Ahmet Bedirhan Arvas 
DCG CEO Barry Silbert has alleviated a significant portion of the company’s obligations, surpassing $1 billion, by paying off debts to Genesis.
Barry Silbert, the CEO of Digital Currency Group (DCG), has announced that the company has fulfilled all its obligations and settled debts with Genesis, a crypto lending platform. DCG stated that it has paid off a portion of its debt, including part of the over $1 billion owed to Genesis in 2022. Silbert emphasized that the payments were made considering the challenging conditions in the crypto market.
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In an announcement made on January 6th via X (formerly known as Twitter), DCG confirmed that it is current on all debts, including approximately $700 million to Genesis, as part of over $1 billion paid to creditors throughout the last year.
“DCG is pleased to announce that we have paid off all short-term debts to Genesis. In total, DCG has settled over $1 billion in obligations to creditors in a little over the past year, including nearly $700 million owed to Genesis, meeting all current obligations.”
— Digital Currency Group (@DCGco) January 5, 2024
“Additionally, it is known that, through a deal in November 2023, DCG agreed to pay the remaining $324.5 million debt to Genesis by April 2024. This agreement was made to settle a lawsuit initiated by Genesis against DCG, seeking the repayment of a delayed debt of $620 million.”
“After suspending withdrawals in November 2022, Genesis filed for bankruptcy in January. Among the various creditors of the company are entities such as Gemini and VanEck’s New Finance Income Fund, with the total debt exceeding $3.5 billion.”