Digital Currency Group said Friday that it has paid off its short-term loans from its bankrupt subsidiary Genesis.
The disclosure means that DCG’s total debt payoff to creditors is more than $1 billion, including almost $700 million paid to Genesis alone, the company added.
Genesis in September sued its parent company in an effort to recoup an outstanding loan balance of more than $610 million that matured in May 2023. The September court filings show that DCG owed more than $1.7 billion to Genesis and other creditors.
Genesis, in a separate complaint filed in September, also sought to recover 4,550 BTC, worth about $199 million as of Friday.
The crypto lender came to an…
Read more on Blockworks