Digital Currency Group Settles $700 Million Debt with Genesis
Digital Currency Group (DCG) has announced that it has paid off its short-term loans to Genesis, a now-defunct crypto lending platform, totaling approximately $700 million. This payment is part of DCG's efforts to satisfy over $1 billion of debt to its creditors within the past year.
DCG clears all short-term loans with Genesis
Venture capital firm Digital Currency Group (DCG) announced it has cleared all of its short-term loans currently due to the now-defunct crypto lending platform Genesis.
In a statement released on Jan. 6, DCG confirmed that it has paid off approximately $700 million to Genesis, as part of the over $1 billion paid to creditors within the past year.
DCG CEO Barry Silbert expressed satisfaction with the payment, stating, 'We have completed a payoff of all short-term loans from Genesis, satisfying all obligations currently due.'
DCG fulfills debt commitments despite market challenges
Barry Silbert, CEO of DCG, highlighted that the company's debt commitments were fulfilled despite the challenging conditions in the crypto market throughout 2023.
Silbert stated, 'We have now repaid over $1 billion of debt, including this ~$700 million, despite the headwinds faced by the industry.'
This accomplishment demonstrates DCG's commitment to meeting its financial obligations and maintaining financial stability in the industry.
Genesis lawsuit settled through loan repayment
In November 2023, DCG agreed to repay all outstanding loans to Genesis by April 2024 as part of a settlement.
This agreement was reached to resolve a lawsuit filed by Genesis against DCG in September, which sought repayment of overdue loans worth around $620 million.
Genesis filed for bankruptcy in January 2023 after suspending withdrawals in November 2022, owing over $3.5 billion to its top 50 creditors.
