The Friday Focus: Issue 67
Top stories
Gemini's Winklevoss, DCG's Silbert spar over frozen funds on Genesis
Coinbase to pay $100 million over failure to scale AML as business boomed
Silvergate shares plunge as company cuts workforce amid 'transformational shift'
First, a short update on FTX and SBF. The new year started with SBF pleading “not guilty” to all criminal charges, and the trial is now expected to start in October. Moreover, the Manhattan U.S. Attorney's Office has launched an FTX task force to recover victim assets, regulators have issued a post-FTX collapse crypto warning to banks, and DOJ is seizing millions in Robinhood shares linked to FTX.
Digital Currency Group (DCG) is taking the main stage this week. It started with Geminis’s Cameron Winklevoss accusing DCG’s Barry Silbert of stalling their efforts to reclaim funds for Gemini Earn users. The DCG subsidiary HQ Digital is reportedly shutting down, and another subsidiary, Genesis, is doing a second round of layoffs and says it needs more time to solve its issues. Not looking great for the crypto conglomerate DCG at the moment.