It also holds equity in other firms such as the crypto exchange Luno and advisory firm Foundry. However, the companies have recently reached a settlement agreement.ĭCG has a venture capital portfolio that includes Grayscale, Genesis, CoinDesk, and approximately 200 other crypto-related companies. Genesis is the largest unsecured creditor of FTX and its affiliates, with a debt of $226 million. The company estimated liabilities of $1 billion to $10 billion and assets in the same range at the time of filing. Genesis filed for Chapter 11 bankruptcy in January following liquidity issues in the bear market and the collapse of notable crypto firms, including 3AC and FTX crypto exchange. They have also stated that transactions between the companies were conducted at prevailing market interest rates and on an arm’s length basis. DCG has assured Bloomberg that the company is cooperating with regulatory bodies and investigative agencies as required. It is currently uncertain whether these investigations will result in formal complaints. Attorney Seth DuCharme is representing DCG in this case. The disclosure of the promissory note to investors and how it was handled is a key aspect of the investigation. Silbert claimed that this note resulted from DCG assuming liabilities from Genesis related to the collapse of the hedge fund Three Arrows Capital (3AC). Additionally, officials are examining a letter to shareholders from DCG’s founder and CEO, Barry Silbert, which mentions a $1.1 billion promissory note. DCG disclosed last year that it had received approximately $575 million in loans from Genesis. The investigation focuses on loans and other transactions conducted between the two companies. Federal prosecutors and the Securities and Exchange Commission are also involved, seeking interviews with individuals associated with both Genesis and DCG. The investigation is being carried out by New York Attorney General Letitia James, as reported by Bloomberg. Leading cryptocurrency Bitcoin (BTC) has gained around 0.6% over the past 24 hours and currently trades at around $21,600.Įthereum (ETH) has also gained nearly 3% in the last 24 hours to trade at $1,700, per data from CoinMarketCap, as its much-anticipated merge fast approaches.Digital Currency Group (DCG) and its subsidiary, Genesis Global Capital, are currently facing scrutiny over their financial transactions. The broader crypto market is bullish this week after last week’s bloodbath. The majority of the liquidations came from blown-out short positions. Over $1.1 million in DOGE trades have been liquidated over the past 24 hours, per data from Coinglass. With a market capitalization of $9.3 billion, DOGE is the 10th-largest cryptocurrency.ĭespite today’s hefty gains, DOGE is still down over 90% from its all-time high of $0.7376 recorded in May 2021, as per data from CoinMarketCap. DOGE showed a 37% spike in daily trading volume and currently trades at around $0.070, according to data from CoinMarketCap. The leading meme coin, Dogecoin (DOGE), is also up 2.4% over the past 24 hours. Total addresses holding SHIB have increased by 0.023% to just above 1.211 million in the last 24 hours, according to data from Etherscan. Over $1.2 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from Coinglass.
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