Silbert’s motion to dismiss the New York Attorney General’s $3 billion lawsuit contains emails from around the time 3AC failed and the Genesis and Gemini loans business began to seize up.
The crypto firm’s boss, Barry Silbert, also filed a motion to dismiss the Attorney General’s accusation that he concealed losses at the firms and so cheated customers and investors.
DCG filed an objection in bankruptcy court to the deal Genesis secured to end the New York attorney general’s investigation of fraud and money laundering controls.
Fourth quarter EBITDA was $99 million versus a loss of $7 million a year earlier.
The latest price moves in crypto markets in context for Nov. 29, 2023.
DCG has paid about $227.3 million to Genesis so far and plans to hisse another $275 million it owes by April.
The bankrupt crypto lender appears to be no longer seeking to reorganize, after a lawsuit from the New York Attorney General dimmed hopes of a deal with parent company DCG.
Analysts are speculating over whether the lawsuit might have any implications for its GBTC conversion chances.
Under the plan, Gemini creditors would receive a “fraction” of the money they are owed, Gemini’s lawyers said.