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.
Today, Mr. Silbert is trying to keep DCG’s lending firm out of bankruptcy. Other DCG businesses, such as fund manager Grayscale Investments, bitcoin miner Foundry and media-and-events provider CoinDesk also face significant challenges.
Source: A Crypto Magnate Saw the Risks and Still Was Hammered – WSJ