DCG Says It Sees Resolving Genesis Chapter 11 Bankruptcy Soon
Digital Currency Group comments on the restructuring in an investor letter.
Jul 31, 2023 at 5:27 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/B2FAHLTMRFBY3LAFE7FZQTVXHE.jpg)
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Digital Currency Group (DCG) said it's close to "reaching an agreement in principle to resolve the claims in the Genesis Capital Chapter 11 cases," according to a letter sent to shareholders Monday.
DCG added that it sees resolving the bankruptcy cases "soon."
The Genesis lending business froze withdrawals last year in the aftermath of FTX's collapse, which, among other things, affected customers of a lending product from the Gemini exchange. The led to a public war of words between the two sides, and this remains one of the more contentious issues to iron out in the Genesis restructuring.
In the letter, DCG also revealed it had found a new chief financial officer, Mark Shifke, filling a role vacant since earlier this year.
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Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk's $1,000 disclosure threshold.