Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Genesis Lawsuits Against DCG: Genesis has filed lawsuits against its parent company, Digital Currency Group (DCG), and CEO Barry Silbert, alleging fraud and mismanagement that led to the siphoning of over $1 billion from the bankrupt crypto lender, with creditors claiming they are owed approximately $2.2 billion in crypto assets.
Claims of Reckless Practices: The lawsuits detail how DCG allegedly used Genesis as a financial tool for its own benefit, engaging in deceptive transactions and withdrawing significant funds just before Genesis declared bankruptcy, while insiders reportedly recovered their investments at the expense of retail and institutional creditors.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
