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cryptocurrency-fraud-lawsuit2.79 min read

"NY Attorney General Triples Crypto Fraud Lawsuit to $3 Billion"

New York Attorney General Letitia James is expanding her lawsuit against cryptocurrency firms Gemini, Genesis Global Capital, and Digital Currency Group (DCG) to $3 billion, tripling the total fraud claims against the firms. The lawsuit alleges that Gemini and Genesis defrauded investors by assuring them their investments were safe, while Genesis' loans were actually risky and highly concentrated with FTX founder Sam Bankman-Fried's crypto hedge fund. The lawsuit also names former Genesis CEO Soichiro Moro and DCG founder and CEO Barry Silbert. Genesis is shutting down after filing for bankruptcy, and has reached a settlement with James' office to repay customers through the Chapter 11 process.

1 year ago•Source: Fox Business

"NY Attorney General's $3 Billion Crypto Fraud Lawsuit Expansion"

cryptocurrency-fraud-lawsuit

2.25 min•1 year ago

"NY Attorney General's $3 Billion Crypto Fraud Lawsuit Expansion"

New York Attorney General Letitia James has expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, alleging a fraud scheme of over $3 billion. The lawsuit claims that investors were misled about the Gemini Earn program, resulting in over $1 billion of losses. James seeks over $3 billion in restitution for more than 230,000 investors. Digital Currency Group denies the allegations and expects to win in court. Genesis, a unit of DCG, is shutting down and has reached a settlement with James' office, agreeing to pay on the fraud claims as long as it fully repays customers through the Chapter 11 process.

via Reuters

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