DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%

Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors, potentially resulting in recoveries of 70%-90% for unsecured creditors and 65%-90% recovery on an in-kind basis, subject to market pricing and definitive documentation.

coindesk.com

Relevant topic timeline:

8/29/2023

Genesis, DCG Reach Bankruptcy Deal With Unsecured Creditors, But Gemini And Customers Won’t Play Along

Digital Currency Group and its subsidiary Genesis Global have reached a tentative agreement to resolve bankruptcy issues with unsecured creditors, potentially recovering 70%-90% for creditors and 65%-90% for customers depending on the denomination of digital assets, but the deal does not include customers of its investment program or former partner Gemini.

8/30/2023

Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal

Crypto lender Genesis' bankruptcy case is facing opposition from a group of creditors who consider the treatment of outstanding loans to be insufficient, as Genesis and parent company DCG reach a tentative deal.

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in loans, alleging that DCG and DCGI are wrongfully in possession of property belonging to Genesis Global Capital's bankruptcy estate.

9/7/2023

Winklevoss Alleges Fraud Against Digital Currency Group, Authorities Investigating Claims

U.S. authorities are investigating claims of fraud made by Cameron Winklevoss, co-founder of crypto firm Gemini Trust Co, against the Digital Currency Group (DCG) and its founder Barry Silbert, relating to the misrepresentation of DCG's lending arm Genesis, which filed for bankruptcy in January.

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.