Genesis Accuses DCG, Barry Silbert Of Fraud, Seeks $1.2B In Crypto Transfers Made During Insolvency
Posted On May 20, 2025
Genesis’s Litigation Oversight Committee (LOC) has filed two lawsuits against Digital Currency Group (DCG), its CEO Barry Silbert, and a group of insiders, alleging systematic fraud, breach of fiduciary duty and insider enrichment that caused over $1 billion in losses to Genesis creditors.
In a complaint filed in the Delaware Chancery Court, the LOC claims that Silbert operated Genesis as a financing arm for DCG, engaging in off-market loans and draining assets for the benefit of Grayscale and other DCG affiliates.
The lawsuit seeks to recover over 1 million crypto coins valued at roughly $2.1 billion as of February 2025.
Benzinga has reached out to DCG for a comment.
“Silbert used Genesis to enrich himself and finance his broader …
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