Audit log

Every state-changing event for Genesis Global Capital: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1reviewby reviewerreviewer

   2026-05-14 02:33:02Z
   Score: 8 → 8 (no score change)
   The Genesis Global Capital investigation page is largely accurate and well-sourced. The vast majority of specific factual claims — founding date, lending launch, exposure figures, bankruptcy details, regulatory settlements, and lawsuit filings — are confirmed by primary sources (SEC press releases, NYAG press releases, law firm announcements) and major news outlets. Four claims are partially supported: the $37 million Alameda loan figure lacks independent corroboration; the $2.1 billion 'funneled out' coin characterization conflates the Delaware in-kind recovery claim with pre-bankruptcy fraudulent transfer allegations; the DCG counter-lawsuit is described as seeking 'repayment of the $1.1 billion promissory note' when the suit actually seeks ~$105 million in current installment payments; and the $3.3 billion lawsuit total is subject to minor variation in sources ($3.2B vs $3.3B). A notable coverage gap is the omission of the January 2025 SEC settlement in which DCG paid $38.5 million and Michael Moro paid $500,000 for misleading investors about Genesis's financial condition — this is a material regulatory action that should appear in any complete investigation.
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   {"actor":"reviewer","decided_at":"2026-05-14T02:33:02.036Z","decision":"review","investigation_id":"12f17394-3230-4ef8-9d91-e98420ed130d","new_score":8,"page_slug":"genesis-global-capital","prev_score":8,"reason":"The Genesis Global Capital investigation page is largely accurate and well-sourced. The vast majority of specific factual claims — founding date, lending launch, exposure figures, bankruptcy details, regulatory settlements, and lawsuit filings — are confirmed by primary sources (SEC press releases, NYAG press releases, law firm announcements) and major news outlets. Four claims are partially supported: the $37 million Alameda loan figure lacks independent corroboration; the $2.1 billion 'funneled out' coin characterization conflates the Delaware in-kind recovery claim with pre-bankruptcy fraudulent transfer allegations; the DCG counter-lawsuit is described as seeking 'repayment of the $1.1 billion promissory note' when the suit actually seeks ~$105 million in current installment payments; and the $3.3 billion lawsuit total is subject to minor variation in sources ($3.2B vs $3.3B). A notable coverage gap is the omission of the January 2025 SEC settlement in which DCG paid $38.5 million and Michael Moro paid $500,000 for misleading investors about Genesis's financial condition — this is a material regulatory action that should appear in any complete investigation.","score_delta":0,"sequence_num":1,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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   python -m src.verify_decision 48859226-2c88-4303-909b-e8d0dbaf6b75copy
2. #2review reviseby judgejudge

   2026-05-14 02:33:02Z
   Score: 8 → 0 (-10)
   The page is substantively accurate and well-sourced across 27 of 31 claims, confirmed by primary regulatory sources and major news outlets. Four claims are partially supported due to minor characterization or source variation: claim_findings[8] lacks independent corroboration for the $37M Alameda loan figure; claim_findings[25] conflates distinct Delaware and bankruptcy court legal theories when describing $2.1B in coins; claim_findings[26] understates the scope of DCG's counter-lawsuit by characterizing it as seeking full $1.1B repayment rather than ~$105M current installments; and claim_findings[23] reflects source variation on the combined lawsuit total ($3.2B-$3.3B). The most material gap is the omission of the January 2025 SEC settlement (coverage_gaps[3], priority high) in which DCG and Michael Moro paid $38.5M and $500K respectively for misleading investors about Genesis's financial condition. The disputed percentage is 13%, well within the 10-30% revise band. Revision is warranted to clarify the conflated legal claims, correct the DCG lawsuit characterization, and add the omitted SEC settlement.
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   {"actor":"judge","decided_at":"2026-05-14T02:33:02.036Z","decision":"review_revise","investigation_id":"12f17394-3230-4ef8-9d91-e98420ed130d","new_score":0,"page_slug":"genesis-global-capital","prev_score":8,"reason":"The page is substantively accurate and well-sourced across 27 of 31 claims, confirmed by primary regulatory sources and major news outlets. Four claims are partially supported due to minor characterization or source variation: claim_findings[8] lacks independent corroboration for the $37M Alameda loan figure; claim_findings[25] conflates distinct Delaware and bankruptcy court legal theories when describing $2.1B in coins; claim_findings[26] understates the scope of DCG's counter-lawsuit by characterizing it as seeking full $1.1B repayment rather than ~$105M current installments; and claim_findings[23] reflects source variation on the combined lawsuit total ($3.2B-$3.3B). The most material gap is the omission of the January 2025 SEC settlement (coverage_gaps[3], priority high) in which DCG and Michael Moro paid $38.5M and $500K respectively for misleading investors about Genesis's financial condition. The disputed percentage is 13%, well within the 10-30% revise band. Revision is warranted to clarify the conflated legal claims, correct the DCG lawsuit characterization, and add the omitted SEC settlement.","score_delta":-10,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3publishby system:backfill

   2026-05-30 13:03:57Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"12f17394-3230-4ef8-9d91-e98420ed130d","kind":"publish","page_slug":"genesis-global-capital","published_at":"2026-05-30T13:03:57.360Z","sequence_num":3,"snapshot":{"content_type":"investigation","entity_name":"Genesis Global Capital","sections":[{"content":"Genesis Global Trading, Inc. was founded in 2013 as the first institutional over-the-counter (OTC) bitcoin trading desk in the United States. It is a subsidiary of Digital Currency Group (DCG), a venture capital firm founded by Barry Silbert. Genesis expanded from trading into lending with the launch of Genesis Capital in March 2018. By the end of Q2 2019, outstanding loans had grown 149 percent quarter-over-quarter to $452 million. The lending business ultimately grew to handle billions in loans to institutional counterparties. In February 2021, Genesis partnered with Gemini Trust Company to power the 'Gemini Earn' program, which allowed approximately 340,000 retail users to lend digital assets to Genesis at interest rates as high as 8 percent. At its peak, Genesis held approximately $900 million in Gemini Earn assets.","heading":"Background and Business Operations","severity":"low","sources":[{"credibility":2,"name":"Genesis (cryptocurrency company) - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"credibility":2,"name":"What Is Genesis Global Capital? Why Is It Important?","type":"other","url":"https://bitkan.com/learn/what-is-genesis-global-capital-why-is-it-important-20630"},{"credibility":1,"name":"CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities","type":"news_article","url":"https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html"}]},{"content":"In June 2022, it was reported that Genesis faced hundreds of millions in losses from its exposure to Three Arrows Capital (3AC), one of its largest borrowers. Genesis Asia Pacific Pte. Ltd. had extended roughly $2.36 billion in loans to Three Arrows Capital on an undercollateralized basis. When Three Arrows Capital failed to meet a margin call in 2022, it triggered a massive default and left a significant gap in Genesis's balance sheet. Genesis Global Trading filed a $1.2 billion claim against Three Arrows Capital. Digital Currency Group subsequently assumed the full $1.2 billion claim from Genesis, replacing it with a $1.1 billion promissory note payable over ten years at a one percent interest rate. Allegations later emerged that this arrangement was used to conceal the true extent of Genesis's losses: DCG and Genesis allegedly characterized this long-dated, low-interest promissory note as a current asset on Genesis's balance sheet, misleading creditors and counterparties about the company's financial health. Genesis also allegedly publicly stated its balance sheet was strong just two days after the Three Arrows Capital default.","heading":"Three Arrows Capital Exposure","severity":"critical","sources":[{"credibility":2,"name":"CoinDesk: Genesis Faces 'Hundreds of Millions' in Losses as 3AC Exposure Swamps Crypto Lenders","type":"news_article","url":"https://www.coindesk.com/business/2022/06/29/genesis-faces-hundreds-of-millions-in-losses-as-3ac-exposure-swamps-crypto-lenders-sources"},{"credibility":2,"name":"CoinDesk: Genesis Files $1.2B Claim Against Three Arrows Capital","type":"news_article","url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"credibility":2,"name":"CoinDesk: Genesis Confirms Exposure to Three Arrows Capital","type":"news_article","url":"https://www.coindesk.com/business/2022/07/06/genesis-confirms-3ac-exposure-dcg-assistance"},{"credibility":2,"name":"The Block: NYAG files complaint against Gemini, Genesis, DCG over Earn product and covering up $1 billion hole","type":"news_article","url":"https://www.theblock.co/post/258365/nyag-files-complaint-against-gemini-genesis-dcg-michael-moro-and-barry-silbert-over-earn-product-and-covering-up-1-billion-hole"}]},{"content":"Following the collapse of FTX in November 2022, Genesis disclosed it had approximately $175 million in locked funds in its FTX trading account and approximately $37 million in loans to Alameda Research, with an estimated $7 million net loss on the Alameda positions. On November 11, 2022, DCG provided a $140 million equity infusion into Genesis. On November 16, 2022, Genesis announced it was suspending customer withdrawals and new loan originations, citing 'extreme market dislocation and loss of industry confidence' caused by the FTX collapse. The withdrawal suspension simultaneously halted the Gemini Earn program, freezing approximately $900 million belonging to approximately 340,000 retail users of that product.","heading":"FTX Collapse and Withdrawal Suspension","severity":"critical","sources":[{"credibility":2,"name":"CoinDesk: Genesis' Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse","type":"news_article","url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"credibility":1,"name":"Fortune: Crypto lender Genesis Trading reportedly faces 'hundreds of millions' in potential losses","type":"news_article","url":"https://fortune.com/crypto/2022/06/30/crypto-lender-genesis-trading-faces-hundreds-of-millions-in-potential-losses-three-arrows-capital/"},{"credibility":2,"name":"Protos: A timeline of Genesis Trading halting crypto withdrawals","type":"news_article","url":"https://protos.com/a-timeline-of-genesis-trading-halting-crypto-withdrawals/"}]},{"content":"On January 19, 2023, Genesis Global Holdco, LLC, Genesis Global Capital, LLC, and Genesis Asia Pacific Pte. Ltd. filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York. At the time of filing, Genesis owed at least $3.4 billion to creditors. The filing came approximately two months after the company suspended withdrawals. Genesis Global Trading, Inc. (the OTC trading arm) was not included in the bankruptcy filing. The largest unsecured creditor group included users of the Gemini Earn program, represented in part by the New York Attorney General.","heading":"Chapter 11 Bankruptcy Filing","severity":"critical","sources":[{"credibility":2,"name":"CoinDesk: Genesis' Crypto Lending Businesses File for Bankruptcy Protection","type":"news_article","url":"https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection"},{"credibility":1,"name":"Al Jazeera: Crypto giant Genesis files for bankruptcy, after FTX collapse","type":"news_article","url":"https://www.aljazeera.com/economy/2023/1/20/crypto-giant-genesis-files-for-bankruptcy-after-ftx-collapse"},{"credibility":2,"name":"TechCrunch: DCG's crypto-lending subsidiary Genesis files for Chapter 11 bankruptcy","type":"news_article","url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"}]},{"content":"On January 12, 2023 — one week before the bankruptcy filing — the Securities and Exchange Commission charged Genesis Global Capital and Gemini Trust Company with violating Sections 5(a) and 5(c) of the Securities Act of 1933 by offering and selling unregistered securities through the Gemini Earn lending program. Genesis agreed to pay a $21 million civil penalty to settle the charges. The settlement was approved by the bankruptcy court judge in March 2024. Under the settlement terms, payment of the SEC penalty was subordinated to the payment of all allowed claims by the bankruptcy court, meaning creditors would be paid first.","heading":"SEC Charges and $21 Million Settlement","severity":"high","sources":[{"credibility":1,"name":"SEC Press Release: Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"credibility":2,"name":"CoinDesk: Genesis to Pay SEC $21M Penalty to Settle Charges Over Gemini Earn Product","type":"news_article","url":"https://www.coindesk.com/policy/2024/03/19/genesis-to-pay-sec-21m-penalty-to-settle-charges-over-gemini-earn-product"},{"credibility":1,"name":"Bloomberg: Genesis Global Capital's Settlement With SEC Green Lit by Judge","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-03-19/genesis-s-21-million-settlement-with-sec-green-lit-by-judge"},{"credibility":1,"name":"CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities","type":"news_article","url":"https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html"}]},{"content":"In October 2023, New York Attorney General Letitia James sued Gemini, Genesis, and DCG, alleging they defrauded investors of more than $1 billion through the Gemini Earn program and that Genesis and DCG concealed the company's financial losses. The NYAG alleged that Genesis and DCG executives, including Michael Moro (former Genesis CEO) and Barry Silbert, knew of the massive losses from Three Arrows Capital and took steps to hide them from investors and counterparties. On May 20, 2024, the NYAG announced a settlement worth up to $2 billion with Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. The settlement established a Victims' Fund intended to provide recoveries for defrauded investors, including at least 29,000 New Yorkers who contributed more than $1.1 billion through Gemini Earn. As part of the settlement, Genesis is permanently banned from operating in New York. The bankruptcy court approved the settlement on May 21, 2024. The NYAG described it as the largest settlement ever secured against a cryptocurrency company in New York state history.","heading":"New York Attorney General $2 Billion Settlement","severity":"critical","sources":[{"credibility":1,"name":"NY Attorney General Press Release: Attorney General James Secures Settlement Worth $2 Billion from Crypto Firm Genesis Global Capital","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"credibility":1,"name":"CNBC: New York AG announces $2 billion settlement with crypto lender Genesis","type":"news_article","url":"https://www.cnbc.com/2024/05/20/new-york-ag-announces-2-billion-settlement-with-crypto-lender-genesis.html"},{"credibility":2,"name":"The Block: New York Attorney General and Genesis secure $2 billion settlement following judge's sign off","type":"news_article","url":"https://www.theblock.co/post/295435/new-york-attorney-general-and-genesis-secure-2-billion-settlement-following-judges-sign-off"},{"credibility":2,"name":"CoinDesk: NYAG Takes Victory Lap as Court Approves Genesis Settlement","type":"news_article","url":"https://www.coindesk.com/policy/2024/05/21/nyag-takes-victory-lap-as-court-approves-genesis-settlement"},{"credibility":1,"name":"Fortune: New York attorney general hits Gemini, Genesis, and Digital Currency Group with lawsuit for defrauding investors","type":"news_article","url":"https://fortune.com/crypto/2023/10/19/gemini-genesis-dcg-lawsuit-new-york-attorney-general-winklevoss-silbert/"}]},{"content":"The U.S. Bankruptcy Court for the Southern District of New York confirmed Genesis's Chapter 11 restructuring plan on May 21, 2024. Genesis completed its restructuring on August 2, 2024 and commenced approximately $4 billion in distributions of digital assets and U.S. dollars to creditors. Average recoveries varied significantly by asset class: Bitcoin creditors received approximately 51.28 percent of their claims on an in-kind basis; Ethereum creditors received approximately 65.87 percent; Solana creditors received approximately 29.58 percent; stablecoin and U.S. dollar creditors received 100 percent of their claims. Key settlements incorporated into the plan included a $175 million settlement with FTX's estate, a $33 million settlement with Three Arrows Capital, a $2.2 billion settlement with Gemini, the $21 million SEC penalty, and the $2 billion NYAG settlement. A $70 million litigation fund was established as part of the plan to pursue ongoing legal actions against third parties, including DCG.","heading":"Creditor Restructuring and $4 Billion Distribution","severity":"medium","sources":[{"credibility":1,"name":"Business Wire: Genesis Completes Restructuring and Commences Distributions to Creditors","type":"official","url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"credibility":2,"name":"DL News: Genesis completes restructuring and begins distribution of $4bn to creditors","type":"news_article","url":"https://www.dlnews.com/articles/people-culture/genesis-finishes-restructuring-begins-paying-creditors/"},{"credibility":1,"name":"Bloomberg: Failed Crypto Firm Genesis Approved to Repay Creditors Billions","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-05-17/failed-crypto-lender-genesis-wins-approval-on-repayment-plan"},{"credibility":2,"name":"Cleary Gottlieb: Genesis Completes Debt Restructuring","type":"other","url":"https://www.clearygottlieb.com/news-and-insights/news-listing/genesis-completes-debt-restructuring"}]},{"content":"Digital Currency Group (DCG), founded by Barry Silbert, was the parent company of Genesis Global Capital. As DCG's CEO, Silbert exercised significant influence over Genesis's operations and strategy. After the Three Arrows Capital default in 2022, DCG assumed Genesis's $1.2 billion claim against 3AC and replaced it with the $1.1 billion, ten-year, one-percent-interest promissory note described above. The NYAG's 2023 lawsuit named Silbert and former Genesis CEO Michael Moro as defendants, alleging they actively concealed the extent of Genesis's losses. In May 2025, the Genesis Litigation Oversight Committee (LOC) filed two separate lawsuits alleging DCG and Silbert engaged in systematic fraud. The Delaware Court of Chancery complaint alleged DCG used Genesis as a financing vehicle for DCG's own interests — particularly benefiting Grayscale Investments, DCG's asset management subsidiary — through off-market loans and asset transfers, while concealing Genesis's insolvency from creditors. A second complaint in the U.S. Bankruptcy Court for the Southern District of New York alleged that DCG and its affiliates withdrew over $1.2 billion in U.S. dollars and cryptocurrencies in the year leading up to the Genesis bankruptcy, timed around major market shocks including the Terra-Luna collapse, the Three Arrows Capital default, and FTX's implosion. DCG denied all allegations, with a spokesperson characterizing the lawsuits as recycling 'tired, two-year old claims' and stating that 'DCG has always conducted its business lawfully and with integrity.'","heading":"DCG and Barry Silbert: Role and Allegations","severity":"critical","sources":[{"credibility":2,"name":"CoinTelegraph: Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert","type":"news_article","url":"https://cointelegraph.com/news/genesis-sues-dcg-barry-silbert-3-3b-fraud"},{"credibility":2,"name":"CoinDesk: Genesis Files Suits Against DCG to Recover Billions Worth of Allegedly Fraudulent Transfers","type":"news_article","url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"},{"credibility":1,"name":"Fortune: NY attorney general ramps up fraud charges against Barry Silbert-led Digital Currency Group, now seeks $3 billion","type":"news_article","url":"https://fortune.com/crypto/2024/02/09/ny-attorney-general-letitia-james-dcg-grayscale-genesis-barry-silbert/"},{"credibility":2,"name":"Business Wire: Genesis LOC's Two Major Lawsuits Against DCG, Barry Silbert, and a Network of Insiders Now Available to the Public","type":"other","url":"https://www.businesswire.com/news/home/20250519165640/en/Genesis-LOCs-Two-Major-Lawsuits-Against-DCG-Barry-Silbert-and-a-Network-of-Insiders-Now-Available-to-the-Public"},{"credibility":1,"name":"NY Attorney General: Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG for Defrauding Investors","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"}]},{"content":"On May 19, 2025, the Genesis Litigation Oversight Committee (LOC), represented by law firm Selendy Gay PLLC, filed two lawsuits seeking to recover a combined $3.3 billion from DCG, Barry Silbert, and a network of corporate insiders. The first complaint, filed in the Delaware Court of Chancery, sought approximately $2.2 billion and alleged that Silbert operated Genesis as a financing arm for DCG, engaging in self-serving loans and concealed transfers that drained value for the benefit of Grayscale Investments and other DCG affiliates. The complaint alleged Silbert and other insiders manipulated financial disclosures and orchestrated a misleading marketing campaign to falsely reassure creditors. The second complaint, filed in the U.S. Bankruptcy Court for the Southern District of New York, sought recovery of more than $1 billion in allegedly fraudulent transfers made while Genesis was insolvent. The LOC alleged that over one million digital coins — worth approximately $2.1 billion — were funneled out of Genesis to DCG and its insiders during the period leading up to the bankruptcy filing, timed to coincide with market stress events. Separately, DCG filed a counter-lawsuit against Genesis seeking repayment of the $1.1 billion promissory note. All of these litigation matters were ongoing as of the date of this report.","heading":"$3.3 Billion Lawsuit Against DCG","severity":"critical","sources":[{"credibility":2,"name":"The Block: Genesis LOC files new lawsuits against DCG, Barry Silbert to recoup billions for creditors","type":"news_article","url":"https://www.theblock.co/post/354987/genesis-files-new-lawsuits-against-dcg-barry-silbert"},{"credibility":2,"name":"Decrypt: Genesis Sues DCG, Seeks Recovery of Over $3.1B in Note and Asset Transfers","type":"news_article","url":"https://decrypt.co/321004/genesis-sues-dcg-3-1b-note-asset-transfers"},{"credibility":2,"name":"Benzinga: Genesis Accuses DCG, Barry Silbert Of Fraud, Seeks $1.2B In Crypto Transfers Made During Insolvency","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/25/05/45522456/genesis-accuses-dcg-barry-silbert-of-fraud-seeks-1-2b-in-crypto-transfers-made-during-insolvency"},{"credibility":2,"name":"Selendy Gay PLLC: Selendy Gay Files Two Lawsuits on Behalf of The Genesis Litigation Oversight Committee","type":"other","url":"https://www.selendygay.com/news/general/2025-05-19-selendy-gay-files-two-lawsuits-on-behalf-of-the-genesis-litigation-oversight-committee"},{"credibility":2,"name":"The Block: Digital Currency Group files lawsuit against subsidiary Genesis over $1.1 billion promissory note","type":"news_article","url":"https://www.theblock.co/post/367123/digital-currency-group-files-lawsuit-against-subsidiary-genesis-over-1-1-billion-promissory-note-amid-post-crash-fallout"}]}],"sources_used":[{"credibility":1,"name":"SEC Press Release: Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"credibility":1,"name":"NY Attorney General: Attorney General James Secures Settlement Worth $2 Billion from Crypto Firm Genesis Global Capital","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"credibility":1,"name":"NY Attorney General: Attorney General James Sues Gemini, Genesis, and DCG for Defrauding Investors","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"},{"credibility":1,"name":"CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities","type":"news_article","url":"https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html"},{"credibility":1,"name":"CNBC: New York AG announces $2 billion settlement with crypto lender Genesis","type":"news_article","url":"https://www.cnbc.com/2024/05/20/new-york-ag-announces-2-billion-settlement-with-crypto-lender-genesis.html"},{"credibility":1,"name":"Bloomberg: Genesis Global Capital's Settlement With SEC Green Lit by Judge","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-03-19/genesis-s-21-million-settlement-with-sec-green-lit-by-judge"},{"credibility":1,"name":"Bloomberg: Failed Crypto Firm Genesis Approved to Repay Creditors Billions","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-05-17/failed-crypto-lender-genesis-wins-approval-on-repayment-plan"},{"credibility":1,"name":"Bloomberg: Crypto Lender Genesis Completes Restructuring, Begins Payouts","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-08-02/crypto-lender-genesis-completes-restructuring-begins-payouts"},{"credibility":1,"name":"Fortune: NY attorney general ramps up fraud charges against Barry Silbert-led Digital Currency Group","type":"news_article","url":"https://fortune.com/crypto/2024/02/09/ny-attorney-general-letitia-james-dcg-grayscale-genesis-barry-silbert/"},{"credibility":1,"name":"Fortune: New York attorney general hits Gemini, Genesis, and DCG with lawsuit for defrauding investors","type":"news_article","url":"https://fortune.com/crypto/2023/10/19/gemini-genesis-dcg-lawsuit-new-york-attorney-general-winklevoss-silbert/"},{"credibility":2,"name":"CoinDesk: Genesis' Crypto Lending Businesses File for Bankruptcy Protection","type":"news_article","url":"https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection"},{"credibility":2,"name":"CoinDesk: Genesis Confirms Exposure to Three Arrows Capital","type":"news_article","url":"https://www.coindesk.com/business/2022/07/06/genesis-confirms-3ac-exposure-dcg-assistance"},{"credibility":2,"name":"CoinDesk: Genesis Files $1.2B Claim Against Three Arrows Capital","type":"news_article","url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"credibility":2,"name":"CoinDesk: Genesis' Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse","type":"news_article","url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"credibility":2,"name":"CoinDesk: Genesis Files Suits Against DCG to Recover Billions Worth of Allegedly Fraudulent Transfers","type":"news_article","url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"},{"credibility":2,"name":"CoinDesk: NYAG Takes Victory Lap as Court Approves Genesis Settlement","type":"news_article","url":"https://www.coindesk.com/policy/2024/05/21/nyag-takes-victory-lap-as-court-approves-genesis-settlement"},{"credibility":2,"name":"The Block: Genesis LOC files new lawsuits against DCG, Barry Silbert to recoup billions for creditors","type":"news_article","url":"https://www.theblock.co/post/354987/genesis-files-new-lawsuits-against-dcg-barry-silbert"},{"credibility":2,"name":"The Block: New York Attorney General and Genesis secure $2 billion settlement","type":"news_article","url":"https://www.theblock.co/post/295435/new-york-attorney-general-and-genesis-secure-2-billion-settlement-following-judges-sign-off"},{"credibility":2,"name":"The Block: NYAG files complaint against Gemini, Genesis, DCG, Michael Moro and Barry Silbert","type":"news_article","url":"https://www.theblock.co/post/258365/nyag-files-complaint-against-gemini-genesis-dcg-michael-moro-and-barry-silbert-over-earn-product-and-covering-up-1-billion-hole"},{"credibility":1,"name":"Business Wire: Genesis Completes Restructuring and Commences Distributions to Creditors","type":"official","url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"credibility":2,"name":"Business Wire: Genesis LOC's Two Major Lawsuits Against DCG, Barry Silbert Now Available to the Public","type":"other","url":"https://www.businesswire.com/news/home/20250519165640/en/Genesis-LOCs-Two-Major-Lawsuits-Against-DCG-Barry-Silbert-and-a-Network-of-Insiders-Now-Available-to-the-Public"},{"credibility":2,"name":"CoinTelegraph: Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert","type":"news_article","url":"https://cointelegraph.com/news/genesis-sues-dcg-barry-silbert-3-3b-fraud"},{"credibility":2,"name":"Decrypt: Genesis Sues DCG, Seeks Recovery of Over $3.1B in Note and Asset Transfers","type":"news_article","url":"https://decrypt.co/321004/genesis-sues-dcg-3-1b-note-asset-transfers"},{"credibility":2,"name":"Protos: A timeline of Genesis Trading halting crypto withdrawals","type":"news_article","url":"https://protos.com/a-timeline-of-genesis-trading-halting-crypto-withdrawals/"},{"credibility":2,"name":"TechCrunch: DCG's crypto-lending subsidiary Genesis files for Chapter 11 bankruptcy","type":"news_article","url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"},{"credibility":2,"name":"Selendy Gay PLLC: Selendy Gay Files Two Lawsuits on Behalf of The Genesis Litigation Oversight Committee","type":"other","url":"https://www.selendygay.com/news/general/2025-05-19-selendy-gay-files-two-lawsuits-on-behalf-of-the-genesis-litigation-oversight-committee"}],"summary":"Genesis Global Capital, LLC was the crypto lending arm of Digital Currency Group (DCG), founded in 2013 as the first institutional OTC bitcoin trading desk. Following catastrophic loan exposures to Three Arrows Capital and FTX in 2022, Genesis suspended customer withdrawals in November 2022 and filed for Chapter 11 bankruptcy in January 2023, owing approximately $3.4 billion to creditors. The company subsequently settled with the SEC for $21 million and with the New York Attorney General for $2 billion, completed a $4 billion restructuring distribution in August 2024, and in May 2025 its post-bankruptcy Litigation Oversight Committee filed dual lawsuits totaling $3.3 billion against parent DCG and CEO Barry Silbert alleging fraud and concealment of insolvency.","timeline":[{"date":"2013-01-01","event":"Genesis Global Trading founded as the first institutional OTC bitcoin trading desk in the United States.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"date":"2018-03-01","event":"Genesis Capital lending business launched.","source":"CryptoSlate","source_url":"https://cryptoslate.com/companies/genesis/"},{"date":"2021-02-01","event":"Genesis partners with Gemini to launch the Gemini Earn program, allowing retail users to lend crypto assets to Genesis at up to 8 percent interest.","source":"CNBC","source_url":"https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html"},{"date":"2022-06-29","event":"Reports emerge that Genesis faces hundreds of millions in losses from exposure to Three Arrows Capital.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/06/29/genesis-faces-hundreds-of-millions-in-losses-as-3ac-exposure-swamps-crypto-lenders-sources"},{"date":"2022-07-06","event":"Genesis confirms Three Arrows Capital exposure and announces DCG assistance including assumption of $1.2 billion claim.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/06/genesis-confirms-3ac-exposure-dcg-assistance"},{"date":"2022-07-18","event":"Genesis files $1.2 billion claim against Three Arrows Capital; DCG issues $1.1 billion promissory note to cover the shortfall.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"date":"2022-11-11","event":"DCG provides $140 million equity infusion into Genesis following FTX collapse.","source":"Protos","source_url":"https://protos.com/a-timeline-of-genesis-trading-halting-crypto-withdrawals/"},{"date":"2022-11-16","event":"Genesis suspends customer withdrawals and new loan originations citing market dislocation from FTX collapse. Gemini Earn program simultaneously halted, freezing approximately $900 million belonging to around 340,000 users.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"date":"2023-01-12","event":"SEC charges Genesis Global Capital and Gemini Trust Company with violating the Securities Act of 1933 by offering unregistered securities through the Gemini Earn program.","source":"CNBC","source_url":"https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html"},{"date":"2023-01-19","event":"Genesis Global Holdco, LLC, Genesis Global Capital, LLC, and Genesis Asia Pacific Pte. Ltd. file Chapter 11 bankruptcy in the Southern District of New York, listing at least $3.4 billion owed to creditors.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection"},{"date":"2023-10-19","event":"New York Attorney General Letitia James sues Gemini, Genesis, and DCG — including naming Barry Silbert and Michael Moro — for allegedly defrauding investors of more than $1 billion through Gemini Earn and concealing massive losses.","source":"Fortune","source_url":"https://fortune.com/crypto/2023/10/19/gemini-genesis-dcg-lawsuit-new-york-attorney-general-winklevoss-silbert/"},{"date":"2024-02-09","event":"NYAG amends its complaint, expanding the sought damages to approximately $3 billion and adding additional allegations against Barry Silbert and DCG.","source":"Fortune","source_url":"https://fortune.com/crypto/2024/02/09/ny-attorney-general-letitia-james-dcg-grayscale-genesis-barry-silbert/"},{"date":"2024-03-19","event":"Bankruptcy court approves $21 million SEC settlement with Genesis.","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2024-03-19/genesis-s-21-million-settlement-with-sec-green-lit-by-judge"},{"date":"2024-05-20","event":"New York Attorney General announces $2 billion settlement with Genesis entities to establish a Victims' Fund for defrauded investors. Genesis is permanently banned from operating in New York.","source":"NY Attorney General","source_url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"date":"2024-05-21","event":"U.S. Bankruptcy Court confirms Genesis's Chapter 11 restructuring plan.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2024/05/21/nyag-takes-victory-lap-as-court-approves-genesis-settlement"},{"date":"2024-08-02","event":"Genesis completes restructuring and commences approximately $4 billion in distributions to creditors in digital assets and U.S. dollars.","source":"Business Wire","source_url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"date":"2025-05-19","event":"Genesis Litigation Oversight Committee files dual lawsuits in Delaware Chancery Court and the U.S. Bankruptcy Court for the Southern District of New York seeking $3.3 billion from DCG, Barry Silbert, and network of insiders for alleged fraud and fraudulent transfers.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision f3be72bb-32da-4caf-81cc-2717d54cfac5copy