Kenne Michael 
A revised repayment agreement has been achieved between Digital Currency Group (DCG) and its subsidiary, Genesis Global Holdco LLC, to resolve a lawsuit seeking around $620 million from DCG.
DCG to Make Full Payment to Genesis By April 2024
Under the terms of the agreement, which were made public at a hearing on Tuesday, Genesis will acquire assets worth roughly $200 million in the coming weeks.
Furthermore, DCG must settle any outstanding payments by April 2024.
Court documents specify that Genesis retains the right to pursue the collection of any unpaid amount if DCG breaches this agreement.
The primary objective of this proposed resolution is to solve a legal dispute that Genesis instigated in September.
Furthermore, the dispute centers around recovering unpaid loans from Genesis’s parent company.
Notwithstanding the continuous payments made by DCG to Genesis since initiating the litigation, court documents reveal that Genesis remains indebted $324.5 million as of Nov. 28.
Genesis Global has recently announced that its agreement will prevent extended and expensive litigation with its parent company, Digital Currency Group (DCG).
The agreement guarantees that the crypto lender, in a state of distress and presently declaring bankruptcy, will be reimbursed a portion of its past-due obligations.
According to Genesis lawyer Sean O’Neal, although the agreement does pertain to particular repayment elements, it does not function as an all-encompassing resolution for additional conflicts that may arise between Genesis and DCG.
Most of these unresolved issues concern Genesis’s overall strategy for navigating the bankruptcy proceedings.
Battle With Gemini Is Still On
Apart from its ongoing legal dispute with former business partner Gemini Trust Co., Genesis is currently entangled in a US Securities and Exchange Commission (SEC) lawsuit.
Concurrently, legal proceedings have been initiated by regulators in New York against Genesis and Digital Currency Group (DCG).
The agreement, which was recently disclosed and is a component of Genesis’s suggested repayment strategy to its creditors, is expected to be integrated into the larger payout scheme.
However, Genesis intends to submit this comprehensive proposal to its creditors for their endorsement via a voting process.
In reaching his ultimate decision regarding the proposed plan, US Bankruptcy Judge Sean Lane will heavily consider the outcome of this vote.
Concerning the Gemini Earn program in particular, Gemini Trust Co., led by Cameron and Tyler Winklevoss, has been embroiled in a legal dispute with Genesis and its parent company, Digital Currency Group (DCG).
Gemini has recently taken legal action against the bankrupt lender, explicitly emphasizing the Grayscale Bitcoin Trust (GBTC).
Furthermore, Genesis had previously pledged around 60 million shares of GBTC as collateral for Earn product users.