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Creditors claim DCG has not fully repaid Genesis loan

Creditors claim DCG has not fully repaid Genesis loan

CointimeCointime2024/01/09 03:39
By:Cointime

The DCG creditors' special committee stated that DCG did not fulfill its repayment requirements to its bankrupt subsidiary, Genesis Global. Genesis and other debtors claim that, under their repayment and main loan agreements, DCG still owes a certain amount of Bitcoin, as well as $26 million in interest and penalties. The ETCG and ETHE holdings held by DCG serve as collateral for the loan from Genesis. However, DCG can only settle its US dollar and Bitcoin demands with these currencies and not with other assets. Genesis claims that as of Monday, DCG's outstanding balance was 4,550 BTC (approximately $214 million), with an additional 14,048 Bitcoin Cash (approximately $3.5 million) and 70 BTC in penalties. (Blockworks) On January 6th, Digital Currency Group (DCG) announced on X platform that it had repaid all of Genesis' short-term loans. DCG has repaid over $1 billion in debt to creditors, including nearly $700 million to Genesis, over the past year. We have fulfilled all current debt obligations. With the arrival of this milestone, we look forward to a new chapter for DCG and the future development of our industry. We will continue to fulfill our financial commitments as always.

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