Digital Currency Group (DCG) CEO Barry Silbert says the venture capital firm has paid off more than $1 billion in debt, including the nearly $700 million owed to its bankrupt Genesis subsidiary.
In September, Genesis filed a lawsuit to recover approximately $627 million in loans owed to it by DCG and its subsidiary DCG International Investments (DCIG) that matured in May 2023.
The parties reached an agreement at the end of November on a repayment schedule with which the balance should be paid by April 2024.
In a new post on the social media platform X, Silbert say DCG has paid off all the money owed to Genesis.
“I am pleased to report that DCG has fully paid off the money borrowed from Genesis.
We have now paid down over $1 billion in debt, including this ~$700 million, despite the headwinds facing the industry.
I am excited about the next chapter of the industry and DCG’s leading role in it.”
DCG also issued a statement, proverb that the company has met “all obligations currently due.”
Genesis ran into trouble in 2022 when crypto hedge fund Three Arrows Capital collapsed, causing liquidity problems. The crypto broker’s challenges were exacerbated by the demise of FTX, which led the company to file for Chapter 11 bankruptcy protection in January 2023.
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