{"id":7378,"date":"2023-11-29T11:04:26","date_gmt":"2023-11-29T11:04:26","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=7378"},"modified":"2024-03-27T13:01:34","modified_gmt":"2024-03-27T13:01:34","slug":"genesis-agreed-with-dcg-for-620-million-dollar-lawsuit","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/genesis-agreed-with-dcg-for-620-million-dollar-lawsuit\/","title":{"rendered":"Genesis Agreed with DCG for $620 Million Lawsuit"},"content":{"rendered":"

Genesis Agreed with DCG for $620 Million Lawsuit! Crypto lending firm Genesis<\/strong> and its parent company, Digital Currency Group<\/strong> (DCG), have entered into a series of agreements to resolve a lawsuit initiated for the repayment of a $620 million debt.<\/p>\n

In its application submitted to the United States Bankruptcy Court for the Southern District of New York on November 28, Genesis stated that the DCG will pay its unpaid debt of $324.5 million due by April 2024, allowing Genesis to undertake the necessary follow-up procedures.<\/p>\n

The purpose of this proposed agreement is to terminate the lawsuit Genesis filed against DCG in September, demanding repayment of the company’s approximately $620 million in overdue loans. DCG has made payments in certain amounts since the beginning of the lawsuit.<\/p>\n

Genesis<\/strong> stated that the repayment agreement will bring \u201cimmediate significant and near-term benefits\u201d to itself, and will prevent the \u201crisks, expenses, and exhaustion of resources brought along with litigation\u201d.<\/p>\n

\n

You can follow us on Google News to be instantly informed about our content!<\/span><\/strong><\/a><\/p>\n

\n

This agreement will be part of a repayment plan for Genesis’ creditors, and the votes of debtors will be taken into consideration. Judge Sean Lean will hold a vote on the plan before making a final decision. Genesis had previously filed a lawsuit against cryptocurrency exchange Gemini<\/strong> on November 22, requesting to recoup approximately $670 million in money transfers.<\/p>\n

On the other hand, firm <\/b>and Gemini are facing a situation where the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against them for alleged worthless securities sales. The state of New York has also filed a lawsuit against Genesis, Gemini, and DCG, alleging that the trio defrauded their investors.<\/p>\n

Genesis filed for bankruptcy in January, after suspending cash withdrawal transactions in November 2022.<\/p>\n

\n

May Interest You: SEC Once Again Postponed Decision on Two Bitcoin ETFs!<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Genesis Agreed with DCG for $620 Million Lawsuit! Crypto lending firm Genesis and its parent company, Digital Currency Group (DCG), have entered into a series of agreements to resolve a lawsuit initiated for the repayment of a $620 million debt. 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