Latest Updates

  • The LOC has filed two major complaints, a critical step toward holding responsible parties accountable for one of the most significant campaigns of self-dealing and fraud in digital asset history:

    • The Delaware Chancery Court Complaint (“Delaware Complaint”) filed on May 13, 2025, in the Delaware Court of Chancery against Genesis’s parent company, Digital Currency Group Inc. (“DCG”), its CEO Barry Silbert, former Genesis CEO Michael Moro, DCG advisor Ducera Partners LLC (“Ducera”), and its CEO Michael Kramer.

    • The Bankruptcy Court Complaint (“Bankruptcy Complaint”) filed on May 19, 2025, in the U.S. Bankruptcy Court for the Southern District of New York against DCG, Silbert, and affiliated insiders.

    “The Delaware Complaint reveals how the Genesis lending business fueled profits for DCG’s crown jewel, Grayscale, benefitting from Genesis’s catastrophic failure to implement the most rudimentary lending controls. DCG and Genesis are alleged to have operated as a single enterprise within Silbert’s crypto conglomerate, designed to generate profits for DCG, Silbert and insiders using cryptocurrency provided primarily by Genesis creditors,”

    Read the LOC’s Official Press Release Here

  • “Today, the LOC initiated legal action in the Delaware Court of Chancery against Genesis’s parent company, DCG, its CEO Barry Silbert, and a network of insiders, asserting claims including breach of fiduciary duty, fraud, and unjust enrichment. The LOC is seeking in-kind damages to make creditors whole. This is an important step toward holding DCG, Silbert, and other insiders accountable for one of the most significant campaigns of self-dealing and fraud in digital asset history. We expect a version of the complaint will become public next week.

    The LOC’s Delaware case also asserts the claims of Gemini Trust Company (“Gemini”), which Gemini assigned to the Genesis estate upon voluntarily dismissing its separate lawsuit against DCG and Silbert in the U.S. District Court for the Southern District of New York.  

    Stay tuned for more.”

  • “The recent ruling in the New York Attorney General’s lawsuit against Digital Currency Group (“DCG”), its CEO, Barry Silbert, and the former Genesis CEO, Michael Moro underscores the gravity of the misconduct alleged—including efforts led by DCG and Silbert to mislead customers regarding $1.1 billion in losses at Genesis.

    Despite attempts by Silbert and others to recast the narrative, the Genesis Litigation Oversight Committee (“LOC”), whose members were elected by the creditors in the Genesis bankruptcy, remains focused on bringing forward the facts underlying the alleged misconduct that led to the demise of Genesis. The LOC will vigorously pursue independent claims to recover the maximum possible value for those creditors.

    The LOC is authorized to represent the interests of creditors in recovering their assets that were misappropriated during one of the most significant frauds in digital asset history.

    On behalf of creditors, the LOC is actively developing lawsuits against the parties whose fraud and self-dealing led to the collapse of Genesis. The LOC is authorized to bring claims against DCG, Silbert, and his enablers, including advisors who helped devise the promissory note, for all manner of wrongdoing. Additionally, the LOC is empowered to pursue the recovery of assets and unwind property transfers that unfairly favored insiders.”