Informed sources: Genesis owes creditors more than $3 billion, parent company DCG considers selling $500 million in venture capital assets

Cryptocurrency brokerage Genesis owes creditors more than $3 billion, prompting its parent company Digital Currency Group (DCG) to consider selling some of its venture capital portfolio assets to raise funds, the Financial Times reported, citing people familiar with the matter. Among the venture capital assets DCG is considering for sale include 200 cryptocurrency-related projects in at least 35 countries, such as exchanges, banks and custodians, worth about $500 million. Genesis has hired investment bank Moelis to help explore options, but talks over external funding have so far failed to materialize. Genesis’ debts include $900 million owed to Gemini clients, €280 million owed to Dutch exchange Bitvavo, and money owed to clients of crypto savings firm Donut. Another group of Genesis creditors is represented by attorneys for Proskauer Rose, according to people familiar with the matter.