PANews reported on May 20 that according to Bloomberg, the bankrupt crypto lending platform Genesis Global Capital sued its parent company Digital Currency Group (DCG) in the Southern District Bankruptcy Court of New York on May 19, seeking to recover about $1.2 billion in "preferred transfers" and fraudulent payments before bankruptcy in 2022. The lawsuit stated that DCG and its founder Barry Silbert and other related parties transferred money to each other when Genesis was insolvent, including more than $580 million in crypto assets and $120 million in cash to DCG itself, international subsidiaries and its HQ Enhanced Yield Fund, and involved $34 million in taxes. Genesis claimed that DCG knew the risks at the time and misled users. The transfers occurred during the collapse of Terra-Luna, Three Arrows Capital and FTX, with the purpose of self-protection and debt avoidance.