Genesis balance sheet reveals web of loans across Silbert empire
11/23 01:25
The troubled brokerage Genesis Global has $2.8 billion in outstanding loans on its balance sheet, with about 30% of its lending made to related parties including its parent company, Barry Silbert’s Digital Currency Group, according to people familiar with the matter.
Among them, a lending subsidiary named Genesis Global Capital had been lending money to Genesis Global Trading -- the brokerage unit that has become a key counterparty to institutions across the crypto industry. In a letter to shareholders on Tuesday, Silbert said that intercompany loans were made “in the ordinary course of business.”
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