Digital Currency Group (DCG), a venture capital firm, has successfully settled its short-term loan obligations to Genesis, the now-defunct crypto lending platform. DCG confirmed that it is current on its financial commitments, including a $700 million payment to Genesis, part of over $1 billion paid to creditors in the past year. Barry Silbert, DCG's CEO, noted that this achievement was accomplished despite the crypto market's difficulties in 2023.
The resolution of these debts is a part of DCG's agreement made in November 2023 to repay all outstanding loans to Genesis by April 2024. This deal was initiated in response to a lawsuit filed against DCG by Genesis in September, seeking the repayment of overdue loans amounting to approximately $620 million. Genesis had filed for bankruptcy in January 2023 after suspending withdrawals in November 2022, owing over $3.5 billion to its top 50 creditors.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
