digital currency group

The New York Department of Financial Services said Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty and surrender its license from the regulator after an investigation found significant failings in the company's anti-money laundering and cybersecurity programs. Genesis - a cryptocurrency market-maker and brokerage firm - failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity…

Cryptocurrency firm Gemini, the largest creditor of bankrupt crypto lending firm Genesis, sued Digital Currency Group (DCG) and its CEO on Friday after a dispute over a restructuring deal for the venture capital firm's troubled unit.DCG and Gemini, the two most prominent players in the crypto industry, have clashed several times over the past few months following the collapse of Genesis, which had filed for bankruptcy in January. Gemini has accused DCG and CEO Barry Silbert of "fraud" and "deception." The dispute came…

In January this year, the lending unit of Genesis filed for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi (Illustration: Rahul Awasthi)Digital Currency Group (DCG) said on Tuesday some creditors of its bankrupt unit Genesis Capital have decided to walk away from a prior restructuring agreement for the cryptocurrency lender. DCG, a conglomerate in the digital asset space, had been looking to sell Genesis to repay some of the $3.4 billion, at a…

The lending unit of crypto firm Genesis filed for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. The company is owned by venture capital firm Digital Currency Group (DCG). Genesis' lending unit said it had both assets and liabilities in the…

CoinDesk is reportedly mulling over a potential sale as its parent company Digital Commodities Group suffers the results of the FTX fallout, which was ironically first revealed by CoinDesk.Image: IgorGolovniov (Shutterstock)The folks at CoinDesk were simply too good at their jobs. The crypto news site was the first to poke holes in Sam Bankman-Fried’s crypto sandcastle that was FTX, but now the company who owns the crypto news site is reportedly exploring a sale partially due to fallout from Bankman-Fried’s failed and…

The cryptocurrency crunch is so bad even the pros are getting squeezed. A year ago, Barry Silbert’s 40% stake in Digital Currency Group Inc., or DCG, was valued at more than $3 billion. A crypto conglomerate, with tentacles in nearly every corner of the industry from lending to bitcoin mining, DCG worked out of plush Connecticut offices featuring a marble-countertop kitchen with a coffee barista and a French chef. Mr. Silbert is a 46-year-old…

Image: Joe Raedle (Getty Images)The U.S. Securities and Exchange Commission charged Genesis Global Capital LLC and Gemini Trust Company LLC on Thursday for allegedly providing unregistered securities to investors through a program that touted a high interest on deposits.Gemini is a crypto exchange founded by twins Tyler and Cameron Winklevoss and Genesis is a crypto lender. The pair partnered on a venture called Gemini Earn.The SEC claims Genesis raised billions of dollars from hundreds of thousands of investors without…

Barry Silbert, the founder of Digital Currency Group, is far from crypto’s most colorful executive. Barry Silbert, the founder of Digital Currency Group, is far from crypto's most colorful executive. In an industry rife with billionaire impresarios, die-hard evangelists and outright fraudsters, the 46-year-old chief executive has the look and bearing of a middle manager at a regional bank. His inoffensive demeanor — and relatively long tenure in Bitcoin — served him well as he drew funding from companies like…

Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert. Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert, the man at the helm of the Digital Currency Group empire.Silbert, who rarely does press interviews or speaks at the multitude of industry conferences, founded the Stamford, Connecticut-based crypto conglomerate DCG in 2015,…

Digital asset exchange Genesis Trading said on Wednesday it had been exposed to Three Arrows Capital (3AC), but had mitigated its losses after the bankrupt crypto hedge fund failed to meet a margin call. Genesis Chief Executive Officer Michael Moro in a tweet said the firm's parent company Digital Currency Group has assumed some of its liabilities. Genesis is also pursuing all strategies to recover any potential loss, he added. The loans to Three Arrows had a weighted average margin requirement of over 80%, Moro said.…