Digital Currency Group (DCG), a venture capital firm, has announced the complete payoff of all its short-term loans from the now-defunct cryptocurrency lending platform Genesis. Despite the challenging conditions in the cryptocurrency market throughout the year, DCG managed to meet its loan obligations. The firm paid approximately $700 million of the nearly $1 billion it paid to creditors last year to Genesis, thereby satisfying all currently due obligations.
DCG CEO Barry Silbert expressed his excitement about the industry’s next chapter and DCG’s leadership role in it. He emphasized that the firm had repaid over $1 billion of debt, including around $700 million, despite the industry’s headwinds. In November 2023, DCG committed to paying back all of Genesis’ existing loans by April 2024. This commitment was part of a proposed agreement aimed at enabling Genesis to settle a lawsuit it had filed against DCG in September, seeking the repayment of past-due loans totaling approximately $620 million.
Genesis ceased withdrawals in November 2022 and filed for bankruptcy in January. The company’s top 50 debtors, including firms like Gemini and VanEck’s New Finance Income Fund, were owed more than $3.5 billion. In a related development, Celsius Network, another bankrupt cryptocurrency lending company, has revealed plans to unstake its current Ethereum holdings to facilitate the distribution of assets to creditors. Celsius has pledged to repay creditors by distributing Bitcoin or Ether. Reports indicate that Celsius currently owns one-third of the ETH that is in the pending withdrawal queue.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇩🇪 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Barry Silbert |
| Companies | Genesis, Gemini, VanEck’s New Finance Income Fund, Digital Currency Group (DCG), Celsius Network |
| Currencies | Bitcoin, Lido Staked Ether |
| Securities | None |
