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Bitcoin price is being shaken by consecutive bad news this evening. As FUD about Tether grows, now it’s DCG’s turn. Bloomberg claimed in its news, based on two familiar sources, that the company is facing an investigation. DCG, the largest umbrella company in the crypto industry, manages billions of dollars in cryptocurrencies.
Last Crypto News
We mentioned important developments that will occur in August and affect the price. At the top of this, there were developments related to Genesis and DCG. The company, which was supposed to announce its payment plan by August 2nd, failed to do so. The court extended the deadline until August 16th. Bloomberg recently wrote in its news, based on insider sources, that the NY Prosecutor’s Office is preparing to file a lawsuit against DCG and Genesis due to their relationship.
Individuals who stated that the New York Attorney General Letitia James’ office requested information from former executives of Genesis, a crypto lender that filed for bankruptcy in January, said that their names should not be disclosed due to the investigation not being made public. One of these individuals also said that Genesis’ former Chief Risk Officer Michael Patchen was recently questioned.
Federal prosecutors in Brooklyn and the Securities and Exchange Commission are currently conducting investigations into Genesis and its parent company DCG, and are requesting meetings with potential witnesses. A spokesperson for DCG said that the company assists regulators and investigative agencies upon request.
DCG, once valued at $10 billion, announced last year that the company received approximately $575 million in loans from Genesis Global Capital. Silbert, the founder and CEO of DCG, referred to a $1.1 billion note in a letter sent to shareholders in November, stating that it emerged with the involvement of the parent company to assume Genesis’ obligations in relation to Three Arrows’ bankruptcy.
