Demand for Arbitration Filed Against Genesis Global Capital, DCG — Firm Accused of Ochestrating a Sham Transaction – Bitcoin News
Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand for class arbitration in a case that pits three Gemini Earn users against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading has been filed with the American Arbitration Association (AAA). According to a statement released by Silver Golub & Teitell, the law firm representing the claimants. GGC and the related entities are accused of breaching the terms of the so-called Master Agreement. According to the Dec. 30, 2022 ambiental, the claimants allege the initial breach of contract “when GGC became insolvent in the summer of 2022 but concealed its insolvency from lenders.” The statement adds that GCC was able to achieve this by “orchestrating a sham transaction” in which DCG acquired the right to “the right to collect a $2.3 billion debt owed to GGC by insolvent hedge fund Three Arrows Capital for a promissory note of $1.1 billion due in 2033.” Genesis Global Capital