Digital Foreign money Group (DCG) CEO Barry Silbert says the enterprise capital agency has settled over $1 billion in debt, together with the almost $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 Could 2023.
The events struck an settlement in late November with a compensation schedule that ought to settle the steadiness by April 2024.
In a brand new publish on the social media platform X, Silbert says DCG has already paid off all the cash owed to Genesis.
“I’m pleased to share that DCG accomplished a full pay down of the cash borrowed from Genesis.
We now have now repaid over $1 billion of debt, together with this ~$700 million, regardless of the headwinds confronted by the business.
I’m excited in regards to the business’s subsequent chapter and DCG’s management position in it.”
DCG additionally issued a press release, saying that the agency has happy “all obligations at the moment due.”
Genesis ran 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.
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Examine Value Motion
Comply with us on Twitter, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in online marketing.
Generated Picture: Midjourney