A bitter feud between crypto tycoons has piqued the interest of US investigators who were already looking into the finances of one of the industry’s best-known empires.
For months, Digital Currency Group Inc. and its chief executive officer Barry Silbert have been facing fraud accusations from Cameron Winklevoss, the co-founder of crypto trading platform Gemini Trust Co. Despite them denying the claims, federal officials are digging in as part of an ongoing review of the internal financial dealings of DCG and its Genesis Global Capital subsidiary.
Investigations by US attorneys, the FBI or the SEC don’t always lead to charges or enforcement actions. All three declined to comment. Winklevoss didn’t respond to requests for comment, while an attorney for him declined to do so.The mounting US scrutiny shows how last year’s crypto market tumult continues to cast a shadow over what were once some of the industry’s brightest areas.
US law enforcement officials are homing in on the $1.1 billion promissory note that DCG issued to Genesis in the aftermath of the Three Arrows failure, and what Silbert told investors and others about the arrangement, according to the people familiar with the US probe. Federal prosecutors and regulators have talked to former and current Genesis executives, including former CEO Michael Moro, said one of the people. An attorney for Moro declined to comment.
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