Bitvavo Rejects DCG's Compensation Plan, Demands $300M Back
Main page News, Crypto Market, Cryptocurrency Exchanges, Genesis

Dutch cryptocurrency exchange Bitvavo said in a recent blog post it has received a proposal from Digital Currency Group (DCG), offering to refund at least ±70% of $300 million locked on DCG.

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However, the exchange decided to reject this offer, saying that DCG has "sufficient funds available for full repayment." Bitvavo noted that just like Gemini — which is demanding the removal of DCG boss Barry Silbert and wants to recover $900 million blocked on Genesis — it hopes that the venture capital giant will find a solution, which will be the "satisfaction of all concerned."

Bitvavo once again reassured its users, saying that problems at DCG do not impact its services. The Netherlands-based trading platform was using DCG's services for staking crypto until the venture capital giant faced issues due to liquidity crunch at its subsidiaries.

DCG-backed Genesis Starts Accepting NFTs as Collateral for Loans

Gemini Earn, a lending arm of Gemini, halted withdrawals in November last year shortly after its partner Genesis started experiencing liquidity issues. So far, neither DCG nor Genesis provided creditors with a timeline on when exactly they plan to resolve liquidity issues.

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