Genesis Global Capital Sues DCG Over Unpaid Crypto Loans

Genesis Global Holdco has filed an action against Digital Currency Group over hundreds of millions of dollars of unpaid loans from 2019 which matured on May 11, 2023.

A spokesperson from DCG provided an emailed statement stating that the parties have agreed to an introductory settlement with a “forbearance agreement” and are in the process of documenting the deal and distributing funds to Genesis creditors.

This comes after Genesis Global Holdco has taken a significant financial loss due to the collapses of hedge fund Three Arrows Capital and exchange FTX in 2020 and subsequently filed for bankruptcy protection in January 2021.