DCG scrambling to raise funds to cover Genesis’ $3B debt burden
DCG is trying to liquidate its venture capital holdings worth $500 million, which is less than 17% of Genesis' outstanding debt.
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DCG is trying to liquidate its venture capital holdings worth $500 million, which is less than 17% of Genesis' outstanding debt.
Monika Ghosh 2 min read
Staked ETH has risen 18% to over 16 million ETH but over 70% of stakers have made losses, according to Dune analytics.
The full closure will come after Coinbase finalizes discussions with Japanese regulators.
Nikhil Wahi pleaded guilty in September and got sentenced to 10 months in prison on Jan. 10.
Coinbase's CEO Brian Armstrong said that the layoffs will provide the company with operational efficiency to weather the bear market. Coinbase's shares were up almost 3% premarket after the announcement.
In the 9 months following India's 30% crypto tax levy, exchanges cumulatively lost $3.85 billion in trading volume to foreign counterparts.
Coinbase will pay $50 million as penalty and spend $50 million over 2 years to fix the deficiencies in its compliance systems.
Daily crypto trading volumes on most centralized exchanges have reached their lowest in over 2 years as trading activity slows.
Bitwise Invest Chief investment officer Matt Hougan thinks Coinbase stock is undervalued despite losing significant value in 2022.