Digital Currency Group, a venture capital group based out of Connecticut, United States has now paid and cleared all of its dues to bankrupt Genesis, a crypto lending platform.

On Jan 6 DGC released a statement on X stating DCG has completely paid off the $700m debt to Genesis. It has paid nearly $1 billion to its creditors including the $700m debt. 

The venture capital firm stated “With this milestone behind us, we are looking forward to the next chapter of DGC and the future growth of our industry”

Barry Silbert the CEO of Digital Currency Group said on X(Formerly Twitter), “I’m happy to share that DGC has completed a full paydown of the money borrowed from Genesis” 

He added, “I’m excited about the industry’s next chapter and DCG’s leadership role in it.”

The deal was to end the lawsuit filed by Genesis against DCG in September 2023 which was to repay its outstanding loans of $620 million. 

The lending platform filed for bankruptcy in January 2023 after it owed over $3.5 billion to its top 50 creditors. Its creditors included firms like Gemini and VanEck’s New Finance Income Fund.