Digital Currency Group (DCG) has announced that it is suspending all dividend payments to its shareholders until further notice.
What Happened: According to the letter to shareholders seen by Bloomberg, the move comes as a result of contagion in the crypto space brought on by the bankruptcy of Sam Bankman-Fried‘s FTX exchange.
“In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG’s quarterly dividend distribution until further notice,” DCG said in a letter to shareholders sent on Tuesday.
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Barry Silbert, Founder of DCG, is locked in an escalating dispute with Gemini co-founder Cameron Winklevoss, wherein customers of Gemini have lost access to an estimated $900 million in funds held with Genesis.
Gemini is a crypto exchange that allows trading in Bitcoin BTC/USD, and Ethereum ETH/USD among others.
Price Action: Bitcoin was trading at $21,298, up 1%. ETH at $1,582, up 1.52% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.