Genesis Global Sues Parent Company DCG for $620 Million

Genesis Global Sues Parent Company DCG for $620 Million



Genesis Global is taking legal action against its parent company, Digital Currency Group (DCG), seeking to reclaim $620 million in outstanding loans amid ongoing bankruptcy negotiations and settlement discussions. The legal complaint was submitted to a bankruptcy court in New York on Wednesday, September 6.



The focus of Genesis' legal action is on debts they argue became due in May. This outstanding debt consists of a $500 million loan to DCG and another loan to DCG International Investments Ltd., valued at approximately 4,550 Bitcoin (BTC). In addition to the principal amounts, the lawsuit aims to reclaim accumulated interest and penalties for late payment.



An agreement to temporarily halt any further legal action has been informally reached between Genesis, the Unsecured Creditors Committee (UCC), and DCG, pending formal


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#Bitcoin, #BTC, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #DCG, #Genesis, #News, #Regulations, #UCC

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