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Genesis Files Suits Against DCG to Recover Billions in Alleged Fraudulent Transfers
Genesis Files Suits Against DCG to Recover Billions in Alleged Fraudulent Transfers
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Crypto lender Genesis and its subsidiaries have launched two lawsuits against parent company Digital Currency Group (DCG), CEO Barry Silbert, and other executives. The legal actions aim to reclaim billions in allegedly fraudulent crypto transfers.
The Delaware Court of Chancery suit seeks $2.2 billion, while a parallel filing in New York’s Bankruptcy Court demands over $1 billion. Court documents allege DCG and insiders withdrew funds from Genesis during its insolvency period preceding Chapter 11 bankruptcy.
"Their close relationship with Genesis provided clear visibility into the company’s financial distress," the filings state. The $3.2 billion total claim represents one of the largest crypto-related legal actions since FTX’s collapse.
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