DCG finds common ground with Genesis creditors

The conglomerate Digital Currency Group has entered into a agreement in principle with the creditors of the bankrupt crypto lending platform Genesis.

According to a filing this Tuesday in the Genesis bankruptcy proceedings, Digital Currency Group has entered into a agreement in principle with the creditors of the crypto lender, reported Reuters.

The group led by Barry Silbert and the unsecured creditors of Genesis approved a plan including a 70% to 90% recovery in US dollars and 65% to 90% in kind, depending on the denomination of the digital assets.

According to the news agency, the agreement includes a payment of approximately 630 million dollars of unsecured loans and a unsecured promissory bill for $1.1 billionas well as other potential claims.

At the beginning of the year DGC filed for bankruptcy, not surprisingly. Genesis had already frozen withdrawals on its service following the bankruptcy of the FTX exchange.

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At the time, the cryptocurrency lender owed $3.4 billion to its 50 largest creditors. At the top of the list were Gemini, Bybit, Stellar, Decentraland and France’s Coinhouse.

Earlier this month, FTX and Genesis also reached an agreement.

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