New York Attorney General Investigating DCG Over Genesis Affiliation
New York Attorney General Letitia James is reportedly investigating Barry Silbert’s Digital Currency Group (DCG) over its past affiliation with bankrupt crypto lender Genesis Global Capital. DCG is the parent company of Genesis, which filed for bankruptcy in January after sustaining large losses.
Key Points:
- Attorney General James has been requesting information from former Genesis executives.
- Federal prosecutors and the SEC have started their investigation.
- The $1.1 billion promissory note is a focal point for regulators and prosecutors.
- The probe has not been made public and it’s unclear if complaints will be filed.
- Gemini previously accused Silbert and DCG of defaulting on a $630 million debt payment.
New York Attorney General Letitia James is reportedly investigating Barry Silbert’s Digital Currency Group (DCG) over its past affiliation with bankrupt crypto lender Genesis Global Capital. The investigation is focused on the $1.1 billion promissory note that Silbert says came about to assume liabilities from Genesis for the collapse of Three Arrows Capital (3AC). While federal prosecutors and the U.S. Securities and Exchange Commission (SEC) have started their investigation, it is unclear if the probe will lead to the filing of complaints. In the past, Gemini publicly accused Silbert and DCG of defaulting on a $630 million debt payment.
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