Digital Currency Group (DCG) CEO Barry Silbert says the venture capital firm has settled over $1 billion in debt, including the nearly $700 million owed to its bankrupt subsidiary Genesis.
In September, Genesis filed a lawsuit to recover around $627 million in loans owed to it by DCG and its affiliate DCG International Investments (DCIG) that matured in May 2023.
The parties struck an agreement in late November with a repayment schedule that should settle the balance by April 2024.
In a new post on the social media platform X, Silbert says DCG has already paid off all the money owed to Genesis.
“I’m happy to share that DCG completed a full pay down of the money borrowed from Genesis.
We have now repaid over $1 billion of debt, including this ~$700 million, despite the headwinds faced by the industry.
I’m excited about the industry’s next chapter and DCG’s leadership role in it.”
DCG also issued a statement, saying that the firm has satisfied “all obligations currently due.”
Genesis ran into troubles in 2022 when crypto hedge fund Three Arrows Capital went under, causing liquidity issues. The crypto broker’s challenges were further exacerbated by the downfall of FTX, leading the firm to file for Chapter 11 bankruptcy protection in January 2023.
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Source: https://dailyhodl.com/2024/01/07/digital-currency-group-has-paid-off-1000000000-in-short-term-debt-says-ceo-barry-silbert/