Genesis files new lawsuits against DCG, Barry Silbert to recoup billions for creditors
Powered by @unfolded- Genesis Global has filed two lawsuits against its parent company, Digital Currency Group (DCG), and CEO Barry Silbert, aiming to recover billions in assets for creditors following the company's bankruptcy.
- The lawsuits allege that DCG and Silbert engaged in fraudulent practices, misrepresenting Genesis's financial stability and executing improper financial transfers during critical periods leading to bankruptcy.
- One lawsuit seeks to reclaim at least $2.2 billion in various cryptocurrencies, while a second lawsuit in New York claims over $1 billion was fraudulently transferred from Genesis to DCG and its subsidiaries.
- Genesis, which filed for Chapter 11 bankruptcy in January 2023, revealed it had over 100,000 creditors and liabilities potentially reaching $10 billion, with restructuring efforts underway to distribute over $4 billion in assets to creditors.
https://www.theblock.co/post/354987/genesis-files-new-lawsuits-against-dcg-barry-silbert