Genesis Global Capital (GGC), a bankrupt cryptocurrency lender, has filed two lawsuits against Digital Currency Group (DCG) and its affiliate DCG International Investments (DCIG) in the Southern District of New York Bankruptcy Court. The suits are seeking the repayment of overdue loans worth over $600 million in total. The complaint against DCGI states that GGC loaned it 18,697.7 Bitcoins in June 2022 under an open loan agreement. The outstanding balance of the loan was converted in November to a fixed-term loan due on May 11, 2023. The loan was partially repaid, and a balance of 4,550.5 BTC remained. DCIG sent GGC a request on May 9 to convert the debt back into an open loan, which GGC did not agree to, and the balance was not paid. GGC is now demanding the repayment of the loan with interest and late fees. The other complaint states that GGC made four loans to DCG in 2022 worth a total of $500 million. Those loans mature on May 11 and May 13, 2023. DCG expressed the view on May 9 that it was able to convert those loans to open loans as well under a prior, but GGC did not agree. GGC is now seeking the repayment of the principle without late fees. GGC declared bankruptcy in January and owes $3.5 billion to its top 50 creditors. DCG reached an agreement in principle with GGC unsecured creditors on Aug. 29 that would return 70-90% of the dollar equivalents owed, although the ad hoc creditors’ committee and cryptocurrency exchange Gemini did not support the agreement.

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Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	9
People	DCG International Investments, DCIG, Digital Currency Group, DCGI, Gemini.
Companies	Gemini, DCG International Investments, DCG., Digital Currency Group, Southern District of New York Bankruptcy Court
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None