Crypto lender Genesis and its subsidiaries have filed two lawsuits against its parent company, Digital Currency Group (DCG), its CEO Barry Silbert, and other executives. The lawsuits seek $3.2 billion, claiming that significant sums were withdrawn from Genesis in the lead-up to its Chapter 11 filing, despite the company's insolvency. The filings allege that DCG and its executives exploited their close relationship with Genesis to withdraw all assets while misleading customers about the company's precarious financial state. Genesis suspended withdrawals in November 2022 before entering bankruptcy. The plaintiffs are demanding damages as well as equitable relief concerning assets that were allegedly misappropriated by the defendants. DCG responded, labeling the lawsuits as baseless and calling them an opportunistic effort by investors to extract additional value from the bankruptcy process.

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