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.
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 about $2.1 billion were funneled away, even as Genesis edged toward collapse.
The post Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert first appeared on CurrencyCrypt.
Read more: https://currencycrypt.net/genesis-files-dual-lawsuits-to-claw-back-3-3b-from-dcg-barry-silbert/
Text source: CurrencyCrypt
