The New York Attorney General has filed a lawsuit against Gemini Trust, Genesis Global, and DCG, alleging they defrauded 230,000 investors out of more than $1 billion. The civil lawsuit also implicates former Genesis CEO and DCG founder Barry Silbert. Accusations include misrepresentation of financial health, particularly related to Gemini's Earn program, and concealing losses. Internal documents at Gemini indicate that Genesis was deemed highly risky, with limited liquidity. The Attorney General seeks to ban these firms from New York's financial investment industry.
The lawsuit alleges the Winklevoss twins' Gemini exchange misled users about risks in its Earn program tied to the troubled lender Genesis. https://t.co/RUKW2QVDSn
The @NewYorkStateAG alleges that DCG, Genesis Capital, and Gemini misrepresented its financial health to users, specifically those using Gemini's Earn program. Read more below: https://t.co/7pRg9L47kL
.@NewYorkStateAG has filed suit against @Gemini, @GenesisTrading and @DCGco for allegedly defrauding 230,000 investors out of more than $1 billion and is seeking to ban the companies from the financial investment industry in New York. https://t.co/3ashzkB0W3 https://t.co/AmKCo5XMZi
Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the crypto industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. https://t.co/pnFhYiosdB
Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the crypto industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. https://t.co/ROa3JLLc4y
From NYT (ouch!) on Gemini, FAFO edition: According to Ms. James’s suit, internal documents at Gemini show that just months after Earn was started in 2021, the company’s risk analysis teams deemed Genesis very risky — highly leveraged with limited liquidity. Gemini also knew… https://t.co/VoUYvcQNOC
New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet https://t.co/P7d2nDgnrx
New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet https://t.co/MGEXX6meGS
New York sues crypto firms for losing over $1 billion https://t.co/BHwwKE3bAa
NY Attorney General sues Gemini, DCG and Genesis for "fraud" https://t.co/EnxtgHL53m https://t.co/lZlc5geXq9
NYAG Sues Genesis, Gemini, DCG for Defrauding Crypto Investors of $1 Billion ► https://t.co/dT8dKJjkZ1 https://t.co/dT8dKJjkZ1
JUST IN: @newyorkstateag filed suit against @Gemini, @genesistrading and @DCGco alleging Gemini knew Genesis’ loans were undersecured and at one point highly concentrated with one entity, but did not reveal this information to investors. By @shauryamalwa https://t.co/BCxmMF6QDi
New York Attorney General Letitia James announced Thursday that her office has charged Gemini Trust, Genesis Global and DCG for defrauding 230,000 investors out of more than $1 billion. The civil lawsuit also accuses former Genesis CEO and DCG founder Barry Silbert of attempting… https://t.co/P9F3h1wBVy
🚨BREAKING: NEW YORK ATTORNEY GENERAL CLAIMS DIGITAL CURRENCY GROUP, BARRY SILBERT, AND GENESIS LIED ABOUT THEIR FINANCIAL CONDITION TO CONCEAL $1B HOLE https://t.co/5ygylgPJAs
Singapore's Attorney General's Office has officially established two forces dealing with crypto, including assisting police in tracking and confiscating cryptocurrencies https://t.co/XcjJN8KS8I
Canadian Citizens In This City Have Lost $22.5 Million to Crypto Scams ► https://t.co/ZW0tJ6x3Ed https://t.co/ZW0tJ6x3Ed