• The New York Attorney General (NYAG) is investigating Digital Currency Group (DCG) over its dealings with subsidiary Genesis Global Capital.
• The probe extends to former chief risk officer, Michael Patchen, who left the firm in October 2022.
• Neither the NYAG nor DCG have officially confirmed this investigation.
New York Attorney General Probing Digital Currency Group
The New York Attorney General (NYAG) is currently probing Digital Currency Group (DCG), according to reports from Bloomberg on Aug. 4. In recent months, the regulator has reportedly been investigating the DCG over its dealings with its subsidiary Genesis Global Capital.
Probe Extends To Former Chief Risk Officer
The investigation is said to extend to Genesis’ past chief risk officer, Michael Patchen, who left the firm in October 2022. Bloomberg cited two individuals familiar with the investigation as its sources, as none of the involved parties have confirmed the probe’s existence.
No Official Announcement Yet
The NYAG’s office, led by Attorney General Letitia James, has not officially announced any such probe. DCG refused to comment on whether any probe is underway but said it is working with regulators and investigators when needed and appropriate.
What Happens Next?
It remains unclear if this investigation will result in charges or a settlement agreement between both parties involved or if it will be dropped altogether due to lack of evidence or another reason entirely.
At this time it seems that only time will tell what happens next in regards to this ongoing investigation into Digital Currency Group and Genesis Global Capital’s operations and activities.