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Digital Currency Group (DCG) has filed a lawsuit against its subsidiary Genesis, seeking repayment of over $105 million plus interest from a financial backstop provided during the 2022 crypto crisis. The dispute stems from a $1.1 billion promissory note issued after the collapse of hedge fund Three Arrows Capital. This legal battle adds to ongoing tensions between the two firms.
- DCG claims Genesis owes $105M from a 2022 financial backstop tied to Three Arrows Capital's collapse.
- Genesis previously sued DCG executives, alleging billions were wrongfully taken during the crypto downturn.
- Genesis exited Chapter 11 in 2023 and started repaying creditors, but DCG disputes parts of the bankruptcy plan.
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