DCG Sues Subsidiary Genesis, Seeking Over $105 Million in Damages
According to ChainCatcher, citing The Block, global investment firm Digital Currency Group (DCG) is suing its subsidiary Genesis Global Capital LLC over an $1.1 billion guarantee DCG provided to support the now-bankrupt Genesis during the last cryptocurrency crash.
In a complaint filed in the U.S. Bankruptcy Court for the Southern District of New York, DCG stated that it attempted to cover a potential "shortfall" with this $1.1 billion promissory note, a measure taken in response to the 2022 collapse of crypto hedge fund Three Arrows Capital. DCG noted that Three Arrows Capital was one of Genesis’s largest borrowers.
DCG is asking the court to order Genesis Global Capital to pay it more than $105 million plus interest.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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