### The parent company of CoinDesk, Grayscale and Genesis will be under investigation by the U.S. Government

Bloomberg [reported](https://www.bloomberg.com/news/articles/2023-01-07/crypto-empire-dcg-faces-us-investigation-over-internal-transfers) on an investigation that hasn’t yet been officially made public. “Federal prosecutors in Brooklyn are scrutinizing transfers between Digital Currency Group Group, Inc. and an embattled subsidiary that offers crypto lending services.” 

This report is most certainly pointing to Genesis. Just recently Genesis had been under heavy criticism for how long it has halted redemptions, and without giving any plan of action. 

Since November 12, 2022 customers of Genesis have had no access to their crypto held by Genesis. The disgruntled customers include the crypto exchange Genesis owned by the Winklevoss Twins. Cameron Winklevoss even shared an open letter calling on the owner of DCG, Barry Silbert to take concrete action. 

According to Cameron Winklevoss, Genesis owes Gemini $900M, which in turn are funds of regular people. Genesis has also recently laid of 30% of its staff. Trouble circling the DCG group has crypto users on edge because the Grayscale Bitcoin Trust, which is part of the DCG group owns over 600,000 bitcoins or approximately 3% of circulating supply. 

Many are speculating on what kind of market action will occur if DCG is forced to liquidate some or all of its bitcoins. The effect of such a large amount of bitcoin on the already low bitcoin and crypto prices. 

The parent company of CoinDesk, Grayscale and Genesis will be under investigation by the U.S. Government

Sat Jan 07 2023

US Government is Investigating Digital Currency Group (DCG)

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Sat Jan 07 2023 US Government is Investigating Digital Currency Group (DCG)

FTX Creditors File Class Action Against Bankruptcy Law Firm

Revolut to Distribute $1.2 Million in BONK

Starknet Foundation’s Plan to Distribute STRK Token

The Korea Times: South Korea to Remove ‘Unfit’ Crypto Exchanges

DecenTrader Founder Notes Bearish Signal

Revolut to Distribute $1.2 Million in BONK

Sat Jan 07 2023

US Government is Investigating Digital Currency Group (DCG)