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Total settlements paid by DCG related to Three Arrows Capital by end of 2025?
3
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Digital Currency Group and Former Genesis CEO Settle SEC Securities Fraud Charges for $38.5 Million Over Three Arrows Capital Collapse
Jan 17, 2025, 05:23 PM
Digital Currency Group (DCG) and its former subsidiary Genesis Global Capital, along with former Genesis CEO Soichiro 'Michael' Moro, have agreed to pay a combined $38.5 million in civil penalties to settle securities fraud charges brought by the U.S. Securities and Exchange Commission (SEC). The charges stem from their response to the 2022 collapse of crypto hedge fund Three Arrows Capital, which had a significant impact on Genesis's financial health. The SEC alleges that DCG and Moro misled investors about Genesis's financial condition, particularly by downplaying the impact of Three Arrows Capital's default and overstating DCG's efforts to support Genesis. DCG will pay $30 million, while Moro will pay $500,000. Both parties have agreed to a cease-and-desist order without admitting or denying the SEC's findings.
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