Crypto exchange Bitvavo says it aims to recoup 280 million euros from DCG

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Reuters UK

AMSTERDAM (Reuters) -Dutch cryptocurrency exchange Bitvavo said on Saturday it is trying to recover 280 million euros ($296.30 million) from U.S.-based Digital Currency Group (DCG) and its subsidiaries. Bitvavo said it had lent the money to DCG subsidiary Genesis Global Capital in order to offer Bitvavo’s own customers a product where they received interest on their cryptocurrency tokens. Genesis froze withdrawals in November following the collapse of FTX. It said in a letter to clients in early December it was crafting a plan to preserve assets. FTX filed for bankruptcy on Nov. 11, leaving an…

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