News
Digital Currency Group has over $320 million left to repay, according to Genesis, and the deal would see that remaining sum repaid by April 2024.
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Digital Currency Group News
Digital Currency Group, Inc. is a venture capital company that specializes in cryptocurrency, digital currency and blockchain markets. Digital Currency Group was launched by Barry Silbert in 2015 and is headquartered in New York, U.S. The portfolio of Digital Currency Group’s investments includes such projects as Bitpay, Blockstream and Coinbase. The long-term development of blockchain implementation into banking, IT and fintech industries is stated as a top priority of the Digital Currency Group’s investments. The company believes that Bitcoin and blockchain are game changers in the current social and economic structure of the world and tries to help technology-driven startups accelerate their evolution and development for the purpose of providing new opportunities for the mass consumer.
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CoinDesk was owned by the Digital Currency Group, which acquired the media company in 2016 for $500,000. Its new owner is headed by former New York Stock Exchange president Tom Farley.
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Genesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by DCG, the suit claims.
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A filing from New York Attorney General Letitia James alleges that the cryptocurrency companies defrauded investors of over $1 billion.
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Lawyers representing Gemini Trust filed a response in bankruptcy court to Digital Currency Group’s plan claiming to offer unsecured creditors a “70–90% recovery."
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In January, Genesis Global Capital announced it would eliminate its crypto spot trading services “voluntarily and for business reasons” without additional details.
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DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG.
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DCG borrowed $500,000 from its subsidiary last year, and DCG Investments borrowed over 18,000 BTC. Both have allegedly defaulted.
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The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.”
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The in-principle agreement reached by DCG and creditors also said that the ad hoc group and Gemini did not support the deal.
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The estimated U.S. dollar equivalent recoveries could amount to 70%–90% for Genesis creditors, should the amended plan be carried out.
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Estimates of staffers facing the axe range from 45% (20 people) to 16%. A companywide meeting is reportedly scheduled for Aug. 14.
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Gemini’s complaint filed in July alleged DCG and Barry Silbert had made “false, misleading, and incomplete representations and omissions” related to Genesis and the Earn program.
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Digital Currency Group is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital.
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This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.
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