Why Digital Currency Group Is Suing Its Own Subsidiary Over $1.1 Billion Loan

DCG Demands $105M From Genesis After 3AC Collapse

In a filing submitted Thursday to the U.S. Bankruptcy Court for the Southern District of New York, DCG accused Genesis Global Capital and Genesis Asia Pacific of owing repayments connected to a $1.1 billion promissory note. The note was issued in June 2022 at the height of market turmoil, intended as a safeguard in case Genesis Asia Pacific suffered a major equity shortfall after 3AC defaulted on its loans. According to DCG, however, Genesis nev…

DCG Issues Lawsuit Against Genesis Over $1.1 Billion Promissory Note Tied to 3AC Collapse - CoinCodeCap

Key Takeaways According to the filing, 3AC had pledged assets such as Grayscale Bitcoin Trust shares as collateral for the loans Genesis points out that DCG has already transferred over $100 million under the terms of the note,  Leading Venture Capital firm Digital Currency Group (DCG) has filed a lawsuit against Genesis Global Capital, the crypto lender it owns, seeking repayment of more than USD 105 million linked to a USD 1.1 billion promiss…

DCG sues Genesis over promissory note debt amid bankruptcy challenges

Digital Currency Group (DCG) has sued its lending subsidiary Genesis, asking a bankruptcy court to confirm it is owed more than $105 million plus interest on a financial backstop extended during the 2022 crypto downturn. The case, filed on Aug. 14 in the U.S. Bankruptcy Court for the Southern District of New York, centers on a $1.1 billion promissory note DCG issued to Genesis after the implosion of hedge fund Three Arrows Capital (3AC). Accordi…

DCG sues Genesis over promissory note debt amid bankruptcy challenges – MAXBIT

Digital Currency Group (DCG) has sued its lending subsidiary Genesis, asking a bankruptcy court to confirm it is owed more than $105 million plus interest on a financial backstop extended during the 2022 crypto downturn. The case, filed on Aug. 14 in the U.S. Bankruptcy Court for the Southern District of New York, centers on...

Why Digital Currency Group Is Suing Its Own Subsidiary Over $1.1 Billion Loan

Digital Currency Group has sued its subsidiary, crypto lender Genesis, in the latest twist of a saga that's been unfolding since 2022.