Digital Currency Group Clears Short-Term Debt of Nearly $1B

TheNewsCrypto · 2024-08-25T00:13:05.000Z

The firm was able to repay its debtors almost $1 billion in the last 18 months. Its only outstanding obligation is a $1.1 billion promissory note due to Genesis’s bankruptcy. Blockchain investment behemoth Digital Currency Group (DCG) has paid off all of its short-term debts as of June. This is according to a quarterly shareholder letter the business sent out this week. Thanks in large part to a stellar performance during the first half of the year, the firm was able to repay its debtors almost $1 billion in the last 18 months. Due to its crypto-lending business Genesis’s bankruptcy, its only outstanding obligation is a $1.1 billion promissory note. In 2022, when the crypto exchange FTX and hedge fund Three Arrows Capital went down, DCG and its affiliate Genesis were both caught up in the market contagion. Battling Through Tough Times When the trading empire of Su Zhu and Kyle Davies failed, Genesis lost a few billion dollars’ worth of assets that 3AC had borrowed from them. By providing the $1.1 billion promissory note and a cash loan, DCG ensured its subsidiary could continue operations. Genesis was compelled to shut off withdrawals and declare bankruptcy in November. After the fall of FTX and sister business Alameda Research. Gemini, Genesis, and DCG are three cryptocurrency businesses that were hit with a massive lawsuit by Attorney General Letitia James in October 2023. The firms are now contesting the allegations that they lied to investors. May saw the approval of a $2 billion settlement between Genesis and the NYAG’s office by a bankruptcy court. According to the shareholder letter, since August when payments started rolling out, Genesis and DCG have paid back most of Genesis’ creditors. This includes cryptocurrency exchange Gemini, which had loaned Genesis client deposits from its “Earn” program. Highlighted Crypto News Today: Hong Kong Spot Bitcoin ETFs Reach $269M AUM Amid Slow Inflows

过去 18 个月内，该公司已向债权人偿还近 10 亿美元。
其唯一未偿还债务是因 Genesis 破产而产生的 11 亿美元本票。
区块链投资巨头 Digital Currency Group (DCG) 截至 6 月已偿还所有短期债务。这是根据该公司本周发出的季度股东信函。在很大程度上得益于上半年的出色表现，该公司在过去 18 个月内能够偿还债务人近 10 亿美元。
由于其加密货币借贷业务 Genesis 破产，其唯一未偿债务是 11 亿美元的本票。2022 年，当加密货币交易所 FTX 和对冲基金 Three Arrows Capital 倒闭时，DCG 及其关联公司 Genesis 都陷入了市场危机。
度过艰难时期
当苏竹和凯尔·戴维斯的贸易帝国倒闭时，创世纪损失了3AC借给他们的数十亿美元资产。通过提供11亿美元的本票和现金贷款，DCG确保了其子公司能够继续运营。
在 FTX 和姊妹公司 Alameda Research 倒闭后，Genesis 被迫关闭提现服务并于 11 月宣布破产。
2023 年 10 月，Gemini、Genesis 和 DCG 这三家加密货币公司遭到了司法部长莱蒂蒂亚·詹姆斯 (Letitia James) 的大规模诉讼。这些公司目前正在对欺骗投资者的指控提出异议。5 月，破产法院批准了 Genesis 与纽约州检察长办公室之间达成的 20 亿美元和解协议。
根据股东信，自 8 月开始发放付款以来，Genesis 和 DCG 已偿还了 Genesis 的大部分债权人。其中包括加密货币交易所 Gemini，该公司曾从其“Earn”计划中借出 Genesis 客户的存款。
今日重点加密新闻：
在资金流入放缓的情况下，香港现货比特币 ETF 的资产管理规模达到 2.69 亿美元

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