Tag Archives: dcg

Crypto venture giant Digital Currency Group (DCG) has submitted a request to dismiss the lawsuit brought by New York Attorney General Letitia James against the company. According to the NYAG, Barry Silbert allegedly concealed losses at the company, thereby deceiving customers and investors. DCG’s founder and CEO, Barry Silbert, has also filed a motion to dismiss the accusations made by the Attorney General, deeming them as “a thin web of baseless innuendo, blatant...

New York Attorney General Letitia James has massively expanded her lawsuit against Digital Currency Group (DCG) for allegedly defrauding hundreds of thousands of investors in its relationship with Genesis and Gemini Earn. In an amended filing with the Supreme Court of New York on Friday, the AG accused both firms – alongside DCG CEO Barry Silbert and ex-Genesis CEO Soichiro Moro – of “defrauding additional individuals and institutions of an additional $2 billion.” Genesis...

Digital Currency Group (DCG) has filed a motion objecting to the bankruptcy plan proposed by Genesis Global Capital, its subsidiary, citing violations of the Bankruptcy Code. The objection – lodged on February 5th – asserts that Genesis’ plan exceeds the legal entitlements of its customers, potentially favoring a select group of creditors while stripping DCG of its rights. Instead of adhering to US bankruptcy laws, the venture capital firm said that Genesis has suggested...

Digital Currency Group (DCG) subsidiary – Genesis Global Trading – reached a settlement with the New York Department of Financial Services (NYDFS) on January 12th. Genesis will pay an $8 million penalty after an agency’s investigation found significant failings in anti-money laundering and cybersecurity programs. NYDFS said the compliance failures left the company vulnerable to illicit activity and cybersecurity threats. Genesis’ Compliance Lapses According to the official...

The amended ETF application came after a series of meetings between Grayscale and the SEC in December. Leading asset manager Grayscale Investments has filed an amended S-3 application seeking to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. Bloomberg analyst James Seyffart confirmed the reapplication with the Securities and Exchange Commission (SEC) on Tuesday, just a few hours after the CEO of the firm’s parent company, Barry Silbert, resigned. Grayscale Finally...

In addition to top executives stepping aside from the board of directors, Grayscale Investments also filed an updated spot Bitcoin ETF application with the SEC on Tuesday. Top cryptocurrency investor Grayscale Investments LLC has been preparing to offer spot Bitcoin exchange-traded funds (ETF) in a bid to widen its market share. On Tuesday, the company made several moves to ensure an imminent approval of spot BTC ETF, which is anticipated to happen in the next few weeks. Grayscale...

In a surprising turn of events, Barry Silbert, the founder and CEO of Digital Currency Group (DCG) – the parent company of Grayscale – has resigned from the asset manager’s board of directors. Silbert, a key figure in the cryptocurrency industry, has played a crucial role in shaping the growth of Grayscale Investments. His departure from the board signals a significant shift in leadership and strategy for the firm. The official 8-K filing with the US Securities and Exchange...

Genesis, a bankrupt crypto lender, has successfully won a legal bid to prevent its parent company, Digital Currency Group (DCG), from selling or diminishing its ownership stake in the firm until the completion of Chapter 11 bankruptcy proceedings. This move by Genesis is aimed at securing vital tax benefits, which hinge on its continued status within the tax-consolidated group of which DCG is the common parent. Genesis Battles to Preserve $700M Tax Benefit in Reorganization...

The Crypto Sector Index Series will include several indices tracking the prices of a bucket of different digital assets based on their use cases.  The world’s largest digital assets manager Grayscale Investments continues to take steps in order to expand its footprint in the market. Also, the latest report shows that Grayscale is venturing into the crypto indices business in partnership with the London-based indices provider FTSE Russell, a London Stock Exchange subsidiary. Grayscale and...

The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying.  These allegations, made in recent files on Thursday, cast a shadow over GGC’s efforts to wind down its operations and restore funds to...