The venture capital company Digital Currency Group (DCG) has recently announced the settlement of all its short-term debts owed to the now-bankrupt cryptocurrency lending platform Genesis.
On January 6, DCG released a statement on X (previously known as Twitter), confirming that it has met all its current financial commitments. This includes a payment of about $700 million to Genesis, contributing to the over $1 billion that has been paid to creditors in the last year. DCG CEO Barry Silbert emphasized that these debt payments were made despite the difficult conditions in the cryptocurrency market throughout 2023.
Silbert remarked, “We have now repaid over $1 billion of debt, including this approximately $700 million, in spite of the industry’s challenges.” In November 2023, Cointelegraph reported that DCG had agreed to repay all outstanding loans to Genesis by April 2024.
This repayment plan was part of an agreement aimed at resolving a lawsuit filed against DCG by Genesis in September, which demanded the repayment of overdue loans estimated at around $620 million.
Genesis declared bankruptcy in January 2023 following a halt in withdrawals in November 2022. The company had debts exceeding $3.5 billion to its top 50 creditors, which included notable firms such as Gemini and VanEck’s New Finance Income Fund.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up