Genesis Global Capital sues parent company DCG, seeking billions in damages

ForesightNews · 2025-05-20T00:54:36+00:00

The crypto lending company Genesis Global Capital has sued its parent company Digital Currency Group (DCG) in Delaware and New York courts, seeking to recover over $3.1 billion in debts. The lawsuit accuses DCG and its CEO of fraud and mismanagement that led to Genesis's bankruptcy and demands the return of $2.1 billion in crypto assets. The New York lawsuit seeks to recover $1.2 billion in priority transfers and $34 million in tax payments.

ForesightNews

2025-05-20 00:54:36

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According to Foresight News and a report by Bloomberg, crypto lending company Genesis Global Capital has sued its parent company Digital Currency Group (DCG) in Delaware and New York courts, seeking to recover over $3.1 billion for creditors. The Delaware lawsuit accuses DCG and its CEO Barry Silbert of causing Genesis to file for bankruptcy in 2023 through fraud and mismanagement, demanding the return of 1 million coins worth $2.1 billion; the New York lawsuit seeks to recover over $1.2 billion in preferential transfers and $34 million in tax payments.

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