{"id":83704,"date":"2023-08-29T12:17:55","date_gmt":"2023-08-29T09:17:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83704"},"modified":"2025-09-12T12:50:30","modified_gmt":"2025-09-12T09:50:30","slug":"dcg-to-reimburse-genesis-creditors-up-to-90-of-funds","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dcg-to-reimburse-genesis-creditors-up-to-90-of-funds\/","title":{"rendered":"DCG to reimburse Genesis creditors up to 90% of funds"},"content":{"rendered":"<p>Digital Currency Group (DCG), the parent company of the bankrupt trading firm Genesis Global Holdco, <a href=\"https:\/\/restructuring.ra.kroll.com\/genesis\/Home-DownloadPDF?id1=MjQ2NzEwNg==&#038;id2=-1\">reached an agreement<\/a> with Genesis creditors to settle claims.<\/p>\n<p>DCG plans to enter into a debt settlement agreement and assume new obligations. They include a loan of $328.8 million with a two-year maturity and a loan of $830 million over seven years.<\/p>\n<p>According to court filings, the company also intends to pay $275 million in four installments.<\/p>\n<p>If the plan is successfully implemented, unsecured creditors would recover between 70% and 90% of their invested funds in U.S. dollar equivalents and between 65% and 90% depending on the type of digital asset.<\/p>\n<p>On 16 November 2022 Genesis <a href=\"https:\/\/forklog.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\">froze withdrawals<\/a> and the issuance of new loans. The firm cited \u201cheightened demand\u201d from clients after <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the collapse of FTX<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/british-virgin-islands-court-orders-liquidation-of-three-arrows-capital\">the Three Arrows Capital hedge fund<\/a>.<\/p>\n<p>In January 2023 the firm and its subsidiaries Genesis Asia Pacific and Genesis Global Capital <a href=\"https:\/\/forklog.com\/en\/news\/genesis-part-of-digital-currency-group-files-for-bankruptcy\">filed for bankruptcy<\/a>. According to media reports, their liabilities <a href=\"https:\/\/forklog.com\/en\/news\/financial-times-genesis-global-capital-owes-creditors-more-than-3-billion\">exceeded $3 billion<\/a>. This amount includes claims <a href=\"https:\/\/forklog.com\/en\/news\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\">by Gemini\u2019s clients for $900 million<\/a>.<\/p>\n<p>In May DCG <a href=\"https:\/\/forklog.com\/en\/news\/dcg-misses-630m-payment-to-gemini-earn\">missed a payment of $630 million<\/a> as part of compensation to Gemini Earn users.<\/p>\n<p>In July, the Winklevoss twins\u2019 exchange <a href=\"https:\/\/forklog.com\/en\/news\/gemini-sues-dcg-and-barry-silbert\">filed a lawsuit<\/a> against Digital Currency Group and Barry Silbert, calling the latter the \u201carchitect and mastermind of the fraud.\u201d Later at DCG <a href=\"https:\/\/forklog.com\/en\/news\/dcg-seeks-to-dismiss-geminis-lawsuit\">was asked to have the suit dismissed<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital Currency Group, the parent of the bankrupt Genesis Global Holdco, reached an agreement with Genesis creditors to settle claims.<\/p>\n","protected":false},"author":1,"featured_media":83705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,184,1380],"class_list":["post-83704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-dcg","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83704"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83704\/revisions"}],"predecessor-version":[{"id":83706,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83704\/revisions\/83706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83705"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}