Official announcements from Genesis or DCG

SEC Charges Digital Currency Group for Misleading Investors, Settles for $38 Million Over $500 Million Revenue Overstatement and Sanctions Genesis CEO

Jan 17, 2025, 05:03 PM

The U.S. Securities and Exchange Commission (SEC) has charged Digital Currency Group (DCG) for allegedly misleading investors, resulting in a settlement of $38 million. The charges stem from practices related to Genesis, a lending platform under DCG, which the SEC claims involved misleading statements to investors. Additionally, the SEC has sanctioned the CEO of Genesis for similar misleading actions. The allegations include overstating revenue by approximately $500 million, highlighting serious concerns regarding transparency and compliance within the digital currency sector.