According to Foresight News, bankrupt crypto lending company Genesis has filed a lawsuit against its parent company, Digital Money Group (DCG), seeking to recover approximately $620 million in outstanding loans, despite ongoing settlement negotiations. Genesis claims that loans involving DCG were due in May. The lawsuit alleges that the unpaid debts include a $500 million loan provided to DCG and approximately 4,550 Bitcoin loans provided to DCGI. Genesis is also seeking to recover accrued interest and late fees.
Last month, Genesis announced a proposed restructuring agreement that could potentially result in its unsecured creditors recovering up to 90% of their debts.