Поделиться этой статьей
Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source
The term sheet includes "an equitization of the 10-year promissory note that DCG gave Genesis in return for the 3AC claims," a person familiar with the situation said.
Автор Ian Allison
Crypto conglomerate Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation.
The agreement, which begins to resolve some of the major issues that sent Genesis into Chapter 11 bankruptcy protection, entails winding down the Genesis loan book as well as the sale of the bankrupt Genesis entities, the person said.
STORY CONTINUES BELOW
Не пропустите другую историю.Подпишитесь на рассылку Crypto Daybook Americas сегодня. Просмотреть все рассылки
The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin from Genesis, the person said. Included is “an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims,” the person said, without providing details of the process. The promissory note was for $1.1 billion to Three Arrows Capital (3AC), a crypto hedge fund that collapsed last year.
The creditor group has been negotiating on behalf of companies and individuals with claims of around $2.4 billion against the crypto lender. The group is represented by law firms Proskauer and Kirkland as well as restructuring banker Houlihan Lokey.
The proposed deal will now be offered to other creditors, including hundreds of thousands of customers of the Gemini Earn lending product, the person said.
The lending arm of Genesis halted withdrawals on Nov. 16, 2022, in the wake of crypto exchange FTX’s collapse earlier that month. Last month, Genesis‘ lending businesses filed for bankruptcy protection in New York.
On Jan. 23, Genesis’ lawyers told Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York at a hearing they foresaw reaching a deal with creditors by the end of that week.
Genesis declined to comment. DCG didn't respond to requests for comment by press time.
DCG is also the parent company of CoinDesk.
Read more: Genesis’ Crypto Trading Arm Is Moving Money Around, a Sign of Normality Amid Sibling’s Bankruptcy
CORRECTION (Feb. 6, 2023 17:55 UTC): The Genesis bankruptcy filing was Jan. 20, not last week.
Больше для вас
Что нужно знать:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Больше для вас
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
Что нужно знать:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
