Predominant crypto conglomerate Digital Forex Crew (DCG) reported $180 million in revenue for the main quarter and the departure of a key govt.

In a letter to shareholders considered by CoinDesk on Tuesday, DCG disclosed that its Chief Financial Officer Michael Kraines stepped down in April.

The resignation follows a $1.1 billion loss recorded by the firm in 2022 on the support of declining crypto costs and restructuring the bankrupt lending arm of its subsidiary Genesis. Nevertheless, improved momentum within the crypto market resulted in DCG’s first quarter revenue hitting $180 million, up 63% from the earlier quarter.

In step with the firm, DCG. President Impress Murphy and Chief Strategy Officer Simon Koster shall be running the finance division within the length in-between. The firm has additionally engaged govt search consulting companies and products from Heidrick & Struggles to safe another choice to Kraines, who assumed his role in March 2021.

DCG delivered one more fragment of recordsdata within the shareholder letter, that can likely be effectively-bought by market participants. The firm said that it had fully repaid a $350 million senior secured term mortgage within the main quarter.

The revelation comes amid fears that DCG might per chance additionally default on a $630 million debt obligation to Genesis that falls due within the 2d week of Would possibly possibly well. Earlier this week, DCG, Genesis and key collectors within the lending firm’s monetary anguish proceedings agreed to a 30-day mediation route of to contrivance at a resolution at the earliest likely time.

Genesis petitioned a U.S. Economic extinguish court docket for a mediator most attention-grabbing week after a subset of collectors reportedly reneged on the terms that were previously agreed upon in a deal finalized in February.

In step with an change from Gemini, one in every of Genesis’ main collectors, the mediation shall be narrowly inquisitive about DCG’s economic contribution to the monetary anguish property. Genesis’ creditor committee supplied revised terms to DCG per an ongoing investigation on various intercompany loans and transactions between the crypto conglomerate and its bankrupt subsidiary.