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    Home»Cryptocurrency»Crypto firm Digital Currency Group to pay SEC $38.5 million for misleading investors – NBC 5 Dallas-Fort Worth
    Cryptocurrency

    Crypto firm Digital Currency Group to pay SEC $38.5 million for misleading investors – NBC 5 Dallas-Fort Worth

    January 17, 20253 Mins Read


    • Digital Currency Group, the crypto firm founded by Barry Silbert, is paying the SEC $38.5 million for misleading investors.
    • The SEC said on Friday that DCG and Soichiro “Michael” Moro, the ex-CEO of Genesis Global Capital, will pay the civil penalties.
    • Genesis, once a business at the heart of DCG, was among the multiple casualties in the industry contagion set off by the collapse of FTX in 2022.

    Digital Currency Group, the crypto firm founded by Barry Silbert, and the former executive of a defunct unit are paying the SEC $38.5 million for misleading investors.

    In a statement on Friday, the agency said that DCG and Soichiro “Michael” Moro, the ex-CEO of crypto lender Genesis Global Capital, will pay the civil penalties to settle charges for misleading investors about Genesis’s financial condition.”

    Genesis, once a business at the heart of DCG, was among the multiple casualties in the industry contagion set off by the collapse of FTX. The firm filed for Chapter 11 bankruptcy protection in January 2023.

    “It is vital that companies and their officers speak truthfully to the investing public, especially in times of financial instability or turmoil,” Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, said in the statement. “The Commission found that DCG and Moro fell short in that regard.”

    Wadhwa added that DCG and Moro “painted a misleadingly rosy picture” instead of being transparent about the the company’s financial troubles.

    The incidents date back to June 2022. That’s when crypto hedge fund Three Arrows, a major Genesis borrower, defaulted on a margin call, “which compromised Genesis’s business,” the SEC said. The agency said that DCG and Moro “downplayed” the impact of the loss in some social media posts that were retweeted by DCG executives.

    In an emailed statement, a DCG spokesperson said the company is “pleased to have concluded” the investigation.

    “DCG has always strived to conduct its business with the highest integrity, and we believe our actions related to Genesis were consistent with that approach,” the company said. “This settlement allows us to focus on our growth initiatives and continue to embrace the positive momentum in the industry.”

    The commission’s statement said DCG and Moro are paying the penalties without admitting or denying the SEC’s findings that they violated the Securities Act of 1933.

    In May 2024, New York Attorney General Letitia James separately settled with Genesis for $2 billion to repay defrauded investors.

    WATCH: Crypto broker Genesis files for Chapter 11 bankruptcy



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