The New York Attorney General (NYAG) is currently probing Digital Currency Group (DCG), according to reports from Bloomberg on Aug. 4.

In recent months, the regulator has reportedly been investigating the DCG over its dealings with its subsidiary Genesis Global Capital. The investigation is said to extend to Genesis’ past chief risk officer, Michael Patchen, who left the firm in October 2022.

Bloomberg cited two individuals familiar with the investigation as its sources, as none of the involved parties have confirmed the probe’s existence.

The NYAG’s office, led by Attorney General Letitia James, has not officially announced any such probe. DCG refused to comment on whether any probe is underway but said it is working with regulators and investigators on request.

Bloomberg said the probe would not necessarily result in an official complaint against DCG or its subsidiaries. But the NYAG has hesitated to do so before, having taken action against several crypto companies, including CoinEx, CoinCafe, KuCoin, BlockFi, Nexo, and Bitfinex..

DCG faced earlier probes

Bloomberg previously reported in January that DCG faced other probes from the Eastern District of New York — which is part of the U.S. Department of Justice (DOJ) — as well as the U.S. Securities and Exchange Commission (SEC).

Those investigations concerned internal transfers between DCG and Genesis. DCG received $575 million in loans from Genesis and obtained a $1.1 billion promissory note after it took on Genesis’ liabilities after the collapse of Three Arrows Capital, according to a statement from DCG CEO Barry Silbert in a November shareholder letter.

It is unclear whether the NYAG office’s latest investigations concern these or other matters, as DCG and Genesis’ issues extend beyond internal transactions.

The SEC charged Genesis and its partner Gemini days after reports of the abovementioned investigations. Those charges concerned offering a now-defunct interest-bearing service to investors rather than internal corporate transfers. DCG now faces a separate lawsuit related to the service’s failure from Gemini.

Genesis’ lending arm is currently in bankruptcy proceedings as well.