CoinDesk hires Lazard to review sale as DCG crisis mounts

Barry Silbert, Founder and CEO, Digital Currency Group

Anjali Sundaram | CNBC

Crypto trade journal CoinDesk is reviewing a potential sale and hiring consultants Lazard considering a move that would remove it from Barry Silbert’s Digital Currency Group.

“Over the past several months, we’ve received numerous inbound indications of interest in CoinDesk,” CEO Kevin Worth said in an emailed statement. The Wall Street Journal first reported on the media outlet’s hiring of Lazard.

CoinDesk, which launched in 2013, published the first story about potential accounting irregularities at Sam Bankman-Frieds Alameda Research. This coverage set crypto exchange FTX on a downward spiral, eventually leading to the company’s collapse in November, Bankman-Fried’s arrest and multiple regulatory investigations.

The contagion from the FTX meltdown hit CoinDesk sister company Genesis, a crypto lender also owned by DCG that has hired advisors on a possible bankruptcy filing following the withdrawal and lending freeze. Genesis is also the subject of an indictment by the Securities and Exchange Commission alongside crypto exchange Gemini.

Lazard will help CoinDesk “explore various options to attract growth capital for the CoinDesk business, which may include a partial or full sale.”

A DCG representative did not immediately respond to requests for comment.

LOOK AT: The SEC is blaming Genesis for unregistered security sales

Genesis has been solvent-free since June 22, says Lisa Braganza

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