Genesis Files Lawsuit Against DCG, Seeking Billions in Crypto Asset Returns

Crypto lender Genesis has filed a lawsuit against parent company Digital Currency Group (DCG) seeking billions in assets. The company alleges mismanagement by Silbert and his associates led to its collapse and is demanding the return of crypto holdings valued at $2.2 billion, including bitcoin and ether, that were allegedly mishandled and concealed financial troubles during 2022. Genesis’ legal action, filed in Delaware Chancery Court, focuses on how DCG leadership steered the company towards bankruptcy. Additionally, a separate court filing in New York outlines claims of over $1 billion in fraudulent asset transfers conducted by DCG and Silbert, which Genesis seeks to overturn. This move aims to recover funds for Genesis creditors still awaiting payments following the bankruptcy process.