Analysis

Digital Currency Group Has Paid Off $1,000,000,000 in Short-Term Debt, Says CEO Barry Silbert

Digital Foreign money Group (DCG) CEO Barry Silbert says the enterprise capital agency has settled over $1 billion in debt, together with the practically $700 million owed to its bankrupt subsidiary Genesis. 

In September, Genesis filed a lawsuit to get well round $627 million in loans owed to it by DCG and its affiliate DCG Worldwide Investments (DCIG) that matured in Might 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 submit on the social media platform X, Silbert says DCG has already paid off all the cash owed to Genesis. 

“I’m comfortable to share that DCG accomplished a full pay down of the cash borrowed from Genesis.

We’ve got now repaid over $1 billion of debt, together with this ~$700 million, regardless of the headwinds confronted by the trade.

I’m excited concerning the trade’s subsequent chapter and DCG’s management function in it.”

DCG additionally issued a press release, saying that the agency has glad “all obligations at the moment due.”

Genesis bumped into troubles in 2022 when crypto hedge fund Three Arrows Capital went beneath, 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.

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