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Digital Currency Group agrees to pay 38 million USD to settle with SEC over negligence

Digital Currency Group (DCG) will pay 38 million USD to the U.S. SEC after allegations of investor deception through Genesis Global Capital. Genesis’ notable borrower, Three Arrows Capital, defaulted on a margin call in June 2022, which the SEC claims DCG misrepresented.

In 2023, Genesis filed for bankruptcy, disclosing liabilities totaling around 10 billion USD and over 100,000 creditors. Additionally, the New York Attorney General sued DCG, Genesis, and Gemini for fraud affecting more than 29,000 investors, claiming over 1 billion USD in losses.

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