According to the Complaint, Digital Currency Group, Inc. serves as the parent company of a conglomerate of digital asset and blockchain technology focused subsidiaries, including Genesis Global Capital.

The Complaint alleges that Genesis Global Capital engaged in an unregistered securities offering in violation of Section 5 of the Securities Act by executing lending agreements without qualifying for an exemption from registration under the federal securities laws. The Complaint further alleges that Genesis Global committed securities fraud through a scheme to defraud prospective and current digital asset lenders by making false and misleading statements that intentionally misrepresented the financial condition of Genesis Global.

On April 25, 2023, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on July 12.

Lead Plaintiffs voluntarily dismissed one of the individual Defendants on September 8, 2023. On November 13, Lead Plaintiffs filed a second amended Complaint.