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DCG Sues Genesis Over $1.1B Promissory Note Amid Crypto Market Fallout
DCG Sues Genesis Over $1.1B Promissory Note Amid Crypto Market Fallout
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BTCCSquare news:
Digital Currency Group (DCG) has escalated its financial dispute with subsidiary Genesis Global Capital, filing a lawsuit to reclaim $105 million plus interest tied to a contentious $1.1 billion promissory note. The legal action stems from Genesis's exposure to Three Arrows Capital's 2022 collapse, where DCG claims it intervened to stabilize Genesis's balance sheet.
The filing reveals DCG's argument that subsequent market recoveries and collateral gains rendered the promissory note unnecessary. crypto assets referenced in related filings include BTC, ETH, and other major tokens, though none are directly implicated in the lawsuit. The case highlights ongoing turbulence in crypto lending markets following major 2022 defaults.
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