DCG did not immediately respond to a request for comment. Related by origin of wealth: cryptocurrency, Resides in New York, NY Metropolitan Area, Wi-Fi devices struggling to keep up with the speed of broadband coming into the home, research finds, Dropbox axes 500 jobs as it announces plans to focus the company on AI. SHIB Price Prediction: Shiba Inu Price Back at Multi-Month Support Plots 20% Rise. The firm cut 30% of its staff earlier this month, a company spokesperson told Insider. [25] It reports on bitcoin blockchain daily news, provides a bitcoin price index and publishes a quarterly State of Bitcoin report. But so far, so good.. "It has been challenging to have my integrity and good intentions questioned after spending a decade pouring everything into this company and the space with an unrelenting focus on doing things the right way," he said. He joined Regeneron one year after it was founded in 1989, and has led the invention of approved drugs at the company. The industry leader for online information for tax, accounting and finance professionals. If you know of someone, email us at dmurphy@risingmediagroup.com. Barry Silbert, Founder and CEO, Digital Currency Group David A. Grogan | CNBC It was a booming business. Genesis suspended new loan originations and withdrawals in November after FTX filed for bankruptcy. Silbert has come under fire since Genesis suspended withdrawals, with the co-founder of crypto exchange Gemini accusing him of misleading investors and engaging in bad-faith stall tactics. Gain access. Silbert holds a bachelor's degree in finance from Emory University's Goizueta Business School and is based in New York. Gemini offered a crypto yield product in partnership with Genesis, and says Genesis owes the firm $900 million. He managed money until 2011, when he then shifted $18 Billon of his wealth to his Open Society Foundation, with assets of $8.4 Billion. For crypto market access, there are now countless of spot crypto ETFs in Canada and Europe, so it shouldnt make too much difference. Most may well hold considering most cryptos are down 80% or more, and if they become part of a bankruptcy it may take years in any event. David Siegel, Two Sigma Investments, $6.5 billion, Scarsdale David Siegel,59, is the co-founder of Two Sigma Investments, a Hedge Fund with $60 Billion in assets. CTRL + SPACE for auto-complete. Top 3 Cryptocurrencies with Bullish Setup Poised for Massive Growth in May 2023, Assessing Growth Potential In Ethereum Price for May 2023; Entry Opportunity and Stoploss Marked, Assessing Growth Potential In Bitcoin Price for May 2023; Entry Opportunity and Stoploss Marked, HBAR Price Prediction: This Chart Pattern can Pull Hedera Price Out of Uncertainty and Trigger a 55% Move, SHIB Price Prediction: Rise in Demand Pressure Sets Shiba Inu Price for 15% Rally, Crypto Exchange Binance Claims to Be A Victim of ChatGPT Smear Campaign, Breaking: Lawsuit Filed Against Coinbase CEO For Using Insider Information. The firm has been under pressure from its creditors since the crypto exchange FTX began to unravel this month. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. He believes hidden funds are the primary reason behind DCG and Genesis seeking $1 billion in emergency funding from investors. Jan 20 (Reuters) - As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures. His helicopter can frequently be seen flying into his Katonah property, but he also owns several other houses and large apartments in NYC and the Hamptons. Winklevoss described a scheme in which Silbert would print money for the DCG universe in perpetuity via one of his crypto subsidiaries, a scenario awfully similar to that of fellow disgraced crypto emperor Sam Bankman-Fried. Thomas Secunda, Bloomberg LP, $3.5 billion, Croton-on-Hudson Thomas Secunda,66, is a co-founder of financial services and media company Bloomberg LP. We support credit card, debit card and PayPal payments. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Silbert has been trying to reassure shareholders about the viability of his. DCG is facing headwinds with the rest of the industry, however, with reports surfacing of Genesis' looming bankruptcy and a federal investigation into the crypto conglomerate. Barry Silbert, the former CEO of Second Market Inc., founded the DCG. Dogecoin Price Prediction: Bullish Setup Prepares DOGE Price for 32% Rally; Buy Today? U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going? George Soros, Katonah. (Reuters) - As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures. DCG's biggest revenue generator: digital asset manager Grayscale, which oversees $28 billion worth of Bitcoin, Ether and other assets. The issue was first raised by Gemini's co-founder Cameron Winklevoss in an open letter that he posted on the micro-blogging site Twitter on January 2. ", "BIT Poised to Become Publicly Traded Bitcoin Fund", "20 Institutional Bitcoin Investors Revealed, But Soon The List May Vanish", "Exclusive: Grayscale launches new 'Digital Large Cap Fund' tied to 5 top cryptocurrencies", "CoinDesk Gets Acquired By Digital Currency Group", "The 5 biggest bitcoin and blockchain announcements at Consensus", "Crypto giant DCG bets $100M to mine Bitcoin in North America", "Bitcoin mining can be a 'bridge' to a renewable energy future by supporting green projects, a leading North American miner says", "It just got harder and less profitable to mine for bitcoin as algorithm adjusts", "DCG's Bitcoin Mining Firm Foundry to Stop Offering Free Services", "Naspers-Backed Crypto Luno Acquired by Digital Currency Group", "Bitcoin Price Pump Movement Grows Ahead of El Salvador's Adoption", "Crypto Lender Genesis Had Sought Emergency Loan of $1 Billion", "Crypto Lender Genesis Asks Binance and Apollo for Cash", https://en.wikipedia.org/w/index.php?title=Digital_Currency_Group&oldid=1149304579, Financial services companies established in 2015, Articles with unsourced statements from July 2022, Articles with unsourced statements from March 2023, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 11 April 2023, at 11:44. (Reporting by Tom Wilson in London and Hannah Lang in Washington; editing by Megan Davies, Kirsten Donovan). Rising Supply Pressure Threatens Bitcoin Price for 6% Drop this Week; Time to Reaccumulate? Website. Are there other Westchester Billionaires that were missed by Forbes or may be flying under the radar? "It has been challenging to have my integrity and good intentions questioned after spending a decade pouring everything into this company and the space with an unrelenting focus on doing things the right way," he said. (Reuters) - As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures. You may change or cancel your subscription or trial at any time online. Donald Trumps real net worth? Nelson Peltz, 78, is one of the better know members of this list, because of his history on Wall Street in the 1980s as a leader in corporate buyouts leveraged by junk bonds. Trustnodes 2017-2023. Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire Published Thu, Jan 19 2023 11:41 PM EST Updated Fri, Jan 20 2023 7:35 AM EST Rohan Goswami @in . Elsewhere, the Securities and Exchange Commission, along with US Attorney's Office for the Eastern District of New York, are investigating DCG for internal transfers at Genesis, Bloomberg reported on Friday, citing unnamed sources. It said DCG and its affiliates are currently experiencing liquidity problems and has suspended repayments until further notice. [18] Grayscale was the worlds largest asset manager for digital currency, as of December 2021, with more than $50 billion in assets under management. The founder of Gemini, Cameron Winklevoss and an apparent Creditors Committee, has given DCG a deadline of 8th of January to repay $900 million owed by Genesis to Gemini Earn. [29], Bloomberg reported in April 2023 that Foundry would stop offering free Bitcoin mining services, and between April 19 and April 22, would instead levy a pool fee on members. The cryptocurrencies include Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others. [6], As of November 2021, Digital Currency Group made over 200 investments in other cryptocurrency companies. www.sollentuna.se. Bitvavo Custody BV, a part of Dutch cryptocurrency exchange Bitvavo, in a blog revealed that it is facing problems accessing its EUR 280 million allocated to DCG. The author or the publication does not hold any responsibility for your personal financial loss. DCGs $1.1 billion promissory note to Genesis could cause the parent group to dissolve Grayscales GBTC and EETH. 47. Leonard Schleifer,68, co-founded the biotech-pharmaceutical company, whose HQs are in Tarrytown. Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike? CoinDesk also hosts a conference on digital currencies and blockchain technologies named Consensus. Andrew Parish, co-founder of ArchPublic, in a tweet on November 21 claimed that Barry Silbert's DCG owes $1.1 billion to Genesis via a previously undisclosed promissory note hidden from potential investors. The stunning allegations follow Forbes estimates last month that Silberts fortune had evaporated, and as government investigations into Silberts companies ramp up. Silbert, 46, cut his teeth on bankruptcies including Enron's and WorldCom's when working at California-based investment bank Houlihan Lokey. "He has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable," the letter said. 2023 Forbes Media LLC. He is highly knowledgable about digital currencies and blockchain technology and is able to build strong relationships with his clients. FILE PHOTO: Bitcoin investor Barry Silbert speaks at a New York State Department of Financial Services (DFS) virtual currency hearing in the Manhattan borough of New York January 28, 2014. Winklevoss, on behalf of Gemini, called for Silbert's removal for his involvement in the disagreement between Genesis and its creditors. Gemini, the cryptocurrency exchange led by Cameron and Tyler Winklevoss which partnered with Genesis on interest-bearing products, had to halt withdrawals for Gemini Earn users as a result. Tom Wilson and Hannah Lang. Barry Silbert's Digital Currency Group looks like one of the last crypto empires still standing after FTX's collapse last year. Prior to launching the Bitcoin Trust in September 2013, Silbert was running SecondMarket where private company employees could sell their shares. That wouldnt be too much different for current Trust share holders as they cant redeem for bitcoin or eth. Silbert is the very public face of DCG, often opining on crypto markets through his Twitter feed and in interviews. Genesis Global Capital, one of the world's biggest crypto lending firms, filed for U.S. bankruptcy protection on Thursday owing creditors at least $3.4 billion, the latest in a string of major corporate failures in the digital asset industry sparked by the 2022 rout in crypto prices. Analysts say these cheap stocks have plenty of upside. It has also invested in more than 50 crypto funds and other related projects, Silbert said. Microsoft Designer is meant to deliver AI-generated social media posts. That is all to say Silbert may really be worth nothing, considering the debts, although he did buy ETC at 50 cent in 2016. Tom covers crypto companies, regulation and markets from London, focusing through 2022 on the Binance crypto exchange. RSS Feed. He told Reuters in the 2017 interview that he bought about $175,000 worth of the cryptocurrency in 2012, paying about $11 a coin at a time when bitcoin was little known beyond niche internet blogs. [4], In November 2021, the firm announced it would relocate its Manhattan headquarters to Stamford, Connecticut. Gemini cofounder Cameron Winklevoss threatened to sue Digital Currency Group and CEO Barry Silbert. He told Reuters in the 2017 interview that he bought about $175,000 worth of the cryptocurrency in 2012, paying about $11 a coin at a time when bitcoin was little known beyond niche internet blogs. Thats about 16,000 bitcoin worth $250 million, or circa just 10% of the debt DCG owes. Founded by Barry Silbert in 2015, D.C.G. In fact, Grayscales Ethereum Classic fund ETHC is trading at a discount of over -70%. As of November last year, DCG has made more than 200 investments in . Whether matters progress that way however remains to be seen in just a few days now. Barry Silbert is the founder and CEO of Digital Currency Group (DCG), a conglomerate of five cryptocurrency-focused companies. I started buying bitcoin, you know, at probably around seven bucks and my average price of bitcoin was $11. DCG built up a formidable portfolio of companies - over 200 in more than 35 countries Silbert told shareholders this month - from Genesis and crypto news and events site CoinDesk to New York-based Grayscale, a major digital asset manager. advertisement. [citation needed] In May 2022, it was reported that Grayscale would list an exchange-traded fund (ETF) for the first time in Europe. [7], Genesis is a cryptocurrency trading, lending, and asset custody platform, targeting institutional clients and high net worth individuals. "The experience working on complex, problematic restructurings proved invaluable," he told the U.S. Senate Banking Committee in 2011. Barry Silbert's Digital Currency Group is reportedly selling cryptocurrencies to prevent risks of Grayscale and Genesis bankruptcy. Genesis had 260 employees and a robust sales desk, and Gemini was one of its largest. Neither Barry Silbert nor DCG and Genesis have released statements to clear the FUD. The content cookies In a letter to clients on Tuesday, he wrote that Genesis leadership and its board hired financial and legal advisers following the collapse of FTX. Investors looking for companies prepared to weather uncertain times can consider these financial stock picks. For context, Genesis' lending arm was hit earlier this year over its exposure to now-defunct fund Three Arrows Capital, and later revealed its derivatives business has $175 million lock on an FTX trading account. [8], Genesis acquired the London-based cryptocurrency custodial company Volt in early 2020. The conglomerate also owns trade publication Coindesk, crypto mining firm Foundry Services, crypto index provider TradeBlock, and digital asset platform Luno Global. She graduated from the University of Maryland, College Park and lives in Washington, DC. Bain Capital declined to comment while the other firms did not respond to requests for comment. Presuming however he did with ETC same as with bitcoin, using them to bootstrap the Ethereum Classic Trust, they would be worth just about $100 million even if no one else invested in this trust. Siegel got a computer science Ph.D. from MIT. A bankruptcy may well mean the liquidation of the Grayscale Trusts, although Silbert has tried to firewall DCG and to contain any Genesis fallout. Silbert also revealed that their revenue is $800 million for 2022. [26], Foundry, established in 2019, sets up and manages bitcoin mining operations in the United States and Canada. Density is calculated using land area only. Moelis advised the crypto lender Voyager Digital on its bankruptcy filing in July. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. By clicking Sign up, you agree to receive marketing emails from Insider Just-In: Blur Marketplace Revolutionizes NFT Lending With New P2P Protocol, OpenSea Rival Blur Launches NFT Perpetual Loan Protocol, Breaking: US Supreme Court Considers Cutting Down US SEC, CFTC Powers. The company expanded and changed its name in 2008 to SecondMarket and by 2011 had facilitated billions in private market transactions, according to Forbes. Comparative assessments and other editorial opinions are those of U.S. News This is an issue of liquidity and duration mismatch in the Genesis loan book, Barry Silbert, Digital Currency Groups founder and chief executive, said in a letter to clients on Tuesday afternoon. Gemini offered a crypto yield product in partnership with Genesis, and says Genesis owes the firm $900 million. Prior to launching DCG, Silbert, a former investment banker, sold stock trading platform Second Market to Nasdaq in 2015 for an undisclosed amount. What Happened: The mediation process also involves Digital Currency Group, or DCG, Unsecured Creditors Committee and an ad-hoc Creditor Committee led by Gemini. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. DCG built up a formidable portfolio of companies - over 200 in more than 35 countries Silbert told shareholders this month - from Genesis and crypto news and events site CoinDesk to New York-based Grayscale, a major digital asset manager. Hebegan investing in blockchain technology firms around 2013. Please enter your username or email address to reset your password. Its two biggest borrowers were Three Arrows Capital, the Singapore hedge fund that went bankrupt in July, and Alameda Research, the hedge fund of FTX founder Sam Bankman-Fried that is also in bankruptcy proceedings, Reuters reported this month. [12][13], On February 6, 2023, Genesis Global Holdco announced an agreement in principle with DCG and creditors of Genesis Global Capital. At 73, David Poile is reportedly preparing to step away from day-to-day duties with the Nashville Predators at the end of this season. Check if your https://www.wsj.com/articles/a-crypto-magnate-saw-the-risks-and-still-was-hammered-11673979412. DCG has been . You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Coindesk is thought to be losing money, with their yearly conference just about subsidizing their main operations. Importantly, these issues have no impact on Genesis spot and derivatives trading or custody businesses, which continue to operate as usual., He added, Genesis leadership and their board decided to hire financial and legal advisors and the firm is exploring all possible options amidst the fallout from the implosion of FTX.. The Wall Street Journal reports Genesis is to lay off another 30% of their workforce, and is considering filing for bankruptcy, according to people familiar with the matter.. Silbert was a Crain's 40 Under 40 in 2013 who two years later founded Digital Currency Group, owner of CoinDesk, Genesis and asset manager Grayscale Investments. Silbert founded DCG shortly after Second Markert was sold, with Genesis and Grayscale serving as the organization's first subsidiaries. Barry Silbert,44, is another one of the young traders on the list. The commercial space industry has taken up the torch of the space race as companies carve out niches in satellites, space tourism and eventually space mining. The cryptocurrency crunch is so bad even the pros are getting squeezed. This does not include personal investments. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. DCG owns Coindesk, rather than just having some shares. Silbert, who grew up in Maryland, was an early bitcoin adopter. Vernon Lawyer, Ethics Board Chair and Council Candidate Charged With Threats Against Councilmember Janice Duarte, Anand Singh Charged by Feds with Attempted Enticement Of A Minor; Faces 10 Years in Jail; FBI Searches for Other Victims, Philipse Manor Hall State Historic Site Hosts Pinkster Festival May 10, The Enrico Fermi Educational Fund of Yonkers Celebrates 60 Years with Scholarship Breakfast-May 7. CEO Barry Silbert of Digital Currency Group, a finance veteran who built a crypto conglomerate, now is fighting to keep its brokerage firm out of bankruptcy. "Specific to the $10.6 billion Grayscale Bitcoin Trust, they are the biggest crypto fund, so any resolution that involves liquidation would be another major setback.". An MIT grad and former Wall Street ETF trader,. Digital Currency Group was launched in 2015 by Barry Silbert, the former CEO of SecondMarket, Inc. Commenting on data shared by Andrew Parish, Adam Cochran noted that if thats accurate, it could be the early stage of DCG insolvency. 55. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Genesis had previously confirmed it brought on advisers to help address a liquidity crunch, including the consulting firm Alvarez & Marsal and the law firm Cleary Gottlieb. Forbes 35th Annual Worlds Billionaires List: Facts And Figures 2021, by Kerry Dolan, 10 Billionaires call Westchester County home. Crypto lender Genesis is reportedly making plans to file for bankruptcy as soon as. [20][21] On January 21, 2020, Grayscale Bitcoin Trust became the first digital currency financial product to become a Securities and Exchange Commission reporting company. Since then he is the founder of Trian Fund Management, which has $8.5 Billion in assets. Barry Silbert, the boy that spent his bar mitzvah money to trade baseball cards, now has no money. Barry Silbert achieved the impossible: He successfully invented a genuinely safe way of earning billions of dollars in crypto. A spokesperson earlier this month expressed disappointment that Gemini was "waging a public media campaign despite ongoing productive private dialogue between the parties.". FDIC Loses $13 Billion on JP Morgan Acquisition of First Republic, FDIC Expected to Seize First Republic Imminently, FDIC Gives Sunday Deadline For First Republic Bids, Bitcoin Develops a $35,000 Premium in Argentina. Ethereum price plummeted 8%, with the current price trading at $1,181. Silbert has emphatically stated DCG has not "borrowed" $1.6 billion from Genesis, an attempt to put the firms at arm's length. On November 17, 2022, the Wall Street Journal reported that it had obtained confidential documents stating that Genesis was undergoing an "ongoing run on deposits" and a $1 billion emergency loan by the following Monday, November 21.[34][35]. See you back in Austin next year for Consensus 2024 consensus2024.coindesk.com As crypto markets soared in value, DCG raised money from the venture capital arm of Bain Capital, MasterCard, New York Life Insurance Company, and Canadian bank CIBC. Their only hope is if Grayscale wins in the lawsuit against SEC to turn this widow Trust into an ETF, but the outcome of that case is uncertain and is not expected anytime soon. Investors look to the precious metal amid market uncertainty. The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . $ + tax Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. Silbert bought $175,000 worth of bitcoin at the average price of $11 in 2012. Lamont and business leaders say it's a sign of change for Connecticut", "WSJ News Exclusive | Digital Currency Group Wants to Be Crypto's Standard Oil", "Genesis expands crypto footprint with custody acquisition", "Crypto Lender Genesis Lays Off 20% of Workforce, CEO to Depart", "Crypto Lender Genesis Confirms Exposure to Bankrupt Three Arrows Capital", "Crypto giant Genesis files for bankruptcy, after FTX collapse", "Genesis Reaches Agreement in Principle with DCG and Key Creditors on a Global Resolution that Optimizes Outcome for Clients and Stakeholders", "Winklevoss twins' crypto exchange Gemini to contribute $100 million to Genesis bankruptcy recovery", "Grayscale to launch digital assets ETF in UK, Italy, Germany", "Crypto investment firm Grayscale rakes in $330 million this year despite bitcoin bear market", "New Cryptocurrency Fund Finds a Side Door Into Your Brokerage Account", "Will Grayscale Plan To Convert GBTC To A Bitcoin ETF Work? He has worked at Reuters since 2014, with a previous posting to Tokyo where he uncovered abuses in Japans immigration system and won a joint Overseas Press Club award for reporting on the tobacco giant Philip Morris. The services had been free since 2019. By understanding the characteristics that make an effective hybrid team, leaders can cultivate successful teams that contribute to thriving companies. Silbert has refuted Winklevoss' claims. Tax professionals can capitalize on the growing presence of AI in their everyday work to address basic client needs beyond compliance and tax returns. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Register here for Consensus: https://www.coindesk.com/events/consensus-2021 .Join us at the largest event in the emerging world of digital finance. Bond funds have some distinct advantages over holding individual bonds. Yancopoulos is more well known in his community than his fellow billionaires. personalising content and ads, providing social media features and to George Yancopoulos, Regeneron Pharmaceuticals, $1.1 billion, Yorktown Heights George Yancopoulos, 61, is the chief scientific officer of biotech firm Regeneron. At just 28 years old, Bankman-Fried manages $2.5 billion of assets through Alameda Research, the quantitative crypto trading firm he founded in 2017. Genesis lending business Genesis Capital is already considered insolvent by many experts. Barry Silbert is the Founder & CEO of Digital Currency Group, a company helping to build the foundation of the digital currency and blockchain technology industry by launching, incubating, and investing in groundbreaking companies that will transform the global financial services ecosystem and usher in the "internet of value". The Billionaire Next Door: Meet Westchesters Ten Wealthiest Residents, Mt. (if applicable) for The Wall Street Journal. So when it went from 11 to 13, I thought I was a genius. FTX and Alameda bankruptcy could risk Genesis liquidation and may cause its parent Digital Currency Group (DCG) to go bankrupt. See here for a complete list of exchanges and delays. organisation entities, such as banks, credit card issuers or travel companies. Nasdaq bought SecondMarket in 2015 for an undisclosed amount and Silbert relaunched SecondMarkets crypto trading division as Genesis Trading the same year, incorporating it into his growing crypto empire. Founded by Barry Silbert in 2013, DCG is a crypto powerhouse with investments across the industry - including ownership of this publication. Compare Standard and Premium Digital here. Unlike other prominent crypto moguls, Silbert kept a relatively low profile, eschewing the regular tweets favored by his peers. As crypto markets soared in value, DCG raised money from the venture capital arm of Bain Capital, MasterCard, New York Life Insurance Company, and Canadian bank CIBC. Genesis, which brokers crypto for financial institutions like hedge funds and asset managers, had frozen client withdrawals in its lending unit in November, citing an "extreme market dislocation and loss of industry confidence" following the downfall of major cryptocurrency exchange FTX. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. In a letter to clients on Tuesday, he wrote that Genesis leadership and its board hired financial and. In an open letter posted to Twitter on Jan. 10, Gemini's Cameron Winklevoss demanded the DCG board remove Silbert as CEO and install a new leader. As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures.