Genesis and DCG reach deal for overdue debt, creditors to vote
Amid ongoing allegations of fraud towards both crypto firms, Genesis and its parent Digital Currency Group ( DCG ) have reached a settlement deal over unpaid debts that went overdue in May — but the deal must still be approved by creditors . In an update to Genesis’ bankruptcy plan filed on Tuesday, it noted that DCG has agreed to pay its subsidiary $295 million — partly in US dollars and bitcoin — in installments by April. DCG owes Genesis Global Capital $620 million, between four loans worth $500 million and 4,550.5 bitcoin borrowed by its international arm (worth $171 million at press time). The “partial repayment agreement” brings DCG’s total returns to about $502 million. Genesis’ creditors must still agree to the deal. Genesis wants Gemini’s $700M in ‘unfair’ transfers made before bankruptcy Read more: Genesis settles with 3AC to pay 96.7% less than the $1B it claimed Crypto exchange Gemini, a major Genesi...