Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert

Genesis has launched a pair of lawsuits against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert, accusing them of fraud, reckless mismanagement, and siphoning more than a billion dollars in value from the now-bankrupt crypto lender. On May 19, the Delaware Court of Chancery unsealed a complaint detailing how DCG allegedly used Genesis as a corporate ATM, draining funds through self-serving loans and concealed transfers while presenting a false image of financial health. Through their court-appointed Litigation Oversight Committee (LOC), Genesis creditors claim that over a million digital coins — worth approximately $2. 1 billion — were funneled away, even as Genesis edged toward collapse source: https://cointelegraph.com/news/genesis-sues-dcg-barry-silbert-3-3b-fraud?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound