DCG Challenges Overgenerous Genesis Compensation Plan
Digital Currency Group (DCG), the parent company of the insolvent crypto lender Genesis, has officially opposed the client compensation plan.DCG’s critique centers on the belief that the proposed method for asset reimbursement excessively surpasses the initial debt value.
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Digital Currency Group (DCG), the parent company of the insolvent crypto lender Genesis, has officially opposed the client compensation plan.DCG's critique centers on the belief that the proposed method for asset reimbursement excessively surpasses the initial debt value.
DCG estimates that clients will receive hundreds of millions of dollars in excess, contending that the plan violates bankruptcy law. As a result, DCG insists on revising the compensations to ensure payments are capped at 100% of the outstanding debt. Furthermore, DCG claims that Genesis has sufficient funds on its balance sheet to cover these costs.
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