{"id":287840,"date":"2023-01-11T08:18:44","date_gmt":"2023-01-11T08:18:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=287840"},"modified":"2023-01-11T08:51:29","modified_gmt":"2023-01-11T08:51:29","slug":"bitvavo-rejects-dcgs-70-repayment-proposal","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitvavo-rejects-dcgs-70-repayment-proposal\/","title":{"rendered":"Bitvavo rejects DCG&#8217;s 70% repayment proposal"},"content":{"rendered":"<p>Crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/bitvavo\/\">Bitvavo<\/a> rejected Digital Currency Group's (DCG) proposal to repay 70% of its debt because the embattled firm has sufficient funds to make full repayment, according to a Jan. 10 <a href=\"https:\/\/blog.bitvavo.com\/dcg-update-statement-10-01-2023\/\">statement<\/a>.<\/p>\n<p>Bitvavo maintained that it was confident that a solution could be found to satisfy all the concerned parties.<\/p>\n<p>According to the Netherlands-based company, the debt repayment would not be affected by the reported <a href=\"https:\/\/cryptoslate.com\/silberts-dcg-is-being-investigated-by-doj-and-sec-over-internal-transactions\/\">investigations<\/a> into DCG nor the possible <a href=\"https:\/\/cryptoslate.com\/genesis-sacks-30-of-workers\/\">bankruptcy<\/a> of crypto lender Genesis. However, the process could impact the repayment timelines.<\/p>\n<p>Bitvavo did not respond to CryptoSlate's request for comment as of press time.<\/p>\n<p>Bitvavo has over $300 million (\u20ac280 million) locked with DCG. The exchange <a href=\"https:\/\/blog.bitvavo.com\/response-bitvavo-to-situation-dcg\/\">said<\/a> it uses DCG's services to offer off-chain staking services to its clients.<\/p>\n<p>Meanwhile, Bitvavo clients are not impacted by the fallout. According to the exchange, its clients can withdraw their digital assets anytime because it has assumed the risk on their behalf.<\/p>\n<p>DCG is currently facing heightened scrutiny because of its <a href=\"https:\/\/cryptoslate.com\/market-reports\/how-the-gbtc-premium-trade-ruined-barry-silbert-his-dcg-empire-and-took-crypto-lending-platforms-with-them\/\">financial situation<\/a>. Gemini co-founder Cameron Winklevoss has <a href=\"https:\/\/cryptoslate.com\/cameron-winklevoss-calls-for-immediate-removal-of-barry-silbert-as-dcg-ceo\/\">called<\/a> for the removal of its CEO Barry Silbert.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto exchange Bitvavo rejected Digital Currency Group&#8217;s (DCG) proposal to repay 70% of its debt because the embattled firm has sufficient funds to make full repayment, according to a Jan. 10 statement. Bitvavo maintained that it was confident that a solution could be found to satisfy all the concerned parties. According to the Netherlands-based company, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":287858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968],"tags":[78297,78280,78298,74485,77317],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitvavo rejects DCG&#039;s 70% repayment proposal<\/title>\n<meta name=\"description\" content=\"Crypto exchange Bitvavo rejected Digital Currency Group&#039;s (DCG) proposal to repay 70% of the debt owed to its customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitvavo-rejects-dcgs-70-repayment-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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