Crypto lends Genesis and its subsidiaries brought two lawsuits against its parent company, Digital Currency Group (DCG), DCG CEO Barry Silbert and other leaders trying to recover what it called false transfers of crypto worth billions of dollars.

In total, Genesis and its creditors are looking for $ 3.2 billion across the two litigation. It seeks to recover $ 2.2 billion in a case filed for Court of Chancery in the State of Delaware and more than $ 1 billion in a suit at the bankruptcy court of the southern district of New York.

The archiving in New York says money was withdrawn from Genesis to repay DCG, Silbert, affiliated companies and other insiders in the year that led to Genesis archiving to Chapter 11, even though the company was insolvent.

They “knew through their close relationship to Genesis that its business was on the verge of collapse” and took the opportunity to withdraw all their assets and recover 100% of crypto and dollar loans made to the platform while the public members were “held in the dark,” claims the case.

Genesis suspended payments in November 2022 and went bankrupt the following year.

“Silbert and his crises that carelessly operated, exploited and then bankrupt Genesis after a spectacular campaign for fraud and self-trade,” the Delaware archiving claims.

Its creditors are still short 2.2 billion dollars to crypto -assets including bitcoin

ether and other tokens, the archiving said.

Alongside seeking an award of compensation, Genesis wants a fair confidence over all assets that “defendant incorrectly trained or converted during their term of office as leaders, officers, executives,” the archiving said.

“These baseless litigation re -arrange the same tired, two -year -old claims in an opportunistic attempt from sophisticated investors to extract additional value from DCG,” a spokesman said for the company. “We worked in good faith with a large number of stakeholders to try to achieve a comprehensive solution of the DCG-related aspects of the Genesis-Knee. We will vigorously defend ourselves against these false claims.”