Gemini

Strike

Lean

April

Million

<a href="https://bitcoinworld.co.in/genesis-digital-currency-group-strike-repayment-deal-to-end-620m-lawsuit/" title="Genesis, Digital Currency Group Strike Repayment Deal To End $620M Lawsuit" rel="noopener noreferrer nofollow"></a>
Bankrupt crypto lender <a href="https://genesistrading.com/" rel="noopener noreferrer nofollow">Genesis</a> and its parent company, Digital Currency Group (DCG), has struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from DCG.&nbsp;
In a Nov. 28 filing to a New York Bankruptcy Court, Genesis said DCG agreed to pay its outstanding $324.5 million in loans by April next year, and Genesis can chase up on any unpaid amounts.
The proposed deal aims to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue loans worth around $620 million. DCG has made some payments since the suit.
<figure id="attachment_56621" aria-describedby="caption-attachment-56621" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-56621" src="https://bitcoinworld.co.in/wp-content/uploads/Highlighted-excerpt-of-the-agreement-between-Genesis-GGC-and-DCG-720x197.png" alt="" width="800" height="219" srcset="https://bitcoinworld.co.in/wp-content/uploads/Highlighted-excerpt-of-the-agreement-between-Genesis-GGC-and-DCG-720x197.png 720w, https://bitcoinworld.co.in/wp-content/uploads/Highlighted-excerpt-of-the-agreement-between-Genesis-GGC-and-DCG-1080x296.png 1080w, https://bitcoinworld.co.in/wp-content/uploads/Highlighted-excerpt-of-the-agreement-between-Genesis-GGC-and-DCG-768x210.png 768w, https://bitcoinworld.co.in/wp-content/uploads/Highlighted-excerpt-of-the-agreement-between-Genesis-GGC-and-DCG.png 1369w" sizes="(max-width: 800px) 100vw, 800px">
 <figcaption id="caption-attachment-56621" class="wp-caption-text">
 Highlighted excerpt of the agreement between Genesis (GGC) and DCG
 </figcaption>
</figure>
&nbsp;
Genesis said the repayment deal will provide it with “immediate significant and near-term benefits” and avoid the “risk, expense, and diversion of resources that would be required by litigation.”
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/genesis-sues-gemini-seeking-about-690-million-in-preferential-transfers/" aria-label="“Genesis Sues Gemini, Seeking About $690 Million In ‘Preferential Transfers’” (Edit)" rel="noopener noreferrer nofollow">Genesis Sues Gemini, Seeking About $690 Million In ‘Preferential Transfers’</a>
The deal will form part of Genesis’ plans to pay back creditors, who will vote on the plan before it is sent to bankruptcy judge Sean Lean for a decision — who will consider the creditor’s votes.
Genesis also sued crypto exchange Gemini on Nov. 22, seeking to recover nearly $670 million in transfers.
Meanwhile, Genesis and Gemini are facing a lawsuit from the Securities and Exchange Commission, which claimed they sold unregistered securities. New York also sued the duo and DCG, alleging the trio defrauded investors.
Genesis filed for bankruptcy in January after suspending withdrawals in November 2022.
The post <a href="https://bitcoinworld.co.in/genesis-digital-currency-group-strike-repayment-deal-to-end-620m-lawsuit/" rel="noopener noreferrer nofollow">Genesis, Digital Currency Group Strike Repayment Deal To End $620M Lawsuit</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Genesis, Digital Currency Group Strike Repayment Deal To End $620M Lawsuit

ItsBitcoinWorld

Other articles published on Nov 29, 2023

ENS Developer Nick Johnson Moves $1.71M Worth of ENS to Binance

Crypto Donations Soar as Charity Campaign Nears Goal

K33 Research: Crypto markets remain steady despite Binance-DOJ settlement

Unveiling the Future: Google Drive’s Revamped Homepage

Spot Bitcoin ETF Approval Lined Up By SEC For January 2-10: Expert

Understanding Dogecoin’s Volatile Ride: Analysis and Key Levels to Watch

Join our free newsletter for daily crypto updates!