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Genesis-DCG Propose to Settle Lawsuit: Bankruptcy Filing
DCG has paid about $227.3 million to Genesis so far and plans to pay another $275 million it owes by April.
Updated Mar 8, 2024, 5:43 p.m. Published Nov 29, 2023, 4:55 a.m.
Digital Currency Group (DCG) and Genesis Global have reached a repayment plan to settle their lawsuit, according to a new bankruptcy filing.
In September, Genesis filed a lawsuit against DCG, alleging wrongful possession of over $620 million in loans and seeking repayment, interest, and fees amidst Genesis' ongoing bankruptcy proceedings.
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So far, DCG has paid approximately $227.3 million of the $620 million it owes.
The deal would see DCG pay another $275 million to Genesis in three installments, partially in U.S. dollars and bitcoin, due by April.
The deal also includes a $35 million upfront payment and a $10 million holdback from the recent sale of CoinDesk. According to the filing, DCG is also pegging Grayscale Trust shares as security.
While the deal won't fully repay the debt, as DCG owes Genesis a total of $324.5 million, it will keep the two companies out of lengthy and expensive litigation.
The deal still needs to be approved by creditors.
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