Digital Currency Group Repays Over $1 Billion in Debt, Including Genesis Loans
Barry Silbert, the CEO of Digital Currency Group (DCG), has announced that the venture capital firm has settled more than $1 billion in debt. This includes the repayment of nearly $700 million owed to its bankrupt subsidiary, Genesis.
In September, Genesis filed a lawsuit against DCG and its affiliate DCIG, seeking to recover around $627 million in loans that matured in May 2023. However, the parties reached an agreement in late November with a repayment schedule that would settle the balance by April 2024.
In a recent post on social media platform X, Silbert confirmed that DCG has already fully repaid the money owed to Genesis. He expressed his excitement about the industry’s future and DCG’s leadership role in it.
DCG also issued a statement confirming that it has fulfilled all current obligations. The troubles faced by Genesis began when crypto hedge fund Three Arrows Capital collapsed, leading to liquidity issues. The downfall of FTX further exacerbated Genesis’s challenges, ultimately resulting in its filing for Chapter 11 bankruptcy protection in January 2023.
Hot Take: DCG Sets Example by Paying Off Massive Debt
Barry Silbert and Digital Currency Group have made a significant move in the crypto industry by successfully repaying over $1 billion in debt. The settlement of nearly $700 million owed to Genesis demonstrates DCG’s commitment to financial responsibility and its ability to navigate challenges faced by the industry.
This achievement not only strengthens DCG’s position as a leader but also sets an example for other companies operating in the crypto space. By fulfilling their obligations despite headwinds, DCG showcases resilience and paves the way for a brighter future for the industry as a whole.
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