Digital Currency Group confirms settling $700M of debt with Genesis

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Venture capital firm Digital Currency Group (DCG) announced that it has resolved all outstanding debts currently due to the now-defunct crypto lending platform Genesis.

In a statement released on January 6 on X (formerly Twitter), DCG confirmed being current on all debts, including paying approximately $700 million to Genesis, as part of the over $1 billion paid to creditors in the past year.

“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due.”

Furthermore, Barry Silbert, CEO of DCG, highlighted that these debt commitments were fulfilled despite the challenging conditions in the crypto market throughout the year.

“We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry,” Silbert stated.

Related: Digital Currency Group files motion to dismiss Gemini lawsuit, claiming it’s a PR campaign

In November 2023, Cointelegraph reported that Genesis said DCG agreed to pay the remaining $324.5 million in loans by April 2024, with Genesis allowed to chase up any unpaid amounts.

The proposed deal was in an effort to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue loans worth around $620 million.

Genesis filed for bankruptcy in January after suspending withdrawals in November 2022. The company owed more than $3.5 billion to its top 50 creditors, including firms like Gemini and VanEck’s New Finance Income Fund.

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