Creditors Claim DCG Has Not Fully Repaid Genesis Loan

DCG's Creditor Special Committee stated in court documents that DCG has not fully complied with repayment obligations to its bankrupt subsidiary, Genesis Global.

Genesis and other debtors claim that, according to their repayment and main loan agreements, DCG still owes a certain amount of Bitcoin, along with $26 million in interest and late fees. ETCG and ETHE shares held by DCG have been used as collateral for loans from Genesis. However, DCG can only settle its dollar and Bitcoin demands with these currencies, not with other assets.

Genesis claimed that as of Monday, DCG's outstanding balance was 4,550 BTC (approximately $214 million), with an additional 14,048 Bitcoin Cash (around $3.5 million), and late fees of 70 BTC.

Previously, on January 6th, Digital Currency Group (DCG) posted on X platform, stating: “DCG announced that it has repaid all short-term loans to Genesis. DCG has repaid over $1 billion in debt to creditors over a year, including nearly $700 million to Genesis. We have fulfilled all current due debts. With the arrival of this milestone, we look forward to a new chapter for DCG and the future development of our industry. We will continue to honor our financial commitments as always.”