Pay Refusal from Bitvavo
Bitvavo said it rejected Digital Currency Group’s offer to repay at least 70% of the outstanding loan.
DCG’s controversial crypto lending subsidiary Genesis Global holds $297 million of Bitvavo’s funds. Bitvavo asked one digital amount to pay a million Euro (2007) because it costs for Cryptographic loans, the exchange of Dutch Crypto reported on Tuesday.
Bitvavo statements revealed that DCG is paying at least 70% of the money. However, the Dutch exchange rejected the offer – citing the company’s ability to pay in full within the agreed payment schedule.
Bitvavo Exchange Calls for Fair Court for Lenders in Restructuring of Digital Currency Group
The exchange also said that institutional restructuring within the DCG could contribute to the organization of a fair court for lenders – echoing the crypto exchange Gemini’s request for similar reforms.
Gemini chairman Cameron Winklevoss yesterday called on DCG CEO Barry Silbert to resign, accusing the latter of misleading the public about the company’s financial health. Gemini is another lender to Genesis, with $900 million currently tied to the troubled lender.
Bitvavo’s statement also reassured customers that their money was safe. The amendment argued that putting Genesis into bankruptcy would not affect the payment process.