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A Crypto Magnate Saw the Risks and Still Was Hammered

By Gregory Zuckerman, Vicky Ge Huang and Caitlin Ostroff

 

CEO Barry Silbert of Digital Currency Group, a finance veteran who built a crypto conglomerate, now is fighting to keep its brokerage firm out of bankruptcy

The cryptocurrency crunch is so bad even the pros are getting squeezed.

A year ago, Barry Silbert’s 40% stake in Digital Currency Group Inc., or DCG, was valued at more than $3 billion. A crypto conglomerate, with tentacles in nearly every corner of the industry from lending to bitcoin mining, DCG worked out of plush Connecticut offices featuring a marble-countertop kitchen with a coffee barista and a French chef.

Mr. Silbert is a 46-year-old finance veteran who began his career working on restructurings and dealing with downturns. Unlike many crypto executives, he tweeted warnings about the risky behavior he saw in digital assets, suggesting he anticipated what could go wrong.

 

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Caravan To Midnight

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