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$BTC Strategy Emerges: Genesis Launches $3.1B #LegalAction Against DCG
#GenesisGlobal has filed two lawsuits against parent company Digital Currency Group (DCG) seeking recovery of over $3.1 billion in allegedly improper transfers.
The Delaware court complaint claims #DCG and CEO Barry Silbert "recklessly operated, exploited, and bankrupted" Genesis through "a spectacular campaign of fraud and self-dealing."
Genesis alleges DCG issued a 10-year, $1.1 billion promissory note with a meager 1% interest rate that failed to provide real liquidity after Three Arrows Capital's default.
The lender seeks recovery of $448 million transferred to DCG, $136 million to DCG International, and over 19,000 $BTC, 69,000 
$ETH, and 17 million other #crypto tokens.
DCG and former Genesis CEO Michael Moro previously paid $38 million to settle SEC charges regarding misleading investors about Genesis's financial health.
