Connect with us

News

Cryptocurrency media CoinDesk exposed to takeover attempt

Published

on

CoinDesk, the leading cryptocurrency news site that was responsible for the Dantesque defeat of FTX, revealing for the first time a scandalous balance sheet and the dubious practices of its sister company Alameda Research, has reportedly been approached by buyers. The sale of the media company, which is owned by Digital Currency Group, which is also the parent company of ailing Genesis and a struggling Grayscale Investments, could bring fresh funds to the consortium. A $300 million proposal was reportedly rejected.

CoinDesk attracts interest from buyers.

As Barry Silbert, the head of the mighty Digital Currency Group (DGC), strives to reassure investors concerned about the financial health of his group due to the failure of its cryptocurrency platform Genesis, which in turn has cast doubt on the strength of its other giant, Grayscale Investments, it is the media outlet CoinDesk that could be the conglomerate’s first casualty..

Yes, that’s right, although there has been no official announcement of sale, the cryptocurrency news site, owned by DCG since 2016, has reportedly been approached by several buyers according to the fledgling U.S. media outlet Semafor. It would even be a wide range of potential buyers . who would have flocked to it. Private equity firms, family offices, hedge funds, and direct competitors, such as Block factory. An initial offer of $300 million was considered too modest and was apparently rejected.

The media outlet, which broadcasts its news for free, would make approx. 50 million euros in annual revenue.. Revenues come from both advertising and its popular meeting, Consensus. A meeting that is held annually and is among the oldest and largest cryptocurrency events. Last year, in Austin, the event attracted 17,000 attendees with a ticket price of several thousand dollars.

A lire aussi :   Prévisions Ethereum 2020: comment investir dans l'ETH?

Is CoinDesk paying for the Allison article that set the world on fire?

The article by Ian Allison in CoinDesk, dated November 2, set the world on fire by revealing that. 14.6 billion of FTX’s assets under management were FTTsthe platform’s token. In addition, it revealed that the exchange used investor deposits to redeem them for FTTs in order to conduct trading operations through Alameda Research.

Based on his information, Changpeng Zhao, the founder of Binance, the world’s largest exchange platform which then held $580 million in FTT tokens, announced on November 4 to liquidate their positions. An apocalyptic week followed. This would lead to the spectacular collapse of FTX, with its cohort of losses or potential bankruptcy of investors, both private and institutional, whose funds were locked on the platform.

One can imagine the pressure the media must be under. By doing her investigative journalistic work, she has triggered one of the worst disasters in the history of cryptocurrencies and has put companies belonging to the same group as her in jeopardy. Genesis is said to have $175 million frozen in FTX. Therefore, it would not be surprising if it were to become. one of the victims of the carnage, selling out to investors more concerned with profitability than with rigorous and honest reporting.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.