Jun 25, 20256579 Views
Jun 25, 2025
latest unsealed lawsuit documents from the cryptocurrency lending platform Genesis show that executives from its parent company, Digital Currency Group (DCG), had anticipated legal risks before the collapse of Genesis, but still ignored warnings of multiple risks. DCG's Chief Financial Officer Michael Kraines had shared a "wartime exercise" memo with the former CEO of Genesis, preparing to deal with potential lawsuits. The documents also reveal that warnings issued by third-party risk advisors hired by DCG were ignored, leading to Genesis' loan volume expanding from $4 billion to $12 billion. A "culture of submission" was formed within Genesis, with employees being forced to prioritize DCG's interests. Currently, Genesis is seeking to recover over $3.3 billion from DCG, Barry Silbert, and other internal personnel.
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