DCG Countersues Genesis for $1.1B After Subsidiary Claims $3.1B
0Genesis
Three Arrows Capital
DCG countersues Genesis for $1.1B after subsidiary claims $3.1B damages as Three Arrows Capital collapse sparks corporate warfare over promissory note relief.
Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
About Author
Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.
Author Profile
Share
Copied
Last updated:
1 hour ago
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Digital Currency Group (DCG) has escalated its legal battle with bankrupt subsidiary Genesis Global Capital, filing a countersuit demanding $1.1 billion in promissory note relief and $105 million in alleged overpayments.
The move comes as Genesis pursues over $3.1 billion in damages against its parent company through multiple ongoing lawsuits.
Three Arrows Capital Collapse Sparks Corporate War.
The conflict traces back to June 2022, when Three Arrows Capital defaulted on $2.36 billion in loans from Genesis.
DCG voluntarily issued a $1.1 billion promissory note to backstop potential losses from the hedge fund’s collapse.
The note contained automatic reduction provisions tied to any recoveries from Three Arrows Capital’s assets.
Genesis subsequently recovered nearly $2.8 billion from Three Arrows Capital, primarily through GBTC shares that surged from $428.5 million to over $2.1 billion by May 2024.
DCG claims these recoveries automatically reduced the...
https://cryptonews.com/news/dcg-countersues-genesis-for-1-1b-after-subsidiary-claims-3-1b-damages/
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple