According to Luthra, the exchange halted his withdrawals and locked $200,000 in Tether (USDT) without providing any explanation. The content also mentions a magazine article titled “Deposit risk: What do crypto exchanges really do with your money?”Ĭrypto influencer Evan Luthra has filed a lawsuit against Bitget, a cryptocurrency exchange, for freezing his account following a token listing in March. It also holds equity in other firms such as the crypto exchange Luno and advisory firm Foundry. However, the companies have recently reached a settlement agreement.ĭCG has a venture capital portfolio that includes Grayscale, Genesis, CoinDesk, and approximately 200 other crypto-related companies. Genesis is the largest unsecured creditor of FTX and its affiliates, with a debt of $226 million. The company estimated liabilities of $1 billion to $10 billion and assets in the same range at the time of filing. Genesis filed for Chapter 11 bankruptcy in January following liquidity issues in the bear market and the collapse of notable crypto firms, including 3AC and FTX crypto exchange. They have also stated that transactions between the companies were conducted at prevailing market interest rates and on an arm’s length basis. DCG has assured Bloomberg that the company is cooperating with regulatory bodies and investigative agencies as required. It is currently uncertain whether these investigations will result in formal complaints. Attorney Seth DuCharme is representing DCG in this case. The disclosure of the promissory note to investors and how it was handled is a key aspect of the investigation. Silbert claimed that this note resulted from DCG assuming liabilities from Genesis related to the collapse of the hedge fund Three Arrows Capital (3AC). Additionally, officials are examining a letter to shareholders from DCG’s founder and CEO, Barry Silbert, which mentions a $1.1 billion promissory note. DCG disclosed last year that it had received approximately $575 million in loans from Genesis. The investigation focuses on loans and other transactions conducted between the two companies. Federal prosecutors and the Securities and Exchange Commission are also involved, seeking interviews with individuals associated with both Genesis and DCG. The investigation is being carried out by New York Attorney General Letitia James, as reported by Bloomberg. Overall, this marks a significant step in recovering the stolen funds and mitigating the impact of the attack on Alchemix and other affected projects.ĭigital Currency Group (DCG) and its subsidiary, Genesis Global Capital, are currently facing scrutiny over their financial transactions. The protocol has stated that they will not pursue legal action and view the incident as a white-hat rescue. ![]() In addition to Alchemix, the nonfungible token protocol JPEG’d has also been refunded by the hacker. The attacker claimed to be returning the funds not because they could be found, but because they didn’t want to harm the projects involved. ![]() Within 24 hours of the offer, the attacker started returning the stolen funds. On August 3, Curve, Metronome, and Alchemix jointly announced an initiative to recover the stolen funds, offering a 10% bounty as a reward and urging the hacker to return the remaining 90%. The return of funds began after the hacker accepted a bug bounty offer. The hacker exploited vulnerabilities in the Vyper programming language through reentrancy attacks to target stable pools on Curve Finance. Other pools, such as JPEGd’s pETH-ETH pool and Metronome’s sETH-ETH pool, were also affected. The attack occurred on July 30 and resulted in over $61 million in cryptocurrencies being drained, including $13.6 million from Alchemix’s alETH-ETH pool. Lending platform Alchemix has announced that the Curve finance hacker has returned all stolen funds.
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