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Genesis Has $2.8 Billion in Outstanding Loans, Parent Company DCG Was Lent Substantial Amounts - Here’s What You Need to Know

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Troubled crypto trading and lending firm Genesis Global has lent out some $2.8bn to various crypto firms, including large loans to its parent company, Barry Silbert’s Digital Currency Group (DCG).The outstanding loans on Genesis’ balance sheet also consisted of intercompany loans, such as one from lending subsidiary Genesis Global Capital to the crypto brokerage Genesis Global Trading.

The latter subsidiary is a key player in the crypto industry, acting as an important counterpart for many of the largest crypto firms.The news was reported by Bloomberg on Tuesday, with the article citing people “familiar with the matter.”The report also cited a letter by Digital Currency Group CEO Barry Silbert to shareholders, where Silbert revealed that DCG owes $575m to Genesis, with payment due in May of 2023.The letter further described a so-called promissory note owed by Genesis to DCG worth $1.1bn, which will come due in June 2032.

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