A new legal battle has erupted within the cryptocurrency industry as investment firm Fir Tree filed a $1.1 billion lawsuit against Digital Currency Group (DCG) and its subsidiary, Genesis Global Capital. The lawsuit stems from alleged misstatements concerning a promissory note issued by Genesis for debts owed by another subsidiary, Genesis Global Trading. Fir Tree alleges that DCG and Genesis concealed the financial fragility of Genesis Global Capital, ultimately leading to Genesis’ bankruptcy filing in early January following a market downturn triggered by FTX’s collapse. Fir Tree is seeking damages and clarity on DCG’s obligations under the promissory note. 💰