According to Bloomberg, Foresight News reports that Genesis Global Capital has filed a lawsuit against 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's bankruptcy in 2023 through fraud and mismanagement, demanding the return of 1 million cryptocurrencies worth $2.1 billion. The New York lawsuit seeks to recover over $1.2 billion in priority transfers and $34 million in tax payments.
Genesis Global Capital sues parent company DCG for billions of dollars
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