Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6412875
Complaint Overview
Complaint ID: 6412875
Company: Digital Currency Group INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: New York
ZIP Code: 11237
Date Received: 2023-01-08T12:00:00-05:00
Date Sent to Company: 2023-03-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Genesis Global Trading partners with the company XXXX XXXX XXXX XXXX XXXX and offers an account called XXXX XXXX ( also known as XXXX XXXX ) The account is advertised as a low risk way to earn interest on Cryptocurrency assets. The program marketing and agreements state that assets can be redeemed from the account at anytime, instantly. I made deposits into my XXXX account between XX/XX/XXXX to XX/XX/XXXX. On XX/XX/XXXX I initiated a redemption from my account for {$180000.00}. I received a message stating the funds would be available by XX/XX/XXXX or earlier. As of today the redemption is still " pending '' and I have not been received my assets back. In addition to the above amount, I have approximately {$25000.00} in cryptocurrency assets and {$3900.00} in interest in my XXXX account which is also being withheld. I contacted XXXX on XX/XX/XXXX regarding the pending redemption. They responded the same day stating they had paused the redemption of funds from the XXXX program. I corresponded with them again on XX/XX/XXXX and XXXX, XXXX. They have continued to state that they can not give me access to my assets and they have frozen withdrawals from my XXXX account. XXXX has indicated their partner company, Genesis Global Trading is responsible for customer assets in the XXXX program. Theyve stated Genesis Global Trading has frozen redemption and withdrawals from XXXX accounts. They have not been able to provide additional information, or to give a date when my assets would be available for withdrawal. I have not been able to reach Genesis Global Trading regarding the issue. Genesis Global Trading XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX, NY XXXX United States XXXX # : XXXX # XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NY XXXX
Frequently Asked Questions
What is Complaint #6412875 about?
Complaint #6412875 was filed against Digital Currency Group INC regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2023-01-08T12:00:00-05:00.
How did Digital Currency Group INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Digital Currency Group INC?
Yes, visit the Digital Currency Group INC company profile at readthecomplaint.com/company/digital-currency-group-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.