Genesis claims DCG owes it $500 million from one set of loans, alongside another 4,550 BTC owed from DCG International.
with Genesis on June 21, 2019, with a similar 2023 extended maturity date. Genesis and DCGI are both subsidiaries of DCG, which is also CoinDesk's parent company.
Genesis, which filed for bankruptcy in January this year, alleged in its Wednesday filings that DCG and DCGI are"wrongfully in possession of property" belonging to Genesis Global Capital's bankruptcy estate. Each of these loans matured and are payable as of this past May, the filings said, but DCG appeared to want to convert the loans into"Open Loans," sending notifications to Genesis on May 9. However, the onetime crypto lender alleges, Genesis did not agree to this conversion, and reserved its rights to be repaid.
"The May 9 DCG Request for wire instructions for repayment of the Loans at 10:37 p.m. on May 9, 2023 does not constitute a 'timely' request as contemplated in the MLA," the DCG filing said.
As of Wednesday, DCG owed Genesis $500 million, while DCGI owed 4,550.5 BTC , the two filings said. Genesis is also looking for late fees and accrued interest, saying these funds are"property that the debtor could use" in its ongoing bankruptcy case.
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