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Digital Currency Group

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cryptocurrency-fraud-lawsuit1 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|
#cryptocurrency#cryptocurrency-fraud-lawsuit#digital-currency-group
cryptocurrency-fraud1 year ago

"New York Attorney General Triples Crypto Fraud Lawsuit to $3 Billion"

New York Attorney General Letitia James has expanded the fraud lawsuit against Digital Currency Group (DCG) and Gemini, now claiming they are responsible for $3 billion in investor losses tied to the defunct Gemini Earn program and direct investments with Genesis. The companies are accused of misleading investors and assuring them of the safety of their money, despite allegedly being aware of impending financial doom. The lawsuit has been expanded to include more investors who reported similar harm, prompting calls for stronger cryptocurrency regulations. DCG has responded by accusing the attorney general of seeking press attention and has vowed to fight the claims aggressively.

via CoinDesk|
#cryptocurrency-fraud#cryptocurrency-regulations#digital-currency-group
cryptocurrency-fraud1 year ago

"NY AG Letitia James Triples Crypto Fraud Lawsuit to $3B Against Winklevoss Twins and Genesis Global"

New York Attorney General Letitia James has expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the alleged fraud scheme to over $3 billion. The lawsuit, initially claiming over $1 billion in losses, involves misleading investors about the Gemini Earn program. James seeks restitution for more than 230,000 investors who were allegedly defrauded, emphasizing the need for stronger cryptocurrency regulations. Representatives for the defendants did not immediately respond to requests for comment, and bankruptcy filings and legal actions by the SEC further complicate the situation.

via New York Post |
#cryptocurrency-fraud#digital-currency-group#gemini-capital
cryptocurrency2 years ago

"Barry Silbert's Crypto Empire Thrives Amid Time and Rising Markets"

Barry Silbert's Digital Currency Group (DCG) is facing a series of legal problems, including a potential ban in New York State and lawsuits from creditors. The collapse of the Terra cryptocurrency in 2022 has had a significant impact on DCG, with its Genesis Global Capital lending unit filing for bankruptcy protection. Despite the recent rally in the price of Bitcoin, DCG's flagship Grayscale Bitcoin Trust (GBTC) continues to trade at a discount. The company's future is uncertain, with the New York Attorney General seeking to ban DCG and Genesis from doing business in the state. However, the rising crypto markets could potentially help DCG recover.

via Forbes|
#barry-silbert#cryptocurrency#digital-currency-group
cryptocurrency2 years ago

Former NYSE President Acquires CoinDesk, Adding to Barry Silbert's Crypto Empire

Former NYSE president Tom Farley's digital asset exchange, Bullish, has acquired crypto news site CoinDesk from Barry Silbert's Digital Currency Group (DCG). The purchase comes after months of speculation and failed purchase agreements for CoinDesk. The terms of the all-cash deal have not been disclosed. CoinDesk will operate as an independent subsidiary of Bullish, with the existing management team remaining in place. An editorial committee, led by former Wall Street Journal editor-in-chief Matt Murray, will be established to protect the publication's autonomy. This acquisition is seen as another setback for Silbert's crypto empire, which has faced challenges and legal issues in recent months.

via CNBC|
#barry-silbert#bullish#coindesk
cryptocurrency2 years ago

Former NYSE President's Company Acquires CoinDesk in Crypto Exchange Deal

Cryptocurrency exchange Bullish, led by former NYSE President Tom Farley, has acquired CoinDesk in an all-cash deal from Digital Currency Group. CoinDesk will operate as an independent subsidiary of Bullish, with its current management team remaining in place. An editorial committee, chaired by former Wall Street Journal Editor-in-Chief Matt Murray, will also be formed. Financial terms of the deal were not disclosed.

via CoinDesk|
#acquisition#bullish#coindesk
cryptocurrency2 years ago

"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.

via Fox Business|
#cryptocurrency#digital-currency-group#fraud
cryptocurrency2 years ago

Gemini Earn Users to Receive Nearly Full Crypto Recovery, DCG and Genesis Announce

Genesis and Digital Currency Group (DCG) have proposed a remuneration plan that could make over 230,000 retail creditors of Gemini's Earn program "nearly whole" after Genesis filed for bankruptcy protection. If approved, Gemini Earn users could recover approximately 95-110% of their claims, with unsecured creditors potentially receiving up to 90% of their holdings. The claim would be calculated based on returns from the Genesis bankruptcy estate and Gemini user collateral, including over 30 million shares of the Grayscale Bitcoin Trust. The proposed plan aims to file an amended version by October 6 and confirm a plan by the end of the year.

via CoinDesk|
#bankruptcy-protection#cryptocurrency#cryptocurrency-lending
finance2 years ago

Genesis Global Capital Faces $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in unpaid loans. The filings allege that DCG borrowed up to $500 million across four loans in 2022, while DCGI borrowed 18,697.7 BTC in 2019. Genesis, which filed for bankruptcy earlier this year, claims that DCG and DCGI are wrongfully in possession of its property. DCG has stated that they have reached a deal in principle with Genesis and are working on documenting a forbearance agreement to initiate the distribution of funds.

via CoinDesk|
#digital-currency-group#finance#genesis-global-capital
cryptocurrency2 years ago

Gemini Lawsuit Alleges Fraud by Barry Silbert and Digital Currency Group

Gemini Trust Company has filed a lawsuit accusing Digital Currency Group (DCG) and its CEO Barry Silbert of fraud. The lawsuit alleges that DCG and Silbert made false representations and omissions to Gemini regarding the Gemini Earn program, which allowed users to earn interest on their crypto assets. Gemini claims that DCG-owned Genesis, the primary partner for the program, recklessly lent funds to a counterparty engaged in a risky trading strategy, contrary to what Gemini was led to believe. DCG has denied the allegations, calling them baseless and defamatory. The lawsuit follows a public battle between Gemini and Genesis over repayment of a $900 million loan.

via Decrypt|
#cryptocurrency#digital-currency-group#fraud
cryptocurrency2 years ago

Gemini's Lawsuit Against Digital Currency Group and Barry Silbert Exposes Alleged Fraud

Gemini has filed a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert, alleging fraud and claiming "fraud against creditors." Gemini accuses DCG and Silbert of engaging in a scheme involving lending large amounts of cryptocurrency and U.S. dollars to Genesis, a DCG subsidiary. Genesis had operated an Earn program in partnership with Gemini, but halted withdrawals and filed for bankruptcy. Gemini seeks to recover funds incurred due to DCG's and Silbert's alleged false representations and omissions. Gemini co-founder Cameron Winklevoss claims that Silbert knew Genesis was insolvent and accuses DCG and Genesis of creating false financial reports. DCG has dismissed the lawsuit as a "publicity stunt."

via Cointelegraph|
#barry-silbert#cryptocurrency#digital-currency-group
cryptocurrency2 years ago

Gemini's Lawsuit Alleges Fraud Against Digital Currency Group and Barry Silbert

Crypto trust firm Gemini has filed a lawsuit against Digital Currency Group (DCG) and its founder Barry Silbert, alleging "fraud" through DCG subsidiary Genesis. Gemini claims that DCG and Silbert committed fraud by misleading Gemini about Genesis's risk management practices and hiding its insolvency. The lawsuit seeks to recover Gemini's funds from DCG. Gemini and Genesis are also facing a separate lawsuit from the U.S. Securities and Exchange Commission over the Gemini Earn product. DCG has responded to the allegations, calling them defamatory and a publicity stunt.

via CoinDesk|
#cryptocurrency#digital-currency-group#fraud
cryptocurrency2 years ago

Winklevoss's $1.5B 'Final Offer' Shakes Genesis Debt Talks

Cameron Winklevoss, co-founder of Gemini, has tweeted a "final offer" in the debt-restructuring talks over bankrupt digital-asset firm Genesis, proposing $1.5 billion in forbearance payments and fresh loans. Winklevoss expressed frustration with delays from Digital Currency Group (DCG), the owner of Genesis, in coming up with a satisfactory repayment plan for Genesis creditors, including customers of Gemini's Earn program. The proposed plan includes payments and loans denominated in dollars, bitcoin, and ether. Winklevoss warned of potential lawsuits and default consequences if the deal is not agreed upon by the deadline.

via CoinDesk|
#cameron-winklevoss#cryptocurrency#debt-talks
cryptocurrency2 years ago

DCG Fails to Make $630 Million Payment, Gemini Reports.

Digital Currency Group (DCG) missed a $630 million payment owed to Genesis, leading to a threat of legal action from Gemini CEO Cameron Winklevoss. Genesis, a DCG entity, filed for Chapter 11 bankruptcy amid allegations of mixed funds and ongoing disputes about loan repayments. Gemini is preparing to file a claim seeking the return of over $1.1 billion in digital assets from Genesis for its over 200,000 Earn users. DCG and Gemini are in discussions, but if no deal is reached, Gemini and other parties are proposing an amended reorganization plan with Genesis that doesn't require DCG's approval.

via CoinDesk|
#bankruptcy#cryptocurrency#digital-currency-group