• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

SEC and Digital Currency Group: Settlement and $38 Million Penalty

user avatar

by Giorgi Kostiuk

a year ago


The SEC filed a lawsuit against Digital Currency Group for concealing information about their ties with the bankrupt fund Three Arrows Capital. DCG agreed to a settlement of $38 million.

Settlement with SEC

According to the lawsuit, DCG offered a settlement and agreed to pay $38 million. The SEC alleged that DCG misled investors about their funds and actions following Three Arrows' collapse. DCG did not admit to the allegations.

SEC's Allegations Against DCG

The SEC alleges that DCG and its subsidiary Genesis knowingly downplayed the scale of financial losses and misled investors. The SEC claims that DCG failed to take appropriate actions to prevent false statements about Genesis' financial health. Quote is absent.

Discussions Around SEC Actions

The SEC's actions have sparked discussions among cryptocurrency industry experts, many of whom see it as a reaction rather than a solution. This highlights the importance of transparency in the digital asset industry and regulators' efforts to protect investors.

The case against DCG underscores increasing concerns about transparency and accountability in the cryptocurrency industry. The SEC settlement demonstrates a commitment to addressing potential risks and protecting investor interests.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Japan Tests Stablecoin Payments in Retail

chest

Japan's JCB, in collaboration with Resona Holdings and Digital Garage, is piloting stablecoin payments at retail locations to facilitate cashless transactions.

user avatarEmily Carter

Former Chinese Official Accused of Accepting Crypto Bribes

chest

Yao Qian, a former official at the People's Bank of China, is accused of accepting 2,000 Ether and cash bribes totaling 12 million yuan in exchange for facilitating a token issuance and overseas exchange listing.

user avatarSatoshi Nakamura

Pudgy Penguins Faces Backlash Over Controversial Post

chest

Pudgy Penguins faced backlash over a controversial post on social media platform X, interpreted as promoting racist stereotypes against Indian users.

user avatarRajesh Kumar

Phase I of ZKP Initial Coin Auction Establishes Competitive Ranking System

chest

The ZKP Initial Coin Auction has created a leaderboard that rewards early participants with higher rankings, impacting their long-term yields.

user avatarTomas Novak

Ghanaian Authorities Arrest Nine Nigerians for Cybercrime

chest

Ghanaian authorities arrested nine Nigerians in Accra for suspected cybercrime operations, rescuing 44 individuals coerced into illegal activities.

user avatarKaterina Papadopoulou

Ethereum Faces Systemic Risk of Asset Freeze

chest

A report from the Bank of Italy warns of a potential catastrophic failure in Ethereum's validator economics, which could jeopardize the settlement of hundreds of billions in valuable tokenized assets.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.