New York AG Letitia James sues lender Genesis, its parent company DCG, and the Winklevoss' exchange Gemini for allegedly defrauding 230K+ investors of $1B+
and secured mostly by FTT [image] Bryan Brinkman / @bryanbrinkman : @NewYorkStateAG I'm a New York resident who uses Gemini, banning them will only force us to use offshore crypto banking that has even less regulation. Please reconsider. @dcgco : [image] Sam Callahan / @samcallah : NYAG argues Gemini misrepresented its Earn product as liquid and safe and that Genesis, DCG, Silbert, and Moro “disguised $1.1 billion in losses through a months-long campaign of misstatements, omissions, and concealment.” Here, NYAG says that Genesis wasn't honest with Gemini. [image] Dylan LeClair / @dylanleclair_ : *NYAG FILES COMPLAINT AGAINST GEMINI, GENESIS, DCG, MICHAEL MORO AND BARRY SILBERT OVER EARN PRODUCT AND COVERING UP $1 BILLION HOLE - THE BLOCK ooooof [image] Steven Nerayoff / @stevennerayoff : Same @TishJames whose @NewYorkStateAG tried to entrap me ti help the Feds to fabricate a crime I exposed after 4 years of being falsely prosecuted. Good thing I kept proof. @cameron @tyler happy to share info. https://decrypt.co/... Nikou Asgari / @nikasgari : As NYAG sues Gemini, Genesis and DCG for defrauding investors, it's worth remembering the impact on those people https://www.ft.com/... [image] Jacob Silverman / @silvermanjacob : Seeing this a lot now. Crypto executives: your tweets may be used against you in future court filings. Here's the New York AG complaint against the Winklevii and Silbert [PDF]: https://ag.ny.gov/... [image] Jacob Silverman / @silvermanjacob : Months ago the Winklevii and Barry Silbert publicly accused each other of fraud. Now the New York AG is suing both of them for defrauding customers. https://www.bloomberg.com/... [image] @occamicrypto : So, Genesis, considered a sophisticated player in crypto, ran an undercollateralized loan book using Gemini money to lend mostly to 3AC, Alameda and DCG and then lied about it. Result: 232K retail investors lost $1bn. And crypto wonders why regulators are cracking down? Stephen Diehl / @smdiehl : Another case brought by New York State against a crypto exchange in an alleged $1.1 Billion fraud. This case is a really big deal. https://ag.ny.gov/... @arbedout : “Through this lawsuit, Attorney General James seeks to ban Gemini, Genesis, and DCG from the financial investment industry in New York, and seeks restitution for investors and disgorgement of ill-gotten gains.” 1/N https://ag.ny.gov/... Andrew / @ap_abacus : 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] Andrew / @ap_abacus : 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.... @napgener : 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 @aftxcreditor : 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. @napgener : @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 James seeks Ny Ag / @newyorkstateag : 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. LinkedIn: Leo Schwartz : New York AG Letitia James filed a lawsuit against Gemini, Genesis, and Digital Currency Group this morning, alleging that the companies defrauded … Neema Rashidee : Big news in crypto this morning- Gemini and Genesis accused by NY AG of defrauding 230k investors (including 29k New Yorkers) of over a billion dollars. … Forums: r/ethtrader : Gemini, Genesis and DCG hit with civil fraud suit for defrauding 230,000 investors out of more than $1 billion r/Gemini : Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG for Defrauding Investors
Today, the @NewYorkStateAG sued Genesis, its former CEO @michaelmoro, its parent company @DCGco, and DCG's CEO @BarrySilbert personally for conspiring to lie and defraud Gemini, Earn users, and other Genesis creditors. The NY AG's lawsuit confirms what we've been saying all along…
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
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/...
Seems like the worst revelation from today's lawsuit by New York Attorney General Letitia James against Gemini, Genesis, and DCG: Just a couple months before FTX's collapse, nearly 60% of Genesis's loans to outside parties were to Alameda — and secured mostly by FTT [image]
@NewYorkStateAG I'm a New York resident who uses Gemini, banning them will only force us to use offshore crypto banking that has even less regulation. Please reconsider.
NYAG argues Gemini misrepresented its Earn product as liquid and safe and that Genesis, DCG, Silbert, and Moro “disguised $1.1 billion in losses through a months-long campaign of misstatements, omissions, and concealment.” Here, NYAG says that Genesis wasn't honest with Gemini. […
*NYAG FILES COMPLAINT AGAINST GEMINI, GENESIS, DCG, MICHAEL MORO AND BARRY SILBERT OVER EARN PRODUCT AND COVERING UP $1 BILLION HOLE - THE BLOCK ooooof [image]
Same @TishJames whose @NewYorkStateAG tried to entrap me ti help the Feds to fabricate a crime I exposed after 4 years of being falsely prosecuted. Good thing I kept proof. @cameron @tyler happy to share info. https://decrypt.co/...
Seeing this a lot now. Crypto executives: your tweets may be used against you in future court filings. Here's the New York AG complaint against the Winklevii and Silbert [PDF]: https://ag.ny.gov/... [image]
Months ago the Winklevii and Barry Silbert publicly accused each other of fraud. Now the New York AG is suing both of them for defrauding customers. https://www.bloomberg.com/... [image]
So, Genesis, considered a sophisticated player in crypto, ran an undercollateralized loan book using Gemini money to lend mostly to 3AC, Alameda and DCG and then lied about it. Result: 232K retail investors lost $1bn. And crypto wonders why regulators are cracking down?
Another case brought by New York State against a crypto exchange in an alleged $1.1 Billion fraud. This case is a really big deal. https://ag.ny.gov/...
“Through this lawsuit, Attorney General James seeks to ban Gemini, Genesis, and DCG from the financial investment industry in New York, and seeks restitution for investors and disgorgement of ill-gotten gains.” 1/N https://ag.ny.gov/...
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]
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....
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.
@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…
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.