Genesis Global Capital Sues Parent Company for Billions

According to Foresight News, Genesis Global Capital, a cryptocurrency lending firm, has filed lawsuits in Delaware and New York courts against its parent company, Digital Currency Group (DCG). The legal actions aim to recover over $3.1 billion for creditors. The Delaware lawsuit accuses DCG and its CEO, Barry Silbert, of fraud and mismanagement, which allegedly led to Genesis's bankruptcy in 2023. The suit demands the return of 1 million cryptocurrencies valued at $2.1 billion. In New York, Genesis seeks to reclaim more than $1.2 billion in preferential transfers and $34 million in tax payments.