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Genesis reaches a US$200 million repayment agreement with DCG, ending approximately US$620 million in litigation

Digital Money Group has reached a new repayment agreement with its bankrupt subsidiary, Genesis Global Holdco LLC, as part of a settlement to end the lawsuit claiming around $620 million from DCG. Genesis lawyer Sean O'Neal stated at a hearing on Tuesday that the deal will provide around $200 million in funding for the bankrupt cryptocurrency lending institution in the coming weeks and requires DCG to complete unpaid payments by April 2024. If DCG defaults, Genesis can attempt to collect any unpaid amounts according to court documents. The proposed agreement aims to settle the lawsuit filed by Genesis in September to recover unpaid loans from its parent company. Court documents show that DCG has been making payments to Genesis since the lawsuit was filed, and as of November 28, DCG still owes its subsidiary $324.5 million.

Genesis DCG Digital Currency Group
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