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Gemini, DCG Sued by NY for Alleged $1 1 Billion Crypto Fraud

(Bloomberg) Gemini Trust Co. and Barry Silbert’s Digital Currency Group were sued by New York’s top law-enforcement officer for allegedly defrauding customers of $1.1 billion, escalating legal woes for two companies hit hard by last year’s plunge in cryptocurrency markets.Most Read from BloombergRinggit Falls to 25-Year Low, the Worst Performer in Asia After Yen This YearTesla Tempers Growth Expectations as Musk Sees Storm AheadWhere Does Israel Get Its 220,000 Barrels of Oil Every Day?Trump

New yorkUnited statesTyler winklevossCameron winklevossBloomberg businessweekEmily nicolleMichael moroLetitia jamesSam bankmanBloomberg gemini trust coLehman brothersBarry silbert digital currency groupAlameda researchBarry silbertDigital currency groupNew york attorney general letitia james

NYAG sues Gemini and Barry Silbert for $1 1 billion fraud

NYAG sues Gemini and Barry Silbert for $1 1 billion fraud
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Gemini, DCG sued by NY for alleged $1 1B crypto fraud

Gemini, DCG sued by NY for alleged $1 1B crypto fraud
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New yorkUnited statesMichael moroLetitia jamesCameron winklevossTyler winklevossSam bankmanGemini trust coLehman brothersBarry silbert digital currency groupAlameda researchGemini trustBarry silbertDigital currency groupNew york attorney general letitia jamesGlobal capital

Gemini, DCG sued by NY for alleged $1 1 billion crypto fraud

Gemini, DCG sued by NY for alleged $1 1 billion crypto fraud
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New yorkUnited statesTyler winklevossCameron winklevossMichael moroSam bankmanLetitia jamesBarry silbert digital currency groupGemini trust coAlameda researchLehman brothersGemini trustBarry silbertDigital currency groupNew york attorney general letitia jamesGlobal capital

NY Attorney General sues Gemini, Genesis and DCG for allegedly defrauding crypto investors of over $1B

New York Attorney General Letitia James filed a lawsuit against three crypto companies: Gemini Trust Company, Genesis Global Capital and its affiliates and Digital Currency Group (DCG) for allegedly defrauding investors of over $1 billion, according to a statement on Thursday. The lawsuit also brought charges against Genesis former CEO Soichiro “Michael” Moro and DCG’s founder and CEO Barry Silbert for trying to hide $1.1 billion losses and “defrauding investors and the public.” “The lawsuit alleges that Gemini knew Genesis’ loans were undersecured and at one point highly concentrated with one entity, Sam Bankman-Fried’s Alameda, but did not reveal this information to investors,” the agency stated.

New yorkUnited statesBarry silbertSam bankmanSoichiro michael moroExchange commissionDigital currency groupGemini trust companyNew york attorney generalGenesis global capitalGemini earnSam bankman friedThree arrows capitalBabel financeGemini trust companyLetitia james