• New York Attorney General (NYAG) is reportedly probing Digital Currency Group (DCG) in relation to its subsidiary, Genesis Global Capital.
• The investigation is said to include former chief risk officer of Genesis, Michael Patchen.
• No official confirmation has been received from any of the involved parties.
New York AG Investigates DCG Over Its Subsidiary
The New York Attorney General(NYAG), led by Attorney General Letitia James, is reportedly investigating Digital Currency Group (DCG) in relation to its subsidiary, Genesis Global Capital. The probe includes a past chief risk officer at Genesis Global Capital, Michael Patchen, who left the firm in October 2022. There has yet to be any official confirmation from either NYAG or DCG.
What is Digital Currency Group?
Digital Currency Group is an American firm that specializes in cryptocurrency investments and blockchain-related businesses. It was founded in 2015 by Barry Silbert and now runs several subsidiaries like CoinDesk, Grayscale Investments and Foundry Group.
Why Is The NYAG Probing DCG?
The NYAG’s office has not officially announced any such probe, though sources close to the matter have confirmed that it is investigating both DCG and its subsidiary over dealings with each other and former chief risk officer Michael Patchen. It remains unclear whether this investigation will lead to charges against either party or not.
What Has Been The Reaction From Both Parties?
DCG refused to comment on whether any probe was underway but did confirm that it is working with regulators and investigators on the issue of cryptocurrency trading platforms like Genesis Global Capital. On the other hand, no comment has been made by either Patchen or NYAG’s office regarding this investigation so far.
Conclusion
It remains unclear what outcome may arise from this investigation into Digital Currency Group and its subsidiary Genesis Global Capital being conducted by the New York Attorney General’s Office at this time due to a lack of official confirmation from both parties involved in the matter as well as an absence of comment from Patchen himself
