Genesis lawsuit reveals DCG’s “behind-the-scenes” scheme and ignored risk warnings

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According to Cointelegraph, Foresight News reports that newly unsealed lawsuit documents of the cryptocurrency lending platform Genesis reveal that executives of its parent company Digital Currency Group (DCG) had foreseen legal risks before Genesis's collapse, yet still ignored multiple risk warnings. The documents also disclose that warnings from third-party risk consultants hired by DCG were overlooked, leading to Genesis's loan portfolio expanding from $4 billion to $12 billion. Currently, Genesis is seeking to recover over $3.3 billion in debt from DCG, Barry Silbert, and other insiders.

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