Genesis Sues Parent Company DCG Over $620M Unpaid Loans
Genesis, the crypto lender that filed for bankruptcy in January and fired over 30% of its staff, aims to recover $620 million from DCG. The companies involved claim discussions for a potential deal to end the dispute are open. advertisement Also Read: Bitcoin Sees Weekly Inflows With Overall Trading Volumes 90% Above YTD Average Why Did Genesis Sue DCG? Genesis recently unveiled a debt repayment plan that the majority of the key creditors rejected despite the few in support. In an attempt to uphold the repayment commitments to the lenders, Genesis took the measure to file lawsuits against DCG. In the Lawsuit , Genesis claims that the loans it provided DCG remain unpaid despite maturing in May. The outstanding loan amount stands at $500 million from DCG and about 4,550 Bitcoin from DCG I. Genesis also filed to take back the accrued interest and late fees apart from the principal amount. Considering the current Bitcoin Price, 4,550 BTC amounts up to approx...