According to Bloomberg, the bankrupt crypto lending company Genesis sued its parent company Digital Money Group, seeking to recover about $620 million in outstanding loans, despite ongoing settlement negotiations. Genesis said the loan involving DCG expired in May. The lawsuit said the outstanding debt included a $500 million loan to DCG and a loan of about 4,550 bitcoins to DCGI. Genesis also seeks to recover accrued interest and late fees.
Last month, Genesis unveiled a proposed restructuring agreement that could result in its unsecured creditors recovering up to 90% of their debts.
