Digital Currency Group (DCG), led by CEO Barry Silbert, has announced the full paydown of all funds borrowed from Genesis, part of a settlement agreement totaling $1 billion – including a repayment of nearly $700 million – to be finalized by April, 2024.
In a recent X post, Silbert reported that DCG had already fulfilled all the outstanding debts owed to Genesis, and is now looking ahead to capitalize on the opportunities presented by the digital assets space and take the initiative in the industry’s next phase.
An official statement from DCG also confirmed that all currently due obligations had been settled. In early 2022, Genesis encountered sudden hardships when one of its crypto-focused hedge funds – Three Arrows Capital – tragically failed, leading to a shortage of liquidity. On the tail of this disaster, the firm was further hampered by dealerts stemming from FTX, causing downfall of Genesis and resulting in the filing of a Chapters 11 bankruptcy in January of 2023.
On the heels of these difficulties, Barry Silbert and the DCG remain relentless – showing participation and leadership in the process necessary for the financial progress of the crypto industry.
