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Genesis Files $3.1B Lawsuit Against DCG Over Alleged Fraudulent Transfers
Genesis Files $3.1B Lawsuit Against DCG Over Alleged Fraudulent Transfers
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Genesis Global has launched two lawsuits against its parent company, Digital Currency Group, seeking to recover more than $3.1 billion in what it claims were improper transfers as the lender faced financial collapse in 2022. The complaints allege DCG used Genesis as a corporate "alter ego" to funnel assets to affiliates while concealing mounting losses from creditors.
The legal actions target a $1.1 billion promissory note and over $1.2 billion in allegedly fraudulent transfers, including crypto assets valued at up to $2.1 billion. The filings accuse DCG executives of orchestrating misleading transactions as Genesis teetered on the brink of failure.
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