Barry Silbert
DCG, Top Executives Renew Push to Get New York AG’s Civil Fraud Suit Dropped
Published
6 days agoon
By
adminLawyers for cryptocurrency firm Digital Currency Group (DCG) and two of its top executives – CEO and founder Barry Silbert and Soichiro “Michael” Moro, the former CEO of DCG’s wholly-owned trading arm Genesis – have made a final effort to convince a judge to toss out New York Attorney General (NYAG) Letitia James’ civil fraud suit against them.
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Bankruptcy
New York AG probes transactions at Genesis, ties with Barry Silbert: Report
Published
11 months agoon
August 5, 2023By
adminDigital Currency Group (DCG) is now under scrutiny for its financial transactions involving its subsidiary, Genesis Global Capital. The investigation is reportedly being conducted by New York Attorney General Letitia James, Bloomberg reported, citing sources familiar with the matter.
Federal prosecutors and the Securities and Exchange Commission are reportedly engaged in investigating, seeking interviews with potential witnesses associated with both Genesis and DCG.
According to the report, the investigation examines loans and other transactions performed between the companies. DCG revealed last year that it had received around $575 million in loans from Genesis. Additionally, officials are looking at a letter to shareholders from DCG’s founder and CEO, Barry Silbert, mentioning a $1.1 billion promissory note, which he stated resulted from DCG assuming liabilities from Genesis connected to the collapse of the hedge fund Three Arrows Capital (3AC).
The promissory note and how it was disclosed to investors has been a focal point of the operation, according to the sources. Former acting U.S. Attorney Seth DuCharme is representing DCG in the case.
It remains unclear whether any of these investigations will lead to formal complaints. A spokesperson for DCG told Bloomberg that the company is cooperating with regulatory bodies and investigative agencies as required. It also added that transactions between the companies were “always structured on an arm’s length basis and priced at prevailing market interest rates.”
Genesis filed for Chapter 11 bankruptcy in January, following months of liquidity issues amid the bear market and the collapse of notable crypto firms, including 3AC and crypto exchange FTX. At the time, the company’s filing estimated liabilities of $1 billion to $10 billion and assets in the same range.
Genesis is the largest unsecured creditor of FTX and its affiliates, with $226 million owed. The companies recently reached an agreement to settle the dispute.
DCG’s venture capital portfolio includes Grayscale, Genesis, and CoinDesk, among some 200 crypto-related companies. It also has equity in other companies, including the crypto exchange Luno and advisory firm Foundry.
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Barry Silbert
Gemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn program
Published
1 year agoon
July 7, 2023By
adminUnited States-based cryptocurrency exchange Gemini has announced legal action against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert, claiming “fraud against creditors”.
In a July 7 filing in a New York court, Gemini alleged DCG and Silbert engaged in a scheme involving lending “huge amounts of cryptocurrency and U.S. dollars” to Genesis. According to the filing, Gemini seeks to recover funds incurred as a result of “DCG’s and Silbert’s false, misleading, and incomplete representations and omissions to Gemini, and Defendants’ role in encouraging and facilitating Genesis’s fraud against Gemini”, adding the firm would also pursue legal avenues in Genesis’ bankruptcy case.
Genesis had been the crypto lender responsible for operating an Earn program in partnership with Gemini. However, the firm halted withdrawals in November 2022, citing “unprecedented market turmoil” and subsequently filed for Chapter 11 bankruptcy.
According to a July 7 Twitter thread from Gemini co-founder Cameron Winklevoss, Silbert knew Genesis was “massively insolvent” when attempting to continue the Earn program. The complaint included alleged false financial reporting from DCG and Silbert starting with the collapse of Three Arrows Capital in June 2022, which “blew a $1.2 billion hole in Genesis’s balance sheet”.
“Barry, DCG, and Genesis all conspired to create false financial reports to hide the truth from Gemini and creditors,” claimed Winklevoss. “This fraud goes to the very top. Barry Silbert and other DCG executives were directly involved in these lies and they lied again and again to conceal the truth from Gemini and other creditors.”
1/ Today, @Gemini filed a lawsuit against @DCGco and @BarrySilbert personally in New York court. Barry was not only the architect and mastermind of the DCG and Genesis fraud against creditors, he was directly and personally involved in perpetrating it.
— Cameron Winklevoss (@cameron) July 7, 2023
This is a developing story, and further information will be added as it becomes available.
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