) was the entity involved. what happened? dcg announced that it was shutting down its wealth management division, hq. dcg owns beleaguered crypto broker genesis and digital asset manager grayscale.
when did it happen? the shutdown of dcg’s wealth management division, hq, was announced on january 31, 2023. where did it happen? the announcement was made by dcg, a new york-based company.
how did it happen? dcg’s decision to shut down hq was a result of the crypto industry’s contagion spread following ftx’s implosion in november. additionally, creditors investigating genesis’ financial woes intimated in december that dcg may be facing its own liquidity issues. furthermore, dutch cryptocurrency exchange bitvavo alleged in december that dcg owed the exchange almost $300 million, which it appeared incapable of paying back. why did it happen? dcg’s decision to shut down hq was likely due to the company’s liquidity issues, which were further exacerbated by the crypto industry’s contagion spread following ftx’s implosion in november. additionally, creditors investigating genesis’ financial woes and dutch cryptocurrency exchange bitvavo’s allegations that dcg owed them money likely contributed to the decision.
