<\/p>\n
The legal battle between Genesis and its parent company, DCG \u2013 which also owns multiple other crypto-related ventures, seems to be coming to an end.<\/p>\n
Yesterday, a deal was struck that would put to rest a lawsuit worth $630 million between the two companies.<\/p>\n
Earlier this year, the Winklevoss Twins\u2019 \u2013 whose platform Gemini is also involved in the situation due to their partnership with Genesis in the DeFi sector \u2013 stated that DCG owed Gemini about $1.2 billion, double the sum that is disputed<\/a> between Genesis and its parent firm.<\/p>\n Meanwhile, Genesis has filed<\/a> a separate lawsuit against Gemini, signaling a breakdown in cordial relations between the former partners.<\/p>\n In any case, the current lawsuit only regards about half of the amount. A further $10 million, representing proceeds from the sale of CoinDesk and other fees, will also not be repaid<\/a>, bringing the total sum to be repaid down to $620 million.<\/p>\n \u201cAs of November 27, 2023, DCG or DCGI have paid or transferred a total of approximately $227.3 million in USD and BTC pursuant to the Original Partial Repayment Agreement, plus approximately $35 million Loan Fees and Late Fees since the default in May 2023. [\u2026] Under the terms of the Amendment, the DCG Parties agreed to a modified repayment schedule with an upfront payment of $35,000,000 and continuing monthly payments to GGC; a waiver of the $10 million hold back with respect to the CoinDesk sale proceeds that had been included in the Original Partial Repayment Agreement; and the removal of the Forbearance Fee Crediting Provision.\u201d<\/p>\n<\/blockquote>\n Furthermore, DCG will have to pledge some Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust shares to seal the deal, likely owing to previous missed repayments from Genesis\u2019 parent company.<\/p>\n In return, Genesis will abstain from executing on previous consent judgments unless DCG defaults.<\/p>\n Assuming DCG sticks to the proposed plan, the remaining debt of $324.5 million should be repaid by April, with the first tranche of $35 million to be paid in the coming days. Genesis\u2019 creditor committee will also submit the repayment plan to a vote, after which the document will land on Judge Sean Lean\u2019s desk for a final decision.<\/p>\n This unfortunate chapter of Genesis\u2019 bankruptcy dealings should soon be over if all goes well. DCG also has to deal with other lawsuits by regulatory bodies and has recently agreed to pay<\/a> FTX $175 million following a ruling by the SDNY.<\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The legal battle between Genesis and its parent company, DCG \u2013 which also owns multiple other crypto-related ventures, seems to be coming to an end. Yesterday, a deal was struck that would put to rest a lawsuit worth $630 million between the two companies. Some Sums Forfeited Earlier this year, the Winklevoss Twins\u2019 \u2013 whose […]<\/p>\n","protected":false},"author":2,"featured_media":202805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-202804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=202804"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202804\/revisions"}],"predecessor-version":[{"id":202811,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202804\/revisions\/202811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/202805"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=202804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=202804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=202804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Next Steps<\/h2>\n
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