Barry Silbert, the CEO of Digital Currency Group, announced that the business had fulfilled all of its outstanding debts.
The now-defunct cryptocurrency lending platform Genesis was the source of all of the short-term loans that venture capital firm Digital Currency Group (DCG) claimed it has paid off.
DCG stated that it is current on its financial obligations in a statement posted on X (formerly Twitter) on January 6. This includes paying Genesis about $700 million, which is a portion of the more than $1 billion that DCG paid to creditors in the previous 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.”
Additionally, DCG CEO Barry Silbert emphasised that despite difficult circumstances in the cryptocurrency market in 2023, these financial obligations were met.
Despite the challenges the business encountered, Silbert said, “We have now repaid over $1 bn of debt, including this ~$700 mm.”. According to reports in November 2023, DCG committed to paying back all of Genesis’ outstanding loans by April 2024.
With the proposed agreement, Genesis would be able to settle a lawsuit it brought against DCG in September, which aimed to have the company refund past-due loans totaling approximately $620 million. After stopping withdrawals in November 2022, Genesis declared bankruptcy in January 2023.
The top 50 debtors of the corporation, which included companies like Gemini and VanEck’s New Finance, owed it more than $3.5 billion.