Genesis Global Capital, a cryptocurrency lender, has filed lawsuits against its parent company, Digital Currency Group (DCG), and DCG CEO Barry Silbert.
Crypto lender Genesis Global Capital has filed lawsuits against its parent company, Digital Currency Group (DCG), and DCG CEO Barry Silbert. The suits, filed in two courts on Monday, aim to recover over $3.1 billion related to note and asset transfers.
Genesis is also alleging insider self-dealing, fraud, and mismanagement by Silbert, further claims that over $1 billion in improper transfers were made by Silbert.
The suits come amid broader accusations that Silbert misrepresented the financial status of his companies, which contributed to the collapse of the 2022 cryptocurrency market.
These legal actions mark a significant escalation in the ongoing saga of fraud and mismanagement at DCG and its subsidiaries.
Earlier this year, Genesis filed for bankruptcy after accumulating significant losses from risky investments, including a $750 million claim against the estate of FTX.
The suits follow months of contention between Genesis and DCG, which began when Genesis disclosed a $2.8 billion claim against DC
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