Digital Currency Group confirms $700 million debt settlement with Genesis

Venture capital firm Digital Currency Group (DCG) has announced that it has approved all short-term loans for the now-defunct crypto lending platform Genesis.

In a Jan. 6 statement released by X (formerly Twitter), DCG confirmed that it was current on its financial obligations, including paying $700 million to Genesis on top of the $1 billion previously paid to creditors. year.

“DCG is pleased to announce that it has completed the payment of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion in debt to lenders within one year, including approximately $700 million to Genesis, and has satisfied all current obligations.”

In addition, DCCG CEO Barry Silbert noted that these debt obligations have been met by 2023 despite the challenging conditions in the crypto market.

“Despite what the industry has faced, we've paid off more than $1 billion in debt, including more than $1 billion in debt,” Silbert said.

I am happy to share that @DCGco has completed the full repayment of the loan from Genesis

Despite the industry's challenges, we have paid off over $1 billion in debt, including ~700 million.

About the next phase of the industry and DCG. I'm excited for the leadership role https://t.co/Jlbu3Zs7Xl

— Barry Silbert (@BarrySilbert) January 5, 2024

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In November 2023, Cointelegraph reported that DCG agreed to repay all loans to Genesis by April 2024.

The proposed settlement is an effort to allow Genesis to drop a lawsuit filed against DCG in September, which requires the company to repay an estimated $620 million in loans.

Genesis filed for bankruptcy in January 2023 after ceasing cash flow in November 2022.

The company owes more than $3.5 billion to the top 50 lenders, including firms like Gemini and VanEck's New Financial Income Fund.

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