Sa. Apr 20th, 2024

• The New York Attorney General (NYAG) is currently probing Digital Currency Group (DCG) over its dealings with its subsidiary Genesis Global Capital.
• Michael Patchen, the former chief risk officer of Genesis, has been named as part of the investigation.
• DCG has not yet officially confirmed any probe, but is working with regulators and investigating on its own accord.

New York Attorney General Investigates Digital Currency Group

The New York Attorney General (NYAG) is reportedly investigating Digital Currency Group (DCG), according to Bloomberg. The probe may extend to Michael Patchen, the former chief risk officer for DCG’s subsidiary Genesis Global Capital. Neither DCG nor the NYAG have confirmed any such investigation.

Nature of Investigation

The nature of the investigation remains unclear, although sources close to it suggest that it relates to dealings between DCG and Genesis Global Capital. At present there is no indication whether charges will be brought forward as a result of the investigation.

DCG Response

Though DCG has refused to comment on whether an official investigation is taking place, they have stated they are “working with regulators” and conducting their own internal investigations into the matter.

Michael Patchen Involvement

Michael Patchen was formerly employed at Genesis Global Capital as a chief risk officer until October 2022 when he left his post. It is unclear how much involvement he had in whatever activities are being investigated by the NYAG or if he is simply being implicated due to his previous employment at Genesis Global Capital prior to leaving in 2022.

Conclusion

At present there are no further details available about this reported investigation other than speculation from anonymous sources and a lack of confirmation from either party involved – making it difficult to draw conclusions about what potential outcomes might arise from these proceedings.

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