Digital Currency Group Settles $700M Debt with Genesis

    Digital Currency Group (DCG) successfully clears $700 million of debt with Genesis, marking a significant financial achievement despite challenges in the crypto market. CEO Barry Silbert highlights the completion of over $1 billion in debt repayments within a year.

    Digital Currency Group (DCG) has announced the successful settlement of $700 million in short-term loans with Genesis, the now-defunct crypto lending platform. In a statement released on Jan. 6, DCG confirmed its commitment to financial obligations, having paid over $1 billion to creditors in the past year, with nearly $700 million going to Genesis.

    DCG CEO Barry Silbert emphasized the accomplishment, noting the challenging conditions in the crypto market throughout 2023. Despite industry headwinds, DCG has fulfilled debt commitments, including the recent $700 million repayment to Genesis.

    Back in November 2023, DCG committed to repaying all outstanding loans to Genesis by April 2024. This move aimed to resolve a lawsuit filed by Genesis in September, seeking repayment of overdue loans totaling around $620 million.

    Genesis, which filed for bankruptcy in January 2023 after suspending withdrawals in November 2022, faced debts exceeding $3.5 billion to its top 50 creditors, including notable firms like Gemini and VanEck’s New Finance Income Fund.

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