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Genesis Global Capital initiated a $1 billion fund recovery lawsuit against its parent company DCG.
According to Gate News bot, Bloomberg reported that the cryptocurrency lending institution Genesis Global Capital filed a lawsuit against its parent company Digital Currency Group (DCG) in the bankruptcy court for the Southern District of New York. Genesis is seeking to recover over $1 billion in fund transfers made in the year prior to filing for bankruptcy.
The lawsuit documents show that DCG, DCG founder Barry Silbert, and his affiliates engaged in mutual fund transfers during Genesis's insolvency. Genesis requests the court to classify these transfers as "preferential payments" under bankruptcy law, in order to void and recover the relevant amounts. Among these, the cryptocurrency payment portion amounts to $582 million, and the total amount of preferential transfers exceeds $1.2 billion.
Source: Bloomberg
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