The Shocking Revelation of a DCG Insider: the Downfall of Barry Silbert’s Crypto Empire

Larry Summers, former senior advisor and board member of Digital Currency Group (DCG), has cut ties with the cryptocurrency conglomerate amid criticism of the group’s alleged fraud. Summers faced criticism for failing to disclose his ties with crypto companies including DCG, as well as having assets stuck at the now bankrupt crypto exchange, FTX. He was also widely quoted comparing FTX to Enron in an interview with Bloomberg. Investors claim DCG’s trading desk is under investigation by the Department of Justice and Securities and Exchange Commission.

Larry Summers: A TradFi Phony in Crypto


The rise of cryptocurrencies has attracted many people from traditional finance, commonly referred to as “TradFi.” Some have embraced the innovation while others have upheld their skepticism towards the new digital assets. However, there are those who have been accused of being “phonies” as they exploit the crypto trend for personal gain without genuine interest in the technology. This article focuses on one of such individuals, Larry Summers, who worked as a senior advisor at Digital Currency Group (DCG).

Joining Digital Currency Group

In May 2016, Summers joined DCG, which had just added new partners. The firm had brought on a former Treasury Secretary and a director of the NY Fed to its ranks. Summers, who was the former Secretary of the Treasury for President Clinton and the Director of the National Economic Council for Obama, became a Senior Advisor at DCG. Despite his affiliation with DCG, Summers still held on to his traditional finance views, as seen in his speeches and interviews.

DCG’s Ties to Enron and Fraud

DCG’s association with Enron-like businesses came to light in November 2021. Summers was quoted comparing Sam Bankman-Fried’s crypto exchange, FTX, to Enron in an interview with Bloomberg. DCG and Genesis, Silbert’s subsidiary, had a trading partnership with FTX and had a small equity investment in the exchange. When FTX suffered losses, over $175 million of Genesis’ assets were stuck in the exchange. The US Feds opened investigations into DCG’s financial transfers to Genesis, with claims of fraud.

Larry Summers’ Resignation from DCG

Summers’ role as Senior Advisor at DCG came under criticism due to his apparent conflicts of interest. He faced scrutiny over his comments about FTX and DCG’s involvement in the exchange. DCG was also facing investigations into fraud. In response, Summers cut ties with DCG in 2021, quietly resigning from the company. However, given the circumstances, it is unclear when Summers left DCG.

The Revolving Door Project’s Call for Action

The Revolving Door Project rightly questioned Summers’ affiliation with DCG amid its fraudulent activities. They also pointed out that Summers’ take on economics is usually sought by the media. Despite this, no media outlet asked about Summers’ involvement in the cryptocurrency firm, which seems rather strange. The organization called for an investigation into how Summers conducts due diligence before affiliating with corporations.


Larry Summers, like many other TradFi individuals, jumped on the cryptocurrency bandwagon for personal gain. His affiliation with DCG was questionable, given the firm’s involvement in fraudulent activities. There is a need for people to be cautious when considering advice from such individuals. It is critical to investigate their backgrounds and affiliations before making any financial decisions.

Notify of
Inline Feedbacks
View all comments

Discover the 3 Lowcap Gaming Cryptos Set to Explode in 2023!

In this video, the creator discusses three low-cap gaming projects that they believe will do well in the future. The first is Nakamoto Games, a browser-based game with action, shooting, sport, and simple...

Discover the 3 Altcoins That Will Help Ethereum Dominate Enterprise! When?

Blockchain firm ConsenSys has launched an open-source middleware initiative aimed at enabling secure and private business processes on the Ethereum blockchain. The Baseline Protocol is built with cryptography,...

"Find Out If Ivan Was Convinced by Roger! Discover How a Programmer Explains the 51% Attack Cost."

In the latest episode of Good Morning Crypto, host Ivan on Tech discusses Bitcoin Cash with Roger Ver, also known as “Bcash”, as well as a range of other topics. Ver’s appearance sparked...

Could this be the beginning of the end for BlackRock?

BlackRock is the world’s largest asset manager with $8 trillion in assets, and its ESG investment ideology has come under scrutiny due to its impact on individuals and institutions. ESG stands for...

NFL Rivals Web3 Release: What You Need to Know About Mythical Games and CCO Jamie Jackson on Blockchain Interviews

MythicalGames is a company that builds a platform where developers can add blockchains and marketplaces to games. Their goal is to change the fundamental players of owning something and bring blockchain...

Discover the Latest Update on 6 Altcoins Making Waves! 🌊 (Including Solana, Polkadot, and Pepe)

Solana Labs, the core contributors to the Solana blockchain, is launching an AI-based plugin that lets users search the blockchain via OpenAI’s chatbot technology. The chat GPT plugin will let users...

Discover Nucleon and Unveil the Promising Future of Liquid Staking!

Nucleon is a project developed on the Conflux Network, offering a solution to the problem that arises in liquid staking. Liquid staking allows asset holders to earn yield without locking their assets....

Unbelievable 🀯 Growth Acceleration πŸ“ˆ - Years of Development in Weeks πŸš€ (Incredible Upheaval!)

Recent technological breakthroughs, including AI, have led us into an age of exponential growth, where advancements that used to take 10 years can now take only months. This applies to blockchain and cryptocurrency...

Prepare for Chaos: Crypto's Next Move Will Blow Your Mind!

The video discusses the current rise of Bitcoin and its potential impact on the cryptocurrency market. The narrator also analyzes the movements of whales in the market and provides updates on altcoins...

Is Getting Free Money through Crypto Airdrops Possible? #crypto #airdrop #defi #passiveincome

Airdrops are a legitimate marketing strategy for projects that cannot spend money on traditional marketing avenues such as ads due to potential regulatory issues. Airdrops are a way to attract users to...
Load More



Coming Soon

Subscribe and be the first to know about the launch

Look at our roadmap


Thanks for subscribing

You will only receive important notifications
For now, follow to our social networks