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 <p>Sources familiar with the matter said that New York’s top law enforcement officer requested information from former executives of Genesis. Crypto lender Genesis filed for bankruptcy earlier this year after facing a major liquidity crisis following the collapse of crypto exchange fTX.</p>  
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 <p>One source familiar with the matter told Bloomberg that former Genesis chief risk officer, Michael Patchen, was recently questioned by <a rel="noopener noreferrer nofollow" title="NYAG" href="https://thebittimes.com/tag/nyag.html">NYAG</a>’s office. Federal prosecutors in Brooklyn and the Securities and Exchange Commission (SEC) are currently investigating Genesis and its parent company, <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>.</p>  
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 <p>They are seeking interviews with potential witnesses as part of their inquiries. Genesis faced significant losses last year during the crypto market downturn, particularly after the collapse of digital-assets hedge fund Three Arrows Capital and crypto exchange FTX.</p> 
 <p>In response to the investigations, a spokesperson for <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> stated that the company is cooperating with regulators and investigative agencies as requested. The spokesperson said: “<a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> has always conducted its business lawfully and with the highest ethical standards”.</p>  
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           <p>Patchen worked as an executive at Genesis for just three months before resigning in October 2022. When asked about the testimony, Patchen’s lawyer, Doug Jensen, chose not to comment on Thursday.</p> 
           <p>There is a state investigation happening, and this information hasn’t been reported before. The investigation is led by James, who wants to be seen as a major enforcer of crypto-related matters in the US. She has been concerned about the crypto industry for a few years and proposed a new state law in May to make rules for cryptocurrency companies stricter. Lawmakers could consider this proposal at any time.</p> 
           <h3 id="dcg-chief-s-relation-with-genesis">DCG Chief’s Relation With Genesis</h3> 
           <p><a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> chief Gary Silbert mentioned that the loans between <a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> and Genesis were standard business transactions. They were made in a fair and independent manner, with interest rates based on the current market rates.</p> 
           <p><a rel="noopener noreferrer nofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> is a large conglomerate that manages various crypto-related entities. It has supported over 150 blockchain businesses worldwide, playing a significant role in legitimizing digital currencies as a reputable asset class.</p> 
           <p>Genesis owes more than $3.9 billion to creditors, however, Genesis claims that the amount is low at $2 billion. Of this, Genesis owes a major part i.e. $1 billion to crypto exchange Gemini alone. After failing through all negotiations, Gemini filed a lawsuit against DCG and Gary Silbert over charges of fraud. In a positive development, Genesis and FTX have come to a settlement to settle disputes.</p> 
           <p>Thus, it will be interesting to see how Genesis will overcome or clear the major claims from the creditors.</p> 
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NYAG Looks Into Questionable Transactions At Genesis

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TheBitTimes

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