Gemini

Channels

Bitcoin

Read

Spot

<div class="coingape"> 
 <p>Genesis, the crypto lender that filed for bankruptcy in January and fired over 30% of its staff, aims to recover $620 million from DCG. The companies involved claim discussions for a potential deal to end the dispute are open.</p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1"> 
   <div class="advertised"> <span class="ad-placeholder">advertisement</span> 
   </div> 
  </div>  
  <div id="my-banner-ad" class="d-inline-block"></div> 
 </div> 
 <p>Also Read:&nbsp;Bitcoin Sees Weekly Inflows With Overall Trading Volumes 90% Above YTD Average</p> 
 <h2 id="why-did-genesis-sue-dcg">Why Did Genesis Sue DCG?</h2> 
 <p>Genesis recently unveiled a debt repayment plan that the majority of the key creditors rejected despite the few in support. In an attempt to uphold the repayment commitments to the lenders, Genesis took the measure to file lawsuits against DCG.</p> 
 <p>In the <a rel="noopener noreferrer nofollow" title="Lawsuit" href="https://thebittimes.com/tag/lawsuit.html">Lawsuit</a>, <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> claims that the loans it provided <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> remain unpaid despite maturing in May. The outstanding loan amount stands at $500 million from <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> and about 4,550 Bitcoin from <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>I. <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> also filed to take back the accrued interest and late fees apart from the principal amount. Considering the current Bitcoin Price, 4,550 BTC amounts up to approximately $117,100,000.</p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path> 
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/06/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/09/06/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/06/fa6133ad6e87ee1c4776d3849180d46b.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/09/06/fa6133ad6e87ee1c4776d3849180d46b.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/03/f88de9f91a8c6b7926f52e209e8f697e.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/09/03/f88de9f91a8c6b7926f52e209e8f697e.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/05/e59946958a3ce000f279efb2e1b9c852.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/09/05/e59946958a3ce000f279efb2e1b9c852.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/05/48cfebc8a0493db9937bed5dd005ee19.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/09/05/48cfebc8a0493db9937bed5dd005ee19.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div> 
 <p>Also Read:&nbsp;Grayscale Asks SEC’s Cooperation for Converting Its GBTC to Spot Bitcoin ETF</p> 
 <h2 id="lack-of-support-from-creditors">Lack Of Support From Creditors</h2>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p>Earlier, Genesis proposed a restructuring deal with the potential to offer the unsecured creditors a recovery of nearly 90%. However, for the deal to fall through, it needs the support from its key creditors that include the Winklevoss Twin owned Gemini.</p> 
 <p>The plan curtailed some creditors fronting additional funds to <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> as an aid to help pay back other creditors quickly in return for a more significant share in the amount won by suing <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>. The estimated recovery amount could rack up to $2.8 billion.</p> 
 <p>According to previous reports, Gemini is on board the plan and trying to rally other creditors to join up in the effort to get more money out of Genesis’ parent company, DCG. It is unclear if the lawsuit is a part of the plan previously laid out by Genesis.</p> 
 <p>Also Read:&nbsp;Nearly 300,000 Ethereum Transferred to Coinbase By Two Whales, ETH Price Dump soon?</p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-sues-parent-company-dcg-over-620m-unpaid-loans-tbt61823.html">https://thebittimes.com/genesis-sues-parent-company-dcg-over-620m-unpaid-loans-tbt61823.html</a></p>

Genesis Sues Parent Company DCG Over $620M Unpaid Loans

Table of Contents

TheBitTimes

Other articles published on Sep 6, 2023

Justin Bieber’s hit ‘Company’ transforms into royalty-bearing NFT

LULU Stock Surge After Q2: Will Lululemon Touch the $450 Mark?

Binance's Key Russian Execs Resign

Bloomberg Analyst: Bitcoin’s Future Shifts in Early 2024

Cardano’s ADA is Set For a Potential Bull Run: Technical Analyst

TON Foundation Founded in Switzerland as a Non-Profit Organization

Join our free newsletter for daily crypto updates!