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Bankrupt Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI), seeking repayment of multiple loans totaling more than $600 million in principal.
In the court filings, Genesis said that DCG borrowed $500 million from Genesis via four loans in 2022, and DCG borrowed 18,697.7 $BTC in 2019. The loans matured in May 2023, but haven't been repaid. Currently, DCG owes Genesis $500 million, while DCGI owes 4,550.5 $BTC. Both Genesis and DCGI are subsidiaries of DCG.
Previously, DCG announced it had reached an in-principle deal with Genesis creditors. A DCG spokesperson said in a statement, "We are documenting a forbearance agreement and expect to file it with the court shortly. At that point, we will initiate the distribution of funds and continue on the path to significant recovery for Genesis creditors."
Related: DCG Reaches In-Principal Deal with Genesis Creditors, Could Recover Up to 90%
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