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News

DCG Loans Genesis A $1.1 Billion Promissory Note

November 22, 2022 - Around 2 mins mins to read
Barry Silbert, Founder & CEO of Digital Currency Group (DCG), sent a letter on Tuesday to reassure shareholders and detail its DCG Loans with Genesis and other parties.
DCG Loans Genesis A $1.1 Billion Promissory Note

According to Andrew, DCG still owes Genesis a $1.1 Billion promissory note and several untold hundreds of millions via unsecured loans.

This statement seems very concerning, and it was partially true as confirmed by the letter to investors from Barry.

In terms of “several untold hundreds of millions via unsecured loans”, Barry Silbert admitted that DCG stepped in and assumed certain liabilities from Genesis related to Three Arrows Capital default, and the company is participating in the Three Arrows Capital liquidation proceedings on the Creditors’ Committee. Besides, DCG will try to recover assets for the benefit of creditors.

As for the $1.1 Billion promissory note, the CEO of DCGco stated in the letter that DCG‘s only debt is a $350M credit facility from a small group of lenders led by Eldridge.

The entire letter in DB‘s tweet:

Overall, Barry Silbert‘s statement seems to be a catalyst for the assurance that DCG is in a stronger situation. There is no reason to think that the sharing of information is inaccurate or untrue.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News

Barry Silbert

DCG

Digital Currency Group (DCG)

Genesis

loans

Three Arrows Capital

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

DCG Loans Genesis A $1.1 Billion Promissory Note

Barry Silbert, Founder & CEO of Digital Currency Group (DCG), sent a letter on Tuesday to reassure shareholders and detail its DCG Loans with Genesis and other parties.
DCG Loans Genesis A $1.1 Billion Promissory Note

According to Andrew, DCG still owes Genesis a $1.1 Billion promissory note and several untold hundreds of millions via unsecured loans.

This statement seems very concerning, and it was partially true as confirmed by the letter to investors from Barry.

In terms of “several untold hundreds of millions via unsecured loans”, Barry Silbert admitted that DCG stepped in and assumed certain liabilities from Genesis related to Three Arrows Capital default, and the company is participating in the Three Arrows Capital liquidation proceedings on the Creditors’ Committee. Besides, DCG will try to recover assets for the benefit of creditors.

As for the $1.1 Billion promissory note, the CEO of DCGco stated in the letter that DCG‘s only debt is a $350M credit facility from a small group of lenders led by Eldridge.

The entire letter in DB‘s tweet:

Overall, Barry Silbert‘s statement seems to be a catalyst for the assurance that DCG is in a stronger situation. There is no reason to think that the sharing of information is inaccurate or untrue.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News

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