Genesis Global's $620 Million Lawsuit Against Digital Currency Group

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United Arab Emirates MetaNews
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Genesis Global Holdco LLC, the cryptocurrency lender that recently filed for bankruptcy, has launched a lawsuit against its parent entity, Digital Currency Group (DCG), and DCG International Investments Ltd. This lawsuit, officially filed in a New York bankruptcy court, aims to recover a substantial sum totaling $620 million. This sum encompasses not only unpaid loans but also various associated expenses and charges. The lawsuit comes in the wake of Genesis Global's financial distress and its unsuccessful debt repayment plan, which faced rejection from key creditors. As the pressure mounts to fulfill its repayment commitments, Genesis Global has taken the drastic step of suing DCG, sparking a complex legal dispute with potential implications for the cryptocurrency industry.
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