Does Genesis have a deal with Gemini & Digital Currency Group?

( Kitco News) - Bankrupt crypto lender Genesis announced late Monday that it had reached an “agreement in principle” between parent company Digital Currency Group (DCG) and their creditors, including Gemini, on the more than $2 billion in money owed.

What happened to Genesis & Gemini?

… Genesis, its parent company Digital Currency Group (DCG), and crypto exchange Gemini have reached an agreement on an initial term sheet to settle issues that have left progress on Genesis' bankruptcy repayment plan at a standstill for the past two weeks.

What happened between Gemini & DCG?

Gemini and DCG have feuded for months over Genesis' debts to Gemini. Those public spats culminated in Gemini suing DCG and its CEO in July, one day after DCG missed a deadline to strike a restructuring deal for its beleaguered lending unit. Edited by Nick Baker and Nikhilesh De.

What's going on with Genesis & DCG?

The deal involves selling off the bankrupt entities of Genesis, specifically its lending arm and crypto trading business, as well as winding down the Genesis loan book. It also includes refinancing a $100 million loan in Bitcoin and a $500 million loan in cash that DCG borrowed from the struggling crypto brokerage.