Digital Currency Group (DCG) has a new investigation. According to Bloomberg, it concerns the flow of cash between Genesis and parent company DCG.
Genesis will stop paying their customers at the end of 2022. It is Dutch Pitwao and American company Gemini both owe hundreds of millions from Genesis. The investigation in New York will look at exactly what the financial arrangements are between DCG and Genesis.
This is just an investigation and no one has been charged or found guilty yet. In addition to prosecutors in New York, the Securities and Exchange Commission (SEC) also contributes. They already had Genesis and DCG before the turmoil in the crypto market.
In Article A DCG spokesperson responds to Bloomberg’s message: “We don’t know anything about DCG being investigated from New York.”
It is not known what the investigations are. It is clear that the US authorities are taking action after the explosion of several companies in 2022. The question is whether anything can actually be done.
Genesis is a well-known financial services company in the industry. It is one of several companies in DCG’s portfolio. BitWo and Gemini used their interest rate products to offer around bitcoin and tokens. It is not clear if and when the refund will be issued.
Also, a game is played between DCG and Gemini. The latter prefers clarity $900 million Even better. Co-founder Cameron Winklevoss called on DCG director Barry Silbert to come up with a solution quickly.
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