DCG was unable to repay the amount and has now offered to repay 70% of the amount owed. The rest still needs to be negotiated, writes Bitvavo on its blog. The largest cryptocurrency exchange in the Netherlands, in its own words, calls DCG’s proposal unacceptable.
According to Bitvavo, there are many options to find a better solution. Additionally, the company is also citing an open letter from American businessman Cameron Winklevoss, who also has a lot of pending money with DCG and subsidiary Genesis with its cryptocurrency firm Gemini. Winklevoss says DCG’s CEO misled partners about the company’s financial health.
Bitvavo writes that DCG still has enough assets to repay the debt, even in the event of bankruptcy proceedings. If the money doesn’t come back in the end, Bitvavo itself promises to guarantee the amount owed. As a result, the customers themselves would not be at any risk.
Many cryptocurrency companies are suffering from the turmoil that has occurred in the industry since then the fall of FTX, one of the largest platforms for storing and trading cryptocurrencies like bitcoin and ethereum. To the founder of FTX, Sam Bankman-Friedis being investigated by US prosecutors for possible billion-dollar fraud.
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