Genesis Global Capital Faces Probe by New York Attorney General
New York Attorney General Letitia James is investigating Digital Currency Group (DCG) over its financial dealings with subsidiary Genesis Global Capital. Former executives, including former chief risk officer Michael Patchen, have been asked for information. Genesis Global filed for bankruptcy earlier this year after suffering losses from the collapse of crypto hedge fund Three Arrows Capital and the FTX exchange. DCG has previously faced investigations from the Securities and Exchange Commission and state securities regulators.
Key Points:
- New York Attorney General Letitia James is investigating DCG over its financial dealings with subsidiary Genesis Global Capital.
- Former executives, including Michael Patchen, have been asked for information.
- Genesis Global filed for bankruptcy earlier this year after losses from the collapse of Three Arrows Capital and the FTX exchange.
- DCG has previously faced investigations from the SEC and state securities regulators.
- DCG is cooperating with regulators and investigative agencies.
Hot Take:
The probe by the New York Attorney General’s office adds to the legal troubles faced by Digital Currency Group and its subsidiary Genesis Global Capital. The investigation shows the increased scrutiny of the crypto industry by regulators. This highlights the importance of transparency and compliance in the crypto space to maintain trust and legitimacy.
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