According to online reports, according to market news, Digital Currency Group (DCG) was charged and fined US$38 million by the U.S. Securities and Exchange Commission (SEC) for lending fraud by its subsidiary Genesis. Note: Genesis is a cryptocurrency lending platform owned by DCG and was once one of the largest institutional lending service providers in the crypto industry. In November 2022, the collapse of cryptocurrency trading platform FTX exacerbated market turmoil. Genesis suspended customer withdrawals during this period and filed for bankruptcy protection in January 2023, with assets and liabilities valued at between US$1 billion and US$10 billion. According to an SEC investigation, Genesis and DCG were accused of covering up financial losses through false statements, involving more than 230,000 investors and a total amount of more than $1 billion.