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• The New York Attorney General (NYAG) is reportedly investigating Digital Currency Group (DCG) and its subsidiary Genesis Global Capital.
• The investigation is said to be focused on the firm’s past chief risk officer, Michael Patchen, who left the firm in October 2022.
• Neither the NYAG nor DCG have confirmed the existence of a probe.
New York Attorney General Investigating Digital Currency Group
The New York Attorney General (NYAG) is reportedly probing Digital Currency Group (DCG), according to reports from Bloomberg on Aug. 4. In recent months, the regulator has been investigating DCG over its dealings with its subsidiary Genesis Global Capital.
Focus on 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 Confirmation from AG or DCG
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 globally to ensure compliance with applicable law and regulations across all aspects of their business.
Impact of Investigation
It remains unclear what consequences could arise from this investigation if it were found that laws or regulations had been violated by either entity or individuals connected with them.
At this time, it appears that no official confirmation has been made regarding an ongoing investigation into Digital Currency Group and Genesis Global Capital by the NYAG office at this time. As such, further details remain unknown until more information surfaces about this possible inquiry in New York State’s cryptocurrency industry.