In his letter Tuesday, Silbert mentioned DCG has borrowed from Genesis Capital, however “these loans had been at all times structured on an arm’s size foundation and had been priced at prevailing market rates of interest.” Silbert mentioned DCG has a $1.1 billion promissory notice maturing in 2032 with Genesis Capital, which arose from DCG assuming its subsidiary’s chapter declare in opposition to crypto hedge fund Three Arrows Capital. DCG, in line with the letter, additionally owes the subsidiary $447.5 million (of precise U.S. {dollars}, not crypto) borrowed between January and Might 2022 at rates of interest of 10% to 12%, plus 4,550 bitcoin (BTC), price about $78 million.
