Digital Currency Group entra com ação contra Genesis Global Capital por nota promissória de US$ 1,1 bilhão

O conglomerado cripto Digital Currency Group (DCG) acaba de acionar judicialmente a Genesis Global Capital — e não é por migalhas. A briga? Uma nota promissória de US$ 1,1 bilhão que virou pó de bitcoin.

O processo surge em meio a um mercado volátil, onde até os tubarões do setor parecem estar nadando em círculos. Detalhes escassos, mas o valor envolvido já diz tudo: quando o caldo entorna, até os grandes players sacam o talão de cheques — ou, no caso, o talão de ações judiciais.

E assim segue o circo das criptomoedas: onde contratos bilionários viram bola de neve em dias de alta, e processos judiciais em tempos de vacas magras. Ironia? Apenas mais um dia no cassino de ativos digitais.

DCG drags subsidiary to court

According to DCG, Three Arrows did not satisfy a margin call by Genesis in 2022, which led to a $2.36 billion default and subsequently left a gap in the book value of GAP’s (Genesis Asia Pacific Pte. Ltd.) equity.

However, later, crypto prices recovered and Genesis allegedly recorded “massive gains from the TAC Collateral in excess of the value of the TAC Collateral at the time of the issuance of the Note — which are denominated as ‘TAC Recoveries’ — immediately and automatically reduced the Principal Amount of the Note on a dollar-for-dollar basis.”

“In fact, Genesis has realized gains on the TAC Collateral subsequent to issuance of the Note that far exceed its initial $1.1 billion Principal Amount,” the filing claims.

DCG now wants the court to make Genesis Global Capital pay it over $105 million plus interest.

The lawsuit is the latest move in the ongoing saga between Genesis and DCG. Back in May, the Genesis Litigation Oversight Committee slammed DCG, its CEO Barry Silbert, and other executives with lawsuits in a bid to recover billions in funds that were allegedly taken away falsely from the company in 2022.

Genesis was among the crypto firms that faced severe financial strain following the fall of giants like TerraUSD, FTX, and 3AC, leading to its bankruptcy filing in 2023. It was able to complete a restructuring last year and has distributed approximately $4 billion in assets to creditors, with DCG, as an equity holder, last in line for repayment.

Genesis has also sued its former parent company for $2.1 billion so it can get more funds to pay back additional customers.

Genesis also filed a lawsuit against its former parent company

Genesis Global Capital filed a lawsuit against its parent company, Digital Currency Group (DCG), and CEO Barry Silbert, alleging fraud and mismanagement amounting to $3.1 billion.

According to the lawsuit, DCG mismanaged funds and engaged in fraudulent activities like insider self-dealing, fraud, and mismanagement by Silbert, accusing him of improper transfers exceeding $1 billion while the company was insolvent, all of which led to significant financial losses for Genesis and its stakeholders.

The lawsuit was filed in two courts, with Genesis seeking to recover over $3.1 billion related to note and asset transfers incurred during the financial turmoil affecting the cryptocurrency market at the time.

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