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Further SEC actions against Soichiro 'Michael' Moro by end of 2025?
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SEC Charges Digital Currency Group and Former Genesis CEO, Orders $38M Settlement Over Three Arrows Capital
Jan 17, 2025, 05:13 PM
The U.S. Securities and Exchange Commission (SEC) has charged Digital Currency Group (DCG) and its former Genesis Global Capital CEO, Soichiro 'Michael' Moro, for misleading investors about the financial condition of Genesis. DCG has agreed to a $38 million settlement with the SEC over these charges, which stem from the company's handling of the 2022 default of Three Arrows Capital. The SEC alleges that DCG and Genesis concealed significant financial risks and disseminated false or misleading information regarding the impact of the default on Genesis's financial health. Three Arrows Capital had $2.4 billion worth of outstanding loans from Genesis, and DCG knew that Genesis was set to lose at least $1 billion from the fund's collapse. Additionally, Moro has agreed to a $500,000 settlement for his role in the matter. The charges highlight the SEC's ongoing scrutiny of the cryptocurrency industry's practices.
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