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Genesis set to end $620m lawsuit with Digital Currency Group

genesis-set-to-end-620m-lawsuit-with-digital-currency-group
Edited by
News
Genesis set to end $620m lawsuit with Digital Currency Group

Crypto lending giant Genesis has reached a new repayment deal agreement with its parent company Digital Currency Group.

Crypto behemoth Digital Currency Group (DCG) has reached an agreement with its trading subsidiary Genesis Global as part of a $620 million lawsuit.

According to Bloomberg, DCG has agreed to pay nearly $200 million in Bitcoin (BTC) and U.S. dollars over the next few weeks, with another sum to be paid by April 2024. Genesis lawyer Sean O’Neal says the deal will allow Genesis to avoid months of costly legal battles. Yet, he noted that the deal doesn’t resolve other disputes as part of Genesis’s plan for resolving its bankruptcy.

The agreement comes a few months after Genesis filed a lawsuit against its parent company, DCG, seeking to recover $620 million in unpaid loans amid ongoing bankruptcy proceedings and settlement talks.

Genesis Global filed for Chapter 11 bankruptcy protection in the U.S. earlier in 2023, joining a list of other crypto enterprises that have also bitten the dust. In Aug. 2023, the crypto firm introduced a repayment proposal of $1.4 billion, aimed at settling its debts. While the plan found backing from a segment of its customer base, other crucial creditors remain opposed.

Meanwhile, Genesis and its parent company are also facing other struggles as New York regulators increase their scrutiny.

In mid-October 2023, New York Attorney General Letitia James also filed a lawsuit accusing Gemini Trust, Genesis Capital, and DCG of perpetrating a $1 billion fraud scheme that harmed investors. The lawsuit alleges that the Gemini cryptocurrency exchange, founded by Cameron and Tyler Winklevoss, misled customers about the risks associated with its Gemini Earn program. Launched in 2021, Gemini Earn offered investors returns up to 8% for lending their crypto to Genesis Capital.

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