DCG crypto group loses its CFO

Michael Krainesthe CFO from Digital Currency Group, a resigned. The American conglomerate specialized in the crypto announces at the same time income in increase at T1 2023 compared to the previous quarter.

In a letter to shareholders, Digital Currency Groupwhose bankrupt subsidiary Genesis is still seeking to resolve the situation with its creditors, said its chief financial officer had left the ship.

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In the position of CFO since March 2021, Michael Kraines will be replaced by DCG President Mark Murphy and Chief Strategy Officer Simon Koster while the group finds a permanent replacement.

In his letter, DCG indicates that it has generated 180 million dollars in revenue in T1 2023 While cryptocurrency prices have risen very significantly this year. A 63% increase compared to the previous quarter but still down 46% compared to Q1 2022.

DCG also reported that its 350 million secured term loan had been refunded in the first quarter. “Aside from the amounts owed to Genesis, Digital Currency Group no longer has any third-party debt the letter states.

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Last year, the group led by Barry Silbert and owner of Genesis, Grayscale or Luno, suffered a loss of more than 1 billion dollars.

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