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Genesis Global has filed two lawsuits against Digital Currency Group (DCG) and its executives, alleging fraudulent transfers and misleading disclosures as the lender neared collapse. The complaints seek over $3.1 billion, including a $1.1 billion promissory note and disputed crypto transfers. The case could set new legal precedents for accountability in the crypto industry.
- Genesis accuses DCG of using it as a corporate 'alter ego' to hide losses and enrich affiliates, seeking $3.1B in recovery.
- The lawsuits allege Barry Silbert concealed Genesis's financial crisis from lenders while aware of risks tied to Gemini and Bitvavo.
- A ruling in favor of Genesis could set new legal standards for transparency and parent company liability in crypto.
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