Genesis Files Billion-Dollar Lawsuits Against DCG and Barry Silbert
Genesis Global Capital has escalated its legal battle against Digital Currency Group (DCG) and CEO Barry Silbert, filing two lawsuits seeking to recover billions in allegedly misappropriated assets. The crypto lender’s Litigation Oversight Committee initiated actions in Delaware and New York courts, marking a significant development in the ongoing fallout from Genesis’s Chapter 11 bankruptcy.
The Delaware complaint alleges reckless conduct and fraud, demanding the return of at least $2.2 billion for creditors. Simultaneously, the New York filing targets over $1 billion in purported fraudulent transfers. These actions represent an aggressive attempt to maximize recoveries for more than 100,000 creditors affected by Genesis’s collapse during the crypto market downturn.
