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Digital Currency Group: A Look at Genesis & On-chain Activity
Seth Zhuo and 2 others
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What to Expect

This report aims to examine Genesis’ on-chain relationships with:

  • Alameda & FTX
  • Three Arrows Capital
  • Other Externally Owned Accounts
Note: The report findings are limited to what is visible on-chain. Many large transactions that were conducted OTC cannot be accurately determined on-chain.

Who is DCG/Genesis and why are we investigating them?

Digital Currency Group (DCG) is a conglomerate of crypto businesses and the owner of Grayscale and Genesis. DCG and its subsidiary Genesis have been entangled in the FTX contagion.

Three Arrows Capital’s fall has directly impacted DCG via:

  • Genesis loan to Three Arrows Capital (outstanding claim of $1.2b).
  • Three Arrows Capital’s leveraged investment in...