New class action against DCG and Silbert as Genesis tells judge they are nearing a deal with creditors

New class action against DCG and Silbert as Genesis tells judge they are nearing a deal with creditors Cryptocurrencies

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The lawsuit “seeks to hold DCG and Silbert liable as"Control Person" pursuant to the federal securities laws,” they wrote, noting that Silbert is DCG's chief executive officer and chairman of its board of directors and “maintains a controlling 40% equity interest” in the company. Meanwhile, in New York, lawyers for Genesis and their creditors met in court for the initial hearing of the crypto lender’s bankruptcy proceedings.

"Sitting here right now, I don't think we're going to need a mediator," he said."I'm very much an optimist." “An in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” said Genesis Interim CEO Derar Islim when the filing was made. “We deeply appreciate our clients’ ongoing patience and partnership as we work towards an equitable solution.”

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