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NYAG Sues Genesis, Gemini, DCG for Defrauding Crypto Investors of $1 Billion

October 19, 2023
in Business
NYAG Sues Genesis, Gemini, DCG for Defrauding Crypto Investors of $1 Billion
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The New York Attorney General’s office has filed a lawsuit against Genesis Global Capital, Gemini Trust, and Digital Currency Group (DCG) this morning.

The complaint also includes allegations against Soichiro Michael Moro, the former CEO of Genesis, and Barry E. Silbert, the founder and CEO of DCG.

“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,” said New York Attorney General Letitia James in a statement.

Genesis Global Capital was a New York-based lending market that went bankrupt in January. It is one of many Genesis entities.

I’m suing cryptocurrency companies @Gemini, @GenesisTrading, and @DCGco for defrauding 230,000 investors out of more than $1 billion.

This is yet another example of the harms of an unregulated crypto industry.https://t.co/ysLVm8nujr

— NY AG James (@NewYorkStateAG) October 19, 2023

Gemini is a crypto exchange operated by Tyler and Cameron Winklevoss, and DCG is a large crypto-centric conglomerate that owns a variety of different assets in the industry, including Genesis itself, crypto investment firm Grayscale, and media outlet CoinDesk.

The NYAG lawsuit alleges that the three entities defrauded 232,000 customers for over $1 billion.

This was allegedly executed via “two distinct fraudulent schemes,” labeled throughout the lawsuit as the “Gemini Scheme” and the “DCG Scheme.”

The Gemini scheme, the NYAG alleges, saw Gemini misrepresent the creditworthiness of Genesis Global when soliciting users for its Earn program. Before halting withdrawals last year, Gemini offered users yield on their idle cryptocurrencies via the program. To generate that yield, Gemini deposited those holdings with Genesis Global.

“Gemini’s internal risk analyses, however, contradicted its assurances about Genesis Capital,” reads the complaint, indicating that Gemini had rerated Genesis’ creditworthiness from investment grade to junk grade on one occasion.

Earn users were also allegedly defrauded by the DCG Scheme after the Genesis entities sought to conceal a “structural hole” at Genesis Capital of more than $1 billion following the collapse of Three Arrows Capital–a Singapore-based hedge fund that went bankrupt last year.

The Genesis entities, along with Moro, Silbert, and DCG, then allegedly misrepresented Genesis Capital’s financial condition.

The lawsuit comes amid a public spat between the Winklevoss twins and DCG’s CEO Barry Silbert over money owed.

In January, Gemini CEO and co-founder Cameron Winklevoss went as far as demanding Silbert step down as CEO, calling him “unfit” to run DCG.

Silbert fired back the same day, calling the move “another desperate and unconstructive publicity stunt” designed to deflect blame from himself and Gemini.”

The NYAG, Gemini, Genesis, and DCG did not immediately respond to Decrypt‘s request for comment.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoNews.com.au – https://cryptonews.com.au/news/nyag-sues-genesis-gemini-dcg-for-defrauding-crypto-investors-of-1-billion-109986/

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