DCG repays $700 million in debt to bankrupt brokerage subsidiary Genesis
In just one year, the conglomerate repaid $1 billion in short-term loans
08.01.2024 - 09:03
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What’s new? The cryptocurrency conglomerate Digital Currency Group (DCG), led by Barry Silbert, has reported the repayment of all short-term loans. For example, DCG paid more than $1 billion to creditors over the year, including a full repayment of about $700 million to bankrupt crypto broker subsidiary Genesis. “With this milestone behind us, we’re looking forward to the next chapter of DCG and the future growth of our industry. And as always, we will continue to honor our financial commitments,” the company assured.
What else is known? In the comments to DCG’s post, users began to wonder why customers of US crypto exchange Gemini have not yet received compensation, even though its debtor Genesis now has the necessary funds.
For instance, since December 2020, Genesis and Gemini jointly ran a revenue-generating program called Earn, in which the exchange’s customers could lend digital assets to the broker at interest. In January 2023, Genesis filed for bankruptcy, owing Gemini customers more than $1 billion at the time.
Gemini executives Cameron and Tyler Winklevoss then accused DCG and Barry Silbert of fraud and demanded that Genesis pay $1,6 billion in bitcoin trust shares to Grayscale, which is also part of DCG.
In response, Genesis demanded $689 million from Gemini, which the exchange had withdrawn from the broker’s platform in the three months leading up to its bankruptcy due to its VIP status, putting it in a better position than other creditors.
In addition, DCG, Genesis, and Gemini were also sued for fraud by New York State Attorney General Letitia James.
At the same time, Genesis reached settlement agreements with bankrupt FTX exchange and hedge fund Three Arrows Capital (3AC), under which it will pay them $175 million and $33 million, respectively.
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