Digital Currency Group (DCG) has announced the resolution of all outstanding debts due to the now-defunct crypto lending platform Genesis. The announcement, made on January 6 on X (formerly Twitter), confirmed that DCG is current on all debts, having paid approximately $700 million to Genesis. This forms part of the over $1 billion paid to creditors in the past year.
“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due,” the statement read. Barry Silbert, CEO of DCG, emphasized that these debt commitments were fulfilled despite the challenging conditions in the crypto market throughout the year.
“We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry,” Silbert stated. This announcement comes after a report in November 2023 that Genesis said DCG agreed to pay the remaining $324.5 million in loans by April 2024, with Genesis allowed to chase up any unpaid amounts.
The proposed deal was in an effort to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue loans worth around $620 million. Genesis filed for bankruptcy in January after suspending withdrawals in November 2022.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Barry Silbert |
| Companies | Cointelegraph, Genesis, Digital Currency Group, Grayscale, X |
| Currencies | None |
| Securities | None |
