Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert
Genesis is seeking over $3.3 billion from DCG, Barry Silbert and affiliates in two lawsuits alleging fraud, insider enrichment and concealed transfers.
Update May 20, 11:20 am UTC: This article has been updated with comments from DCG.
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.
