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- Genesis Global Capital is suing Digital Currency Group for hundreds of millions of dollars of outstanding loans due in May.
- Lawyers representing Genesis said that the crypto lender and DCG entered into another agreement in November 2022 called the “amended and reorganized master loan agreement.”
- Cameron Winklevoss indicated to Silbert in July that he would face a lawsuit if he did not make the $640 million payment he said was due immediately.
Genesis Global filed a lawsuit against Digital Currency Group for failing to pay off thousands of BTC
Genesis Sues DCG for Bitcoin Credit
Genesis Global Capital is filing a lawsuit against Digital Currency Group (DCG) over hundreds of millions of dollars in unpaid credit due in May. According to documents, Genesis stated that it had lent DCG over 18,000 Bitcoins in 2022 and converted the debt into a fixed-term loan due on May 11 of the same year, as part of a “master credit agreement” made between DCG and Genesis in 2019.
In the filing, it was stated, “The DCG Loan matured on May 11, 2023, and has not been paid.”
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In a separate court document, attorneys representing Genesis claimed that the crypto lender and DCG entered into another agreement called the “amended and restated master credit agreement” in November 2022.
A spokesperson for DCG stated, “Genesis has agreed to continue documenting the agreement reached in principle with UCC and DCG, and therefore, halted the eviction process,” adding, “The eviction agreement is being documented and is expected to be filed with the court soon. We will initiate the distribution of funds from this point and continue on the path to significant recovery for Genesis creditors.”
Genesis and DCG
Genesis Global Holdco suffered a financial blow last year following the collapse of crypto hedge fund Three Arrows Capital and the exchange FTX. Consequently, they filed for bankruptcy protection in January and had to repay their creditors.
Since then, DCG and Genesis Global have been in a legal battle with Gemini, an exchange they accused CEO Barry Silbert and DCG of being the architects and key players behind “DCG and Genesis fraud against creditors.” In July, Gemini co-founder Cameron Winklevoss warned Silbert that he would face a lawsuit if he did not pay the $640 million debt immediately.
