福布斯:拿什么拯救陷入困境的加密帝国DCG

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作者:Nina Bambysheva, Forbes Staff,翻译:善欧巴,比特币买卖交易网

DCG的困境:加密寒冬、诉讼缠身、前途未卜

2022 年 5 月,Terra 稳定币崩盘引发的多米诺效应迅速波及整个加密货币领域,许多机构纷纷倒下。短短一年时间,Celsius Network、BlockFi、Voyager Digital 和 FTX 等公司相继申请破产,昔日风光无限的加密巨头们要么站在法庭上,要么身陷囹圄。如今,随着比特币价格突破 4 万美元,整个加密行业似乎终于从 2022 年 12 月的低谷中爬了出来。

然而,对于巴里·西尔伯特和他的数字货币集团 (DCG) 来说,Terra 崩盘的影响就像流沙一样难以摆脱。DCG 旗下的 Genesis Global Capital 贷款部门于今年 1 月申请破产保护,但这个庞大的集团仍然拥有超过 200 家公司,其中包括加密矿业巨头 Foundry 和数字资产交易所 Luno。此外,还有 DCG 的皇冠明珠——Grayscale Investments,它运营着全球最大的比特币基金,管理着 270 亿美元的资产,收取高达 2% 的管理费。尽管比特币价格有所回升,但其旗舰封闭式基金 GBTC 的股价仍折价 11%。上个月,DCG 将其新闻网站 CoinDesk 以未透露金额出售给了由前纽约证券交易所总裁 Tom Farley 领导的加密交易所 Bullish。

随着加密寒冬的持续,这位昔日的亿万富翁面临着诸多严峻的问题:

  • 纽约州总检察长 Letitia James 试图禁止 DCG 和 Genesis 在纽约开展业务,指控他们欺骗投资者,试图隐瞒与新加坡加密对冲基金 Three Arrows Capital 崩盘相关的超过 11 亿美金的损失。Three Arrows Capital 曾经是 Genesis 最大借款人之一。

  • 另一家卷入詹姆斯诉讼的加密交易所 Gemini 的总裁 Cameron Winklevoss 也指控 Silbert 和 DCG 欺诈 Gemini 的存款人。彭博社援引消息人士报道称,美国联邦调查局、证券交易委员会和州官员正在调查这些指控。

  • Genesis 指控其母公司将其视为一个“事实上的”金库,缺乏适当的企业控制。Genesis 要求 DCG 在 2024 年 4 月之前偿还超过 3.2 亿美元的贷款,这些贷款最初应于 2023 年 5 月到期。根据 11 月 28 日提交的破产计划,DCG 已同意新的条款。

  • 许多 Genesis 的债权人拒绝了 DCG 今年 8 月提出的最新偿债方案。新方案允许 Genesis 在多个方面起诉 DCG。DCG 称此类指控毫无根据,Genesis 则表示希望庭外解决问题,而不是在法庭上与 DCG 对簿公堂。

  • 纽约州在民事诉讼中提到的欺诈指控包括指控 Genesis 的资产负债表中存在一份可疑的价值 11 亿美元的 10 年期票据,该票据来自 DCG,Genesis 将其列为当前资产。

  • 哥伦比亚商学院兼职教授、专注于区块链的咨询公司 Zero Knowledge Consulting 的管理合伙人 Austin Campbell 表示:“FTX 更像是伯纳德·麦道夫,但如果这些指控属实,DCG 可能更像安然。”

  • Digital Currency Group 否认欺诈指控。该公司发言人通过电子邮件告诉福布斯:“这张票据代表 DCG 在 2022 年 6 月 Three Arrows Capital 违约后介入帮助 Genesis。”“DCG 同意承担 Genesis 从 Three Arrows Capital 获得的 11 亿美元无担保贷款应收款项,该款项的回收非常不确定,仍然存在很大风险,DCG 用这张票据接下了这个风险。DCG 没有收到任何现金、加密货币或其他形式的票据付款,事实上承担了 Genesis 对 Three Arrows Capital 贷款的亏损风险,而没有义务这样做。”

  • 该发言人补充说,使用票据机制帮助 Genesis 是由 DCG 的“财务和法律顾问,以及我们的会计师的意见”提出的。

  • Silbert 和 DCG 还坚持他们一直在配合纽约州总检察长的调查,对这些指控感到“震惊”,称其“毫无根据”,并称 Genesis 的指控是“误导”。然而,随着各种诉讼和指控悬而未决,时间似乎站在 Silbert 这边。

  • 至于 Gemini 声称数字货币集团对交易所储户进行欺诈的说法,DCG 在 1 月份的一份声明中表示,“这是卡梅伦·文克莱沃斯 (Cameron Winklevoss) 为转移对自己和 Gemini 的责任而采取的又一个绝望且没有建设性的宣传噱头,而 Gemini 是 Gemini 的运营全权负责人。赢得并向客户推销该计划。”

  • 比特币去年上涨了 157%,而 Silbert 庞大帝国背后的许多数字资产现在的价值可能会增加数十亿美元。例如,比特币矿商最近几周股价飙升,Marathon Digital 今年迄今上涨了 356%。DCG 的矿商 Foundry 如今的价值可能高达 30 亿美元。鉴于其丰富的资产,DCG 的处境已经比 Terra 崩溃的其他受害者好得多。

纽约诉讼是 Silbert 最大的威胁

一直关注此案的投资咨询公司 Lumida Wealth Management 首席执行官 Ram Ahluwalia 表示,目前 DCG 面临的最大威胁似乎是纽约的诉讼,这可能迫使 Silbert 剥离 Grayscale。“纽约州总检察长试图禁止 DCG 在该州境内经营证券和大宗商品业务,”阿鲁瓦利亚说道。“从法律上来说,他们将被要求停止履行各种职能。”

阿鲁瓦利亚补充道,如果詹姆斯获胜,DCG 将无法在纽约开展业务,这可能很快就会成为一个更广泛的问题:其他州也可能采取类似的行动。

根据《福布斯》最近看到的一封投资者信,灰度管理着十多个加密货币基金,其中包括规模庞大的灰度比特币信托基金(GBTC),占 DCG 收入的近三分之二。DCG 第三季度报告的 1.88 亿美元收入中,Grayscale 的收入占 67%,即 1.26 亿美元,是第二大子公司 Foundry 的 2.5 倍。

更糟糕的是,基于比特币现货价格的交易所交易基金可能会得到批准,这可能会削弱灰度对未来买家的价值。具有讽刺意味的是,Grayscale 一直在努力将 GBTC 转变为对投资者友好的 ETF 格式,并且最近赢得了一场重要的法庭诉讼,进一步推进了案件的审理,但结果可能是出现大量新的竞争对手,包括贝莱德 (BlackRock) 和富达 (Fidelity) 等巨头,类似基金的管理费仅为当前水平的一小部分。

目前,对 DCG 来说最大的威胁似乎来自纽约州的诉讼,该诉讼可能会迫使 Silbert 拆分 Grayscale,投资咨询公司 Lumida Wealth Management 的 CEO Ram Ahluwalia 这样说道,他一直关注着此案。“纽约州总检察长正在寻求禁止 DCG 在该州开展证券和商品业务,”Ahluwalia 说,“法律上他们将被要求停止执行各种功能。”

如果 James 胜诉,DCG 将无法在纽约开展业务,这很快可能会变成一个更广泛的问题:其他州也可能会采取类似的行动,Ahluwalia 补充道。

Grayscale 管理着超过十二只加密基金,包括规模庞大的 Grayscale 比特币信托 (GBTC),根据福布斯看到的最新投资者信函,Grayscale 占 DCG 收入近三分之二。DCG 在第三季度报告的 1.88 亿美元收入中,Grayscale 贡献了 67% 或 1.26 亿美元,是第二大子公司 Foundry 的 2.5 倍。

更糟糕的是,Grayscale 的价值可能会被基于比特币现货价格的交易所交易基金 (ETF) 的潜在批准所降低。具有讽刺意味的是,Grayscale 一直在努力将 GBTC 转换为对投资者友好的 ETF 格式,并且最近赢得了一场重要的法院战役,进一步推动了其诉求,但结果可能是涌现出一大批新的竞争对手,包括 BlackRock 和 Fidelity 等巨头,提供类似的基金,管理费用仅为目前的几分之一。

Ahluwalia 说,失去 Grayscale 会让一个缩减规模的 DCG “陷入无尽的和解和诉讼”。Silbert 帝国的残骸将实质上成为“一个资不抵债的僵尸公司”。然而,加密货币的飙升可能成为它的救世主。2021 年 11 月,在 SoftBank 领导的私人股权出售中获得 7 亿美元股票后,加密货币狂热峰期,DCG 被估值为 100 亿美元。

咨询师 Campbell 说:“如果 DCG 最终无法与 Genesis 的债权人达成协议并进行和解,他们可能会被逼迫破产。”

DCG 坚持认为其复苏计划,最初由 Genesis 和无担保债权人委员会支持,但不包括 Gemini 和 Genesis 债权人临时小组,提供了“最佳的可用复苏计划”。

Genesis 破产案僵局:债权人愤怒,DCG 疑云重重

Genesis 破产案的解决面临的一个主要难题,是 Genesis 与其“Earn”计划合作伙伴 Gemini 之间的法律纠纷。Earn 计划在 2021 年向愿意将加密货币存放在 Gemini 的储蓄者提供了高达 8% 的年收益。根据协议,Genesis 从 Gemini Earn 的客户处借入加密资产,以更高的利率进行再投资,并在将利息返还给 Earn 用户时赚取大部分差价。Winklevoss 兄弟的 Gemini 充当代理,处理存款和取款,并从 Silbert 的 Genesis 向 Earn 投资者支付的款项中提取一小部分佣金。2022 年 11 月 16 日,Genesis 暂停取款以保护资产。

就在不久之前,随着加密货币市场状况恶化,一系列破产事件接踵而至,Genesis 同意提供抵押,以确保 Earn 客户在借款人违约的情况下不会损失资本。它使用的抵押品是 Grayscale 比特币信托 (GBTC) 的股份,并同意在 2022 年 8 月 15 日分期支付 3090 万个单位,11 月 10 日再支付 3120 万个单位。六天后 Genesis 停止取款,Gemini 对第一批股票进行了止赎,但第二批尚未转让。止赎时,GBTC 股价为每股 9.20 美元。

上个月,Gemini 起诉 Genesis 要求索要剩余的抵押品。它表示 DCG 已将股票发送给 Genesis,但 Genesis 拒绝转交。抵押品的价值现在远高于抵押时,交易价格超过 30 美元。总而言之,这些股票价值 16 亿美元,足以覆盖 Earn 客户的索赔。

Genesis 持不同观点。它于 11 月 21 日对 Gemini 提起诉讼,要求追回 Earn 用户在 Genesis 破产申请前 90 天内提取的 6.893 亿美元。Genesis 还希望重新分配抵押品以惠及所有债权人,并质疑 Gemini 的止赎权和额外 GBTC 股份的权利。Gemini 坚持认为,由于抵押协议,Earn 客户拥有优先权。

还有一个转折:当 Gemini 进行止赎时,它以当时 2.84 亿美元的市场价格购买了第一批股票。现在其价值已超过 8 亿美元,Gemini 仍然控制着这些股票,并表示持有它们是为了 Earn 储蓄者的利益。

一位不愿透露姓名的 Genesis 债权人告诉福布斯,许多债权人认为 Silbert 的 DCG 和 Winklevoss 的 Gemini 都在采取不诚信的行为。他说:“我认为债权人感到非常沮丧,因为破产程序已经拖了这么久,DCG 不愿意达成合理的和解协议。他们一再拖延,最后提出的条款也非常不利。”

另一位化名 BJ 的 Genesis 债权人在 Telegram 上表示:“我认为对所有人——债权人、DCG 和 Genesis 来说,最好的结果都是与 DCG 达成公平的和解。” 他指出,破产程序严重扰乱了债权人的生活,而 DCG 却从长期的拖延中获益良多。他认为,DCG 应该避免旷日持久的诉讼,否则将面临来自数千名债权人的欺诈指控,这才是符合他们自身利益的做法。

加密市场复苏无疑正在帮助 DCG。Arca 加密对冲基金首席投资官 Jeff Dorman 表示:“除了 DCG 利用 Grayscale 的利润重建资产负债表,最终偿还 Genesis 的债务并摆脱困境之外,这里没有其他自然结局。或者,其他法律压力可能会迫使 DCG 申请破产。” 他进一步表示:“现在,有没有谁有足够的力量能够直接向 DCG 要求偿还债务并强制其破产?到目前为止,我们还没有看到。”

另一位匿名债权人指出,Silbert 和 DCG 也有可能在利用破产延迟中获益:“Genesis 有数百万的贷款本应在 5 月份偿还,但他至今没有归还,这些未偿还的贷款是他可以赚钱的资本。目前的无风险利率是 5%,这意味着由于拖延,他每年可以获得价值 3000 万美元的收益。” 根据 11 月 27 日的一份文件,DCG 已将对子公司的债务从 6 亿多美元减少到约 3.245 亿美元。

债权人 BJ 怒斥道:“Genesis 刚刚与 DCG 达成的贷款协议简直荒谬可笑,那些贷款本应在 5 月到期。他们起诉 DCG 要求偿还贷款,但立即给了他们宽松期。宽松期到期后,DCG 仍未支付,现在他们又准备给 DCG 另一个宽松期。这对债权人来说太不公平了!”

Genesis 破产案陷入僵局,债权人的不满和对 DCG 动机的质疑不断加剧。DCG 的未来将取决于加密市场的持续复苏、来自外部的压力以及最终与债权人达成的协议。随着时间的推移,真相终将水落石出,DCG 的最终命运也将尘埃落定。

时间紧迫,DCG 困境重重

时间在流逝,Grayscale 和其他资产管理公司,包括 BlackRock、Ark、WisdomTree、VanEck、Invesco 和 Fidelity,似乎即将获得美国证券交易委员会 (SEC) 批准推出基于现货比特币的交易所交易基金 (ETF)。彭博分析师预测,该批准可能在 1 月 10 日之前到来,但具体时间仍不确定。

如果 Grayscale 成功获得 SEC 批准并将 GBTC 转化为 ETF,该基金持股的价值折价将会缩小或消失,进而提升其股东价值,其中最大的股东之一便是 Genesis。DCG 的现金流可能会受到冲击,面临着将管理费用与 ETF 竞争对手保持一致的压力。晨星公司的数据显示,美国上市 ETF 和共同基金的平均费用率低于资产的 0.4%。然而,考虑到 GBTC 作为封闭式基金拥有的 270 亿美元资产,一旦转换为 ETF,它将立即成为市场上最大的 ETF。涌入 ETF 版本的 GBTC 的新资金可能会弥补其费用收入的任何减少。

Genesis 贷款人 BJ 解释道:“如果 GBTC 转化为 ETF 后费用减半,将会影响我们可能获得的付款。”但他补充道,简单地说如果 ETF 获得批准就对 DCG 不利并不准确,或许最初会是这样,但未必永远如此。“他们仍然是市场上的最大玩家。”

无论 Grayscale 采取何种行动,Ahluwalia 认为 DCG 正在面临品牌“毁灭”,这可能会在两到三年内逐渐显现。

Arca 的 Dorman 表示:“一次又一次,我们得到的教训是,这对 [加密市场] 情绪是负面的。”“对于每天只看到负面新闻的普通观察者来说,这是件坏事。企业只会找到其他出路。”


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However, with various lawsuits and allegations pending, they seemed to stand here. As for the allegation that digital currency Group cheated exchange depositors, they said in a statement in January that this was another desperate and unconstructive publicity stunt taken by Cameron Winklevoss to shift his responsibility to himself and himself. But the person in charge of the operation won and promoted the plan to customers. Bitcoin rose last year, and the value of many digital assets behind the huge empire may now increase by billions of dollars. For example, the share price of bitcoin miners has soared in recent weeks, and the value of miners who have risen so far this year may now be as high as hundreds of millions of dollars. In view of their rich assets, the situation is much better than that of other victims of the collapse. new york litigation is the biggest threat. The CEO of an investment consulting company that has been paying attention to this case said. The biggest threat before seems to be new york's lawsuit, which may force the New York attorney general to try to ban securities and commodities business in the state. Harroy Leah said that legally, they will be required to stop performing various functions. Harroy Leah added that if James wins, he will not be able to do business in new york, which may soon become a broader problem. Other States may also take similar actions, according to an investor letter recently seen by Forbes. There are more than a dozen cryptocurrency funds, including the huge gray-scale bitcoin trust fund, which accounts for nearly two-thirds of the revenue. Among the billion-dollar revenue reported in the third quarter, the revenue accounts for 100 million dollars, which is twice that of the second largest subsidiary. Worse, the exchange-traded fund based on the spot price of bitcoin may be approved, which may weaken the value of gray-scale to future buyers. Ironically, it has been trying to transform it into an investor-friendly format and recently won an important one. The court proceedings have further advanced the trial of the case, but the result may be a large number of new competitors, including giants such as BlackRock and Fidelity. The management fees of similar funds are only a small part of the current level. At present, the biggest threat seems to come from the lawsuit in New York State, which may force the split of investment consulting companies. He has been paying attention to this case, and the attorney general of New York State is seeking to ban the securities and commodity business in the state, saying that they will be required to stop all kinds of execution in law. If the function wins the case, it will not be able to do business in new york, which may soon become a broader problem. Other States may also take similar actions, adding that it manages more than 12 crypto funds, including a huge bitcoin trust. According to the latest investor letter seen by Forbes, it accounts for nearly two-thirds of the revenue, and contributed or billion dollars to the billion dollars reported in the third quarter, which is twice that of the second largest subsidiary. Worse, the value may be based on the spot price of bitcoin. Ironically, the potential approval of trading funds has been reduced, and efforts have been made to convert it into an investor-friendly format, and an important court battle has been won recently, which has further promoted its appeal. However, the result may be that a large number of new competitors have emerged, including giants such as Hehe, to provide similar fund management fees, which are only a fraction of the current ones. It is said that the loss will make a scaled-down wreck of an endless settlement and litigation empire become an insolvent zombie company in essence, but the surge of cryptocurrency may become its savior, and it won $100 million shares in the private equity sale led by. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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