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DCG sues subsidiary Genesis for $105 million, dispute arises again.
[Chain News] On August 15, it was reported that Digital Currency Group (DCG) has sued its subsidiary Genesis Global Capital in the Bankruptcy Court for the Southern District of New York, demanding Genesis to pay over $105 million plus Interest. The lawsuit states that DCG provided Genesis with a $1.1 billion promissory note to address the asset gap caused by the default of Three Arrows Capital (3AC) in 2022. Subsequently, Genesis obtained significant profits through TAC Collateral, exceeding the initial amount of the promissory note. Previously, Genesis completed its bankruptcy reorganization and began distributing approximately $4 billion in assets to creditors, and had previously sued DCG and its executives for $2.1 billion in damages.