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DCG Scrambling To Raise Funds To Cover Genesis’ $3B Debt Burden

Embattled crypto lender Genesis owes over $3 billion to its creditors, the Financial Times reported on Jan. 12, citing sources familiar with the matter.

The lender owes $900 million to users of Gemini’s Earn program, over $303 million to Dutch exchange Bitvavo, as well as money to users of crypto savings firm Donut.

On Jan. 10, Bitvavo rejected DCG’s proposal to repay 70% of its debt

Genesis is in talks with investment bank Moelis to explore its options but external funding attempts have failed so far. Genesis’ parent company Digital Currency Group (DCG) is seeking to unload its venture capital portfolio to raise funds, according to the FT report.

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