Genesis sues DCG and Barry Silbert to recover billions

Genesis Global has taken legal action against Digital Currency Group (DCG) and its CEO Barry Silbert, along with other executives. The lawsuits allege that DCG and Silbert engaged in improper business practices, falsely moving billions from Genesis, which eventually led to its bankruptcy. One lawsuit filed in Delaware accuses Silbert of exploiting Genesis and misrepresenting its financial health for personal and company gain, while the other filed in New York seeks the return of $1 billion in fraudulent transfers. Before its bankruptcy in 2023, Genesis was deeply indebted and had over 100,000 creditors. The legal battle seeks to reclaim over $2.2 billion to distribute to creditors.