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News - CoinDesk to be sold for US$125 million
To save crypto lender Genesis, Digital Currency Group (DCG) wants to sell CoinDesk - The price? US$125 million.
As the Wall Street Journal exclusively reports, crypto-medium CoinDesk is in the final stages of being taken over. Crypto investors Matthew Roszak and Peter Vessenes are said to have offered $125 million, the WSJ has learned from people familiar with the matter.
Coindesk set to fetch $125M -- not exactly the $300M figure DCG was talking up last year.
— Jeff Roberts (@jeffjohnroberts) July 20, 2023
Also would-be lead buyer Peter Vessenes was part of the Bitcoin Foundation, a murky group from crypto's early days that collapsed amid allegations of impropriety https://t.co/O5qSDRidUP
CoinDesk has been part of Digital Currency Group (DCG) since 2016, which is in the midst of bankruptcy proceedings surrounding the debacle of crypto lending service Genesis. Proceeds from the sale of CoinDesk are expected to help Genesis in its fight for survival, the company added.
DCG, meanwhile, is in litigation with Gemini because Gemini customer funds are stuck in the bankrupt Genesis estate. This also applies to Dutch party Bitvavo, where hundreds of millions are still unaccounted for.
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