Genesis sues parent company DCG to recover over $1 billion in transfer funds.

robot
Abstract generation in progress

[Genesis sues parent company DCG to recover over $1 billion in transfer funds] The cryptocurrency lending platform Genesis Global Capital filed a lawsuit against its parent company Digital Currency Group in the Southern District of New York bankruptcy court on Monday, seeking to recover over $1 billion in transfers made in the year prior to its bankruptcy. In its complaint, Genesis states that multiple parties, including DCG, founder Barry Silbert, and their affiliated companies, 'transferred funds to each other while the company was insolvent.' Genesis seeks to have these transfers recognized as priority payments under bankruptcy law and to recover their value. Among these, the value of the cryptocurrency payment part exceeds $582 million, while the total amount of priority transfers exceeds $1.2 billion.

View Original
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments