New York AG Letitia James sues the Winklevoss' Gemini, Genesis, and its parent Digital Currency Group, alleging the companies defrauded 230K investors of $1B+
New York Attorney General Letitia James is suing the Winklevoss twin-led exchange Gemini along with the crypto lending firm Genesis …
Fortune Leo Schwartz
Related Coverage
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- Cryptocurrency firms sued over ‘$1bn investor fraud’ by New York state Reuters
- NYAG Sues Genesis, Gemini, DCG for Defrauding Crypto Investors of $1 Billion Decrypt · Liam J. Kelly
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- NY Attorney General sues Gemini, Genesis and DCG for allegedly defrauding crypto investors of over $1B TechCrunch · Jacquelyn Melinek
- Gemini, Genesis, DCG Sued by New York Attorney General for Allegedly Defrauding Investors CoinDesk · Shaurya Malwa
- Gemini, DCG Sued by NY for Defrauding Customers of $1.1 Billion Bloomberg · Erik Larson
- NYAG files complaint against Gemini, Genesis, DCG, Michael Moro and Barry Silbert over Earn product and covering up $1 billion hole The Block · Tim Copeland
- New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case New York Times · Ephrat Livni
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- New York Attorney General Sues Gemini Trust, Genesis Global, and DCG for Defrauding Customers Cryptonews · Ruholamin Haqshanas
- Gemini, Genesis, and DCG Accused of $1 Billion Investor Fraud Coinpedia Fintech News · Mustafa Mulla
- Live news: Three crypto groups sued by New York for defrauding investors of $1.1bn Financial Times
Discussion
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@newyorkstateag
Ny Ag
on x
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://www.nytimes.com/...
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@travis_kling
Travis Kling
on x
This strikes me as enough for SEC to put GBTC conversion on ice, at least for now. SEC could still approve spot ETFs though. *NYAG CLAIMS GENESIS, DCG, MICHAEL MORO AND BARRY SILBERT FALSELY REPRESENTED ITS FINANCIAL CONDITION TO CONCEAL $1 BILLION HOLE - THE BLOCK
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@ap_abacus
Andrew
on x
Lawsuit claims Barry Silbert and Michael Moro of DCG made false claims regarding their financial condition to hide $1B shortfall. **I'd imagine something like this compelled the NYAG to take action: [image]
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@ap_abacus
Andrew
on x
UPDATE: NYAG sues DCG, Genesis, Gemini over lending programs. - lawsuit is in addition to SEC inquiries for all three firms. - adds to DOJ investigations for DCG and Genesis. - adds to Barry Silbert/DCG lawsuit filed by Gemini and Winklevoss twins accusing Barry of fraud....
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@napgener
@napgener
on x
gbtc is a security ethe is a security etf's are securities DCG genesis gemini AND all executives permanently barred from this field of business
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@aftxcreditor
@aftxcreditor
on x
More evidence of how bad a settlement Genesis was. The Genesis NYAG investigation was known. In addition to piercing the veil on DCG+Genesis, the FTX estate must work to regain a multi-billion claim on Genesis assets, part of which were fraudulently sourced from FTX customers.
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@napgener
@napgener
on x
@Travis_Kling Through this lawsuit, Attorney General James is seeking to permanently stop Gemini, Genesis, DCG, and its executives from engaging in any business related to the purchase and sale of securities and commodities within or from New York. In addition, Attorney General J…
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@newyorkstateag
Ny Ag
on x
These companies repeatedly told investors that their money was secure, but we discovered that they knew all along that their financials were shaky. Every day New Yorkers and Americans lost millions, including their entire lifesavings.