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DCG Faces Financial Turmoil as Gemini Demands $1.6 Billion Payment and Creditors Seek Solution

The Digital Currency Group (DCG) has been facing financial difficulties due to a liquidity crisis at its subsidiary, Genesis. However, some creditors, including Gemini, believe that DCG's CEO, Barry Silbert, is also to blame.

DCG denies owing Gemini $1.6 billion and claims to have fulfilled all outstanding payments, but the loan maturity has now been reached and no payment has been made to Genesis.

To prevent default and bankruptcy, Gemini, Genesis, and DCG creditors are considering a loan forbearance, but any deal would depend on DCG's good faith. Gemini is also filing a claim to retrieve $1.1 billion worth of digital assets belonging to its users that Genesis had custody over.

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