Digital Foreign money Group (DCG) CEO Barry Silbert says the enterprise capital agency has settled over $1 billion in debt, together with the practically $700 million owed to its bankrupt subsidiary Genesis.
In September, Genesis filed a lawsuit to get better round $627 million in loans owed to it by DCG and its affiliate DCG Worldwide Investments (DCIG) that matured in Might 2023.
The events struck an settlement in late November with a reimbursement schedule that ought to settle the steadiness by April 2024.
In a brand new submit on the social media platform X, Silbert says DCG has already paid off all the cash owed to Genesis.
“I’m comfortable to share that DCG accomplished a full pay down of the cash borrowed from Genesis.
We’ve now repaid over $1 billion of debt, together with this ~$700 million, regardless of the headwinds confronted by the trade.
I’m excited concerning the trade’s subsequent chapter and DCG’s management position in it.”
DCG additionally issued an announcement, saying that the agency has happy “all obligations presently due.”
Genesis bumped into troubles in 2022 when crypto hedge fund Three Arrows Capital went below, inflicting liquidity points. The crypto dealer’s challenges have been additional exacerbated by the downfall of FTX, main the agency to file for Chapter 11 chapter safety in January 2023.
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