Digital Currency Group (DCG) and former CEO of Genesis Global Capital, Michael Moro, will pay fines of $38.5 million for misleading investors. In 2022, after the default of Three Arrows Capital, one of Genesis’ largest borrowers, Moro and DCG downplayed the consequences of a loss of about $1 billion and claimed the company had eliminated risks. Later, they mistakenly stated that DCG had provided Genesis with “sufficient capital,” although the funds had not actually been transferred.
1/18/2025 12:53:01 PM (GMT+1)
Digital Currency Group and Michael Moro will pay a fine of $38.5 million for misleading investors about the financial situation of Genesis Global Capital after the default of Three Arrows Capital 💸
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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