Golden Finance reported that according to market news, Digital Currency Group (DCG) was accused 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. The collapse of cryptocurrency trading platform FTX in November 2022 exacerbated market turmoil, with Genesis suspending customer withdrawals during the period and filing for bankruptcy protection in January 2023 with assets and liabilities valued at between $1 billion and $10 billion. . According to the SEC investigation, Genesis and DCG are accused of making false statements to conceal financial losses involving more than 230,000 investors totaling more than $1 billion.