The bankrupt cryptocurrency broker Genesis has revealed details about how it plans to repay its creditors. Digital Currency Group (DCG) plans to transfer its shares in Genesis Global Trading to Genesis Global Holdco with the aim of selling both companies and repaying customers.
The End of the DCG Drama?
DCG is the parent company of Genesis. Genesis got into trouble because it offered staking services to cryptocurrency exchanges Gemini and Bitvavo, but went bankrupt and owed 900 million euros to Gemini and 280 million euros to Bitvavo.
Agreements Reached with Gemini and Bitvavo
Cameron Winklevoss, the co-founder of Gemini, announced via Twitter earlier this week that the cryptocurrency exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group have reached an agreement. The Dutch exchange Bitvavo also announced that it has reached an agreement.
Statement from the Interim-CEO of Genesis
Derar Islim, interim-CEO of Genesis, said in a statement: “Genesis has taken a step closer to a solution for our credit activities that maximizes value for all customers and stakeholders. We have filed our previously announced principle agreement with DCG and key groups of creditors with the court.”