Here’s an update to a story from the January 18, 2023, Litepaper:
Crypto giant Digital Currency Group (subsidiaries include CoinDesk, Grayscale Investments, and Genesis) has reportedly made an in-principle agreement with Genesis’ primary creditors.
Two pieces of the agreement involve refinancing loans that DCG borrowed from Genesis and the equitization of a $1.1 billion 10-year promissory note to Genesis in return for Three Arrows Capital’s (3AC) claims.
When final, the deal will be offered to other creditors, including The Winklevoss twins’ Gemini Earn customers.
Genesis and Gemini were both hit with charges from the SEC last month.
We’ll keep you updated as this story evolves. 📰