The renowned crypto-focused media publication Coindesk has been acquired by Bullish, a company owned by the New York Stock Exchange's Former President, Tom Farley.

According to a report by the Wall Street Journal, CoinDesk will operate as an autonomous subsidiary within Bullish under the terms of the acquisition. It will maintain its distinct identity and editorial integrity. Reportedly, this approach aims to preserve CoinDesk's legacy while enabling Bullish to inject capital into its expansion, particularly in media, events, and indices.

Kevin Worth, CEO of CoinDesk, expressed enthusiasm for the partnership, emphasizing the opportunities for development and expansion in product offerings.

Bullish's New Growth Trajectory

In a statement shared with Businesswire, Worth said: "With renewed momentum in the crypto economy as well as investment from Bullish, we look forward to capitalizing on the many opportunities ahead for product development and expansion."

Since its launch, Bullish has established a niche in institutional trading, boasting substantial trading volumes and technological innovations. Recently, it introduced perpetual futures to diversify its offerings within a regulated framework. The acquisition was facilitated by financial advisors Lazard and Citi.

Meanwhile, the New York Attorney General recently charged Digital Currency Group (DCG), the parent company of Coindesk. The suit alleged a fraudulent scheme that purportedly inflicted substantial financial losses on a significant investor base, amounting to over $1 billion. NYAG charged DCG alongside Gemini and Genesis.

Legal Hurdles Facing Coindesk's Parent Company

The lawsuit, spearheaded by Attorney General Letitia James, accuses these cryptocurrency behemoths of engaging in deceptive practices and attempting to hide colossal losses, adversely affecting more than 230,000 investors. Gemini, known for its Earn program designed to generate profits by lending assets, purportedly misled investors about the safety of its collaboration with Genesis.

James asserted, "These cryptocurrency companies lied to investors and tried to hide more than a billion dollars in losses, and it was middle-class investors who suffered as a result." The allegations highlighted a discrepancy between promised safety and the actual risks investors face.

The lawsuit further alleges that Genesis and DCG endeavored to mask losses exceeding $1.1 billion, ultimately burdening the investor community. Genesis faced substantial losses from borrowers like Three Arrows Capital and Babel Finance, with the former defaulting on significant loans, triggering massive financial repercussions.