Embattled crypto group DCG is reportedly under investigation by US prosecutors over money transfers at lending arm Genesis
Crypto conglomerate Digital Currency Group is under investigation by US prosecutors over money transfers at its brokerage subsidiary Genesis,The Securities and Exchange Commission and the US Department of Justice's Eastern District of New York office are looking into financial transfers between DCG and Genesis' crypto-lending unit, called Genesis Global Capital, it said.
The US authorities are also probing what investors were told about those transactions, Bloomberg said in its report late Friday, citing people familiar with the matter.to sort out its rocky financial situation, defended its practices and said it wasn't aware of any New York probe. "DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG," the company told Bloomberg.
Pressure is piling up on DCG following the implosion of Sam Bankman-Fried's FTX crypto empire. The Genesis parent closed down its wealth management unit last week, citing a"crypto winter" and significant headwinds to the industry.customer withdrawals after FTX's collapse triggered a flood of outflows, draining the firm's liquidity. Genesis' derivatives business had $175 million locked in FTX trading accounts.
Brokerage Genesis also faces major losses as a result of loans it made to Three Arrows Capital, and it has filed a claim for
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Gemini-DCG Fiasco May Shape to Be 'Market Bottom Event' in 2023: ReportAfter a hectic year, the focus in 2022 will be accumulation and building exposure
Les mer »
Crypto Conglomerate DCG Closes Wealth-Management Business.DCGco plans to shut down its wealth-management division. HQ reportedly had more than $3.5 billion of assets under management.
Les mer »
Genesis GV70 Review 2023The GV70 has a lot going for it, including competitive pricing, a high level of standard equipment and one of the most luxurious interiors in the family SUV class. But is it enough to beat the Audi Q5 and BMW X3? We’ve been finding out -
Les mer »
Report: Federal Prosecutors in New York Probe Digital Currency Group and Subsidiary Genesis – Bitcoin NewsA report alleges that federal prosecutors are scrutinizing transfers between the crypto firms Digital Currency Group and its subsidiary, Genesis.
Les mer »
New Genesis GV60 vs Audi Q4 Sportback e-tron vs Tesla Model YUpmarket South Korean brand Genesis has bold ambitions to take on the likes of Audi and Tesla with its new electric SUV. Time to see if they're realistic
Les mer »
Quantum money that uses the mathematics of knots could be unforgeableA monetary system built using a combination of quantum computers and the mathematics of knots could be impossible to counterfeit
Les mer »