Genesis sues DCG, demanding repayment of more than $600 million in loans

According to CoinDesk, Genesis Global Capital is suing Digital Currency Group (DCG) and Digital Currency Group International (DCGI), demanding repayment of multiple loans with a principal amount of more than $600 million. According to two documents filed with the Bankruptcy Court for the Southern District of New York on Thursday, DCG borrowed up to $500 million from Genesis through four loans in 2022, while DCGI borrowed 18,697.7 Bitcoins in 2019. DCG and Genesis signed a master loan agreement on November 10 last year, and the maturity dates of several loans in 2022 were extended to May 9 or 10, 2023. DCGI entered into a master loan agreement with Genesis on June 21, 2019, extending the loan maturity date to May 11, 2023. As of Wednesday, DCG owed Genesis $500 million, while DCGI owed Genesis 4,550.5 Bitcoins (currently worth approximately $117 million). In addition, Genesis seeks to recover late fees and accrued interest.