DCG borrowed $500,000 from its subsidiary last year, and DCG Investments borrowed over 18,000 BTC. Both have allegedly defaulted.
The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.”
The settlement was reached in July and, if the customers agree, it will go before the court for approval in October.
Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court's jurisdiction.