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Federal Prosecutors in New York Probe Digital Currency Group and Subsidiary Genesis

Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital.

According to a recent letter from Cameron Winklevoss, co-founder of the crypto exchange Gemini, Digital Currency Group (DCG) has until Jan. 8, 2023, to resolve liquidity issues between Gemini and the lending unit of Genesis Global Capital. It has been reported that Genesis owes $900 million to Gemini Earn customers and both companies’ lending arms have halted withdrawals since mid-Nov. 2022.

Related Readings:

Gemini-DCG Fiasco May Shape to Be ‘Market Bottom Event’ in 2023

DCG Wealth Management Division Shuts Down Hours After Genesis Announced Layoffs

Gemini Co-Founder Claims DCG Acted in Bad Faith

Research Firm Issues Warning For Bitcoin And ETH Investors Over DCG Situation

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