I just wrote my first story for Foreign Policy. [Foreign Policy]
After the highs of 2021, cryptocurrency crashed to the ground in 2022. One by one, multiple large crypto firms toppled, dragging many minor firms down along with them in a small-scale replay of the 2008 financial crisis.
Now, another large domino, Barry Silbert’s Digital Currency Group, may be about to topple. The crypto conglomerate had managed to survive a remarkably long time with a relatively clean legal record. But on January 19, Genesis, a major part of DCG, filed for bankruptcy.
The fall of the once-acclaimed DCG could be the final nail in the coffin of crypto’s credibility. It could also lead to a systemic collapse in crypto, as DCG is one of the biggest investors in the space.