digital currency group (DCG) has announced that it is suspending all dividend payments to its shareholders until further notice.
What happened: As per the letter to shareholders seen by BloombergThe move comes as a result of the contagion in the crypto space brought on by the bankruptcy. Sam Bankman-Fried‘s ftx exchange.
In a letter, DCG said, “In response to the current market environment, DCG is focused on strengthening its balance sheet by reducing operating expenses and preserving liquidity. Therefore, we have suspended DCG’s quarterly dividend until further notice.” Have decided to suspend distribution.” were sent to shareholders on Tuesday.
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Barry SilbertThe founders of DCG are locked in a growing controversy Gemini co founder cameron winklevossIn which Gemini customers lost access to an estimated $900 million in funds held by Genesis.
Gemini Is a crypto exchange that allows trading Bitcoin BTC/USDAnd Ethereum ETH/USD among others.
price action, Bitcoin was trading up 1% at $21,298. ETH at $1,582, up 1.52% in the last 24 hours, According to Benzinga Pro.