Genesis sues parent company DCG, other affiliate for $600M loans, then stays action

Bankrupt cryptocurrency lender Genesis Global Capital (GGC) submitted 2 suits on Sept. 6 seeking the repayment of past due loans from associated business. According to the grievance against DCGI, GGC loaned it 18,697.7 Bitcoin (BTC) in June 2022 under an open loan agreement reached in 2019. Source: PACERDCIG sent GGC a request on May 9 to transform the debt back into an open loan. Related: Digital Currency Group files movement to dismiss Gemini suit, declaring its a PR campaignAccording to the other problem, GGC made 4 loans to DCG in 2022 worth a total of $500 million. DCG revealed the view on May 9 that it was able to convert those loans to open loans as well under a prior agreement, however GGC did not concur.

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According to the grievance versus DCGI, GGC lent it 18,697.7 Bitcoin (BTC) in June 2022 under an open loan contract reached in 2019. Related: Digital Currency Group files movement to dismiss Gemini suit, claiming its a PR campaignAccording to the other problem, GGC made four loans to DCG in 2022 worth a total of $500 million. DCG expressed the view on May 9 that it was able to convert those loans to open loans as well under a previous arrangement, but GGC did not agree.

GGC is looking for the payment of the principal without late fees. These loans, too, had been under mediation and are subject to continuing talks.The matches might not come to judgment. It had actually suspended withdrawals and new loan activity in November and laid off staff in the runup to its personal bankruptcy filing.