Bitvavo Exchange intends to collect 80% of the debt from GenesisThe Bitvavo team specified that the reimbursement would come from Genesis' parent company, Digital Currency Group (DCG), in the form of cash, digital assets and convertible preferred bonds.
"We have negotiated with several divisions of the group and believe that DCG is fully responsible for the unpaid amount to Genesis Global," Bitvavo officials believe.
The parties' agreement will be released shortly, and the details and repayment schedule will be released within a few weeks, the exchange promises. Bitvavo representatives clarify that the reimbursement from DCG will not come immediately. Nevertheless, the cryptocurrency exchange has enough of its own funds to repay the losses of customers. Moreover, Bitvavo customers were not exposed to any risk during the withdrawal blocking by Genesis and could withdraw all their assets at any time.
Genesis Global created a special committee to represent unsecured creditors in court. The committee includes seven of the top twenty unsecured creditors, including from the Bitvavo crypto exchange team.
