DCG Triumphs In Repaying Genesis: Loans Obliterated

This is the latest development in the tangled relationship between DCG and its own subsidiary, Genesis.

Early on the morning of January 6, 2024, Digital Currency Group (DCG), a cryptocurrency investment firm, announced that it had completed the repayment of short-term debt to Genesis, a cryptocurrency lending unit that filed for bankruptcy in January 2023 and is also a DCG subsidiary.

In a statement released on the morning of January 6, 2024, Digital Currency Group (DCG), a cryptocurrency investment firm, announced that it had completed the repayment of short-term debt to Genesis, a cryptocurrency lending unit that filed for bankruptcy in January 2023 and is also a DCG subsidiary.

DCG has announced its commitment to continue meeting outstanding debt payments in the coming period.”

As reported by CoinNerd, DCG and Genesis have been embroiled in a crisis since 2022 due to the crashes of LUNA-UST and FTX. Both entities were found engaged in internal transactions, resulting in DCG owing Genesis billions of USD.

Subsequently, Genesis had to declare bankruptcy, affecting other companies like the Gemini exchange. By May 2023, DCG defaulted on payments to Genesis, leading Gemini and Genesis to sue the parent company. The lawsuit was later settled among the involved parties.

However, both entities remain under scrutiny as they are still subjects of investigation by the New York state authorities.

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