Genesis Global Holdco’s parent firm, Digital Currency Group (DCG), has achieved an in-principle agreement with Genesis creditors to resolve their claims. Genesis, which declared Chapter 11 bankruptcy in January, now has $630 million in unsecured debts and a $1.1 billion unsecured promissory note due in 2032. DCG intends to take on additional loan facilities and enter into a repayment arrangement, comprising a $328.8 million first-lien facility with a two-year maturity and a $830 million second-lien facility with a seven-year maturity. DCG also wants to make four installment payments totaling $275 million. Depending on the denomination of the digital asset, the strategy might result in a recovery of 70% to 90% for unsecured creditors and 65% to 90% for in-kind creditors.
The dYdX community is voting on Wintermute’s governance proposal, which calls for updating the protocol to version 4 and introducing DYDX as the Layer 1 token for the new dYdX Chain. The voting started on the Snapshot platform and is scheduled to end on September 1. If the proposal receives 20 million votes, it will be converted into a “long timelock” on-chain.
