News - Genesis sues Digital Currency Group - for $600 million

By Mike Hesp

Genesis sues Digital Currency Group - for $600 million

Bitcoin (BTC)

Genesis is demanding $600 million from Digital Currency Group. The two parties have been at loggerheads for months.

Genesis sues its parent company, the Digital Currency Group. The reason: outstanding debts of more than $600 million, of which 4,550 are in Bitcoin.

Just last week, DCG announced that they had reached an agreement. Both parties have been in dispute since the crypto lender's bankruptcy. But Genesis is also sitting on a large mountain of debt.

The cryptoexchange Gemini is demanding $900 million from the former crypto lending service. A legal suit is also pending here. In January 2023 Genesis filed for bankruptcy.

One of the reasons for the bankruptcy was high stakes in the bankrupt crypto exchange FTX. U.S. authorities are investigating the company.

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