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DCG and its subsidiary, Genesis, reach ed a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market. In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have reach ed a legal agreement with far- reach ing implications for the cryptocurrency market. The deal addresses the bankruptcy issues facing Genesis, a crypto lending firm that filed for bankruptcy earlier this year amid market instability worsened by the collapse of FTX in November 2022. You might also like: FTX and Genesis reach settlement in bankruptcy case Genesis has proposed a revised recovery plan to reimburse creditors up to 90% of their initial investments. Specifically, the plan outlines a recovery range for unsecured creditors between 70% and 90%, and a potential for in-kind recovery between 65% and 90%, depending on the current value of digital assets. The agreement also offers solutions to DCG’s pressing financia...

While 2022 ended with immense chatter around FTX, 2023 started with increased discussions around Digital Currency Group [DCG]. The parent company of Genesis Global Trading was once again making headlines for pulling the plug on its wealth-management division called HQ. HQ reportedly entailed over $3.5 billion worth of assets under management. In a memo shared with a customer, HQ cited the ongoing market conditions as the reason behind its closure. The memo further read, “Due to the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, we made the decision to wind down HQ.” It should be noted that the DCG -led platform will close its doors on January 31, 2023. In the memo HQ also put forth the possibility of “revisiting the project.” “We’re proud of the work that the team has done and look forward to potentially revisiting the project in the future.” The partners...