A report alleges that federal prosecutors are scrutinizing transfers between the crypto firms Digital Currency Group and its subsidiary, Genesis.
that Genesis owes $900 million to Gemini Earn customers and both companies’ lending arms have halted withdrawals since mid-Nov. 2022.
Reports have disclosed that Genesis was impacted severely by the collapse of FTX and Alameda Research and Gemini has recently beenthat it may face a potential class-action lawsuit over the matter. Bloomberg states that federal investigators are getting involved and are reportedly looking into transactions between Digital Currency Group and Genesis. “People familiar with the matter,” who requested anonymity,the publication that prosecutors in the Eastern District of New York and the U.S.
Bloomberg requested a comment from Silbert and a Digital Currency Group spokesperson responded. “DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG,” the company spokesperson said in a statement. The news outlet also reported that “the SEC and US Attorney’s Office for the Eastern District of New York declined to comment.
The Bloomberg editorial follows a series of reports about alleged probes by U.S. authorities into crypto firms that have either resulted in enforcement, never materialized, or have yet to come to fruition. In the past 12 months, reports citing “people familiar with the matter” have stated that U.S. investigators are probing
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