"NY AG Files Lawsuit Against Crypto Firms for $1 Billion Investor Fraud"

New York Attorney General Letitia James has filed a lawsuit against cryptocurrency firms Gemini, Genesis Global Capital, and Digital Currency Group (DCG), accusing them of defrauding investors out of over $1 billion. The lawsuit alleges that Gemini misled investors by assuring them their investments were safe in the Gemini Earn program, which it ran with Genesis. However, the suit claims that Genesis' loans were risky and highly concentrated with a crypto hedge fund owned by Sam Bankman-Fried. The AG is seeking restitution for investors and a ban on the firms from doing business in New York. Gemini and DCG have denied the allegations and plan to fight the claims in court.