2024

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Digital Currency Group, its subsidiary Genesis Global Capital, and DCG’s founder and CEO, Barry Silbert, filed motions to dismiss a lawsuit filed by the New York Attorney General.
The <a href="https://crypto.news/gemini-genesis-dcg-slammed-with-1b-crypto-fraud-lawsuit/" data-type="link" data-id="https://crypto.news/gemini-genesis-dcg-slammed-with-1b-crypto-fraud-lawsuit/" rel="noopener noreferrer nofollow">lawsuit</a>, initiated in October 2023 and expanded in the following month, accuses DCG, Genesis, and Silbert of defrauding investors, alleging losses of <a href="https://crypto.news/new-york-ag-lawsuit-dcg-3-billion-genesis-settlement/" data-type="link" data-id="https://crypto.news/new-york-ag-lawsuit-dcg-3-billion-genesis-settlement/" rel="noopener noreferrer nofollow">$3 billion</a> linked to the collapse of Three Arrows Capital and FTX.
The motion follows a contested proposed settlement between Genesis and New York Attorney General Letitia James, which DCG objected to.
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 1/ Today, DCG and <a href="https://twitter.com/BarrySilbert?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BarrySilbert</a> filed motions to dismiss the meritless civil lawsuit filed by the New York Attorney General against Gemini, Genesis, and DCG. As we have stated from the beginning, the allegations are a thin web of innuendo, mischaracterizations, and unsupported…— Digital Currency Group (@DCGco) <a href="https://twitter.com/DCGco/status/1765384828755550241?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 6, 2024</a>
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Previously, DCG opposed a settlement between the NYAG and Genesis, following a deal struck earlier with the prosecutor to drop charges against Genesis, a bankrupt crypto lender and one of DCG’s companies.
DCG <a href="https://crypto.news/dcg-files-objection-in-bankruptcy-court-calls-out-genesis-settlement-subversive/" rel="noopener noreferrer nofollow">criticized</a> the agreement as improper, characterizing it as a “back-door attempt to circumvent U.S. bankruptcy law” and a “subversive arrangement.” Additionally, Genesis Global Holdco was permitted by the bankruptcy court to sell 35 million <a href="https://crypto.news/tag/grayscale/" data-type="link" data-id="https://crypto.news/tag/grayscale/" rel="noopener noreferrer nofollow">GBTC</a> worth over $1.3 billion to satisfy creditor claims.
DCG sought to delay this deal pending court approval of a debt repayment plan, expressing concern over the premature sale of trusts.
Genesis previously sued DCG to repay $620 million in loans, with DCG later <a href="https://crypto.news/dcg-completes-1-billion-payoff-of-all-short-term-loans/" data-type="link" data-id="https://crypto.news/dcg-completes-1-billion-payoff-of-all-short-term-loans/" rel="noopener noreferrer nofollow">announcing</a> the payment of approximately $700 million in favor of the lending platform, demonstrating its commitment to satisfying creditor obligations.
Read more: <a href="https://crypto.news/coinbase-advocates-for-reevaluation-of-crypto-as-securities-in-legal-clash-with-sec/" rel="noopener noreferrer nofollow"> Coinbase advocates for reevaluation of crypto as securities in legal clash with SEC </a>

Digital Currency Group submits request to cancel New York AG lawsuit

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