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.

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.

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Thana

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