DCG Pays Off $700 Million Debt to Genesis Amid Crypto Challenges

On January 6, DCG announced that it paid off all its short-term loans owed to Genesis, a cryptocurrency lending platform that has since been discontinued.

In a statement published on January 6 on X (formerly known as Twitter), DCG confirmed its current status on financial obligations.

DCG announced that it paid around 700 million dollars to Genesis, contributing to the more than one billion dollars paid to creditors in the previous year.

“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due.”

Despite the difficult conditions that prevailed in the cryptocurrency market throughout the year, President and Chief Executive Officer of DCG, Barry Silbert, emphasized that DCG met these debt commitments.

Silbert made the statement that “despite the headwinds faced by the industry, we have now repaid over one billion dollars of debt, including this seven hundred million dollars.”

In November 2023, It was reported that DCG agreed to reimburse Genesis for all outstanding loans by April 2024. Genesis agreed to the proposed agreement to put an end to a lawsuit filed against DCG in September.

The complaint required the company to return late loans estimated at approxDCG Pays Off $700 Million Debt to Genesis Amid Crypto Challengesimately $620 million. In January, Genesis submitted an insolvency petition following the suspension of withdrawals in November 2022.

The company owed more than $3.5 billion to its top 50 creditors, which included companies such as Gemini and VanEck’s New Finance Income Fund, along with other creditors.