• Latest
  • Trending
  • All
  • News
  • Lifestyle
NY Attorney General Sues Gemini, Genesis, and DCG for Alleged Billion-Dollar Fraud thumbnail

NY Attorney General Sues Gemini, Genesis, and DCG for Alleged Billion-Dollar Fraud

October 20, 2023
What is inflation? thumbnail

What is inflation?

June 20, 2025
Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum? thumbnail

Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum?

June 20, 2025
Note to Democrats: War With Iran Is a Monumental Mistake thumbnail

Note to Democrats: War With Iran Is a Monumental Mistake

June 20, 2025
Obama, back in public eye, offers a careful warning of a Democratic slide thumbnail

Obama, back in public eye, offers a careful warning of a Democratic slide

June 19, 2025
The US Should Not Support Israel’s War on Iran, Say Democrats and Republicans thumbnail

The US Should Not Support Israel’s War on Iran, Say Democrats and Republicans

June 19, 2025
Slain Minnesota lawmaker attended Boston University, Harvard thumbnail

Slain Minnesota lawmaker attended Boston University, Harvard

June 19, 2025
Analyst Reveals Cold Hard Truth for New England Patriots' Intriguing Rookie thumbnail

Analyst Reveals Cold Hard Truth for New England Patriots’ Intriguing Rookie

June 19, 2025
Chuck Todd: Trump 'openly admitting that he's politicizing law enforcement thumbnail

Chuck Todd: Trump ‘openly admitting that he’s politicizing law enforcement

June 17, 2025
ICE arrests brother of anti-ICE activist leader in Massachusetts thumbnail

ICE arrests brother of anti-ICE activist leader in Massachusetts

June 15, 2025
Judge says Trump illegally deployed National Guard to help with LA protests, must return control thumbnail

Judge says Trump illegally deployed National Guard to help with LA protests, must return control

June 14, 2025
Red Sox To Acquire Jorge Alcala thumbnail

Red Sox To Acquire Jorge Alcala

June 13, 2025
Red Sox Rookie Roman Anthony's Sister Steals Spotlight At Game thumbnail

Red Sox Rookie Roman Anthony’s Sister Steals Spotlight At Game

June 12, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Friday, June 20, 2025
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
No Result
View All Result
Free Cape Cod News
No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Photos
  • Videos
Home Business Cryptocurrency News

NY Attorney General Sues Gemini, Genesis, and DCG for Alleged Billion-Dollar Fraud

FREE Cape Cod News by FREE Cape Cod News
October 20, 2023
in Cryptocurrency News, News
Reading Time: 2 mins read
Donate
0
NY Attorney General Sues Gemini, Genesis, and DCG for Alleged Billion-Dollar Fraud thumbnail
633
SHARES
1.4k
VIEWS
Share on TwitterShare on Facebook

The New York Attorney General Letitia James has
initiated a lawsuit against Gemini Trust Company, Genesis Global Capital, LLC,
and Digital Currency Group, Inc. (DCG), alleging a fraudulent scheme that cost
over 230,000 investors more than $1 billion.

The Attorney General said: “These
cryptocurrency companies lied to investors and tried to hide more than a
billion dollars in losses, and it was middle-class investors who suffered as a
result. Hardworking New Yorkers and investors around the country lost more than
a billion dollars because they were fed blatant lies that their money would be
safe and grow if they invested it in Gemini Earn.”

Alleged Deceptive
Practices

According to James, Gemini misled investors about
the safety of its partnership with Genesis, while Genesis and DCG attempted to
conceal huge losses, ultimately leading to substantial financial harm to
thousands of investors.

Gemini Earn was a program aimed at generating
profits for investors by lending assets to third parties and returning a
portion of those profits. Investors were assured that their money was safe, but
an investigation by the Attorney General uncovered a different reality.

“Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” she said. “This fraud is
yet another example of bad actors causing harm throughout the under-regulated
cryptocurrency industry. My office will continue our efforts to stop deceptive
cryptocurrency companies and push for stronger regulations to protect all
investors.”

— NY AG James (@NewYorkStateAG) October 19, 2023

The former CEO of Genesis, Soichiro Moro; the CEO of DCG, CEO Barry Silbert; Genesis and DCG are all accused of concealing over $1.1 billion in losses,
which were ultimately endured by investors. In June 2022, one of Genesis’ major
borrowers, Three Arrows Capital (3AC), defaulted on substantial loans, leading
to massive losses.

Additionally, Genesis lost over $100 million from another
borrower, Babel Finance. The lawsuit indicated that Genesis failed to properly
audit 3AC and misled Gemini by claiming regular financial statement reviews
that hadn’t occurred in over

Read More

Tags: crypto

FREE Digital Newspaper Subscription!
Sign up for your free digital subscription. The FREE Cape Cod News

Unsubscribe
FREE Cape Cod News

FREE Cape Cod News

Free Cape Cod News is what's happening in the Cape Cod, U.S and World & what people are talking about right now. Local newspaper. Stay in the know. Subscribe to get notified about our latest news.

Related Posts

What is inflation? thumbnail
Business

What is inflation?

by FREE Cape Cod News
June 20, 2025
Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum? thumbnail
Business

Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum?

by FREE Cape Cod News
June 20, 2025
Note to Democrats: War With Iran Is a Monumental Mistake thumbnail
News

Note to Democrats: War With Iran Is a Monumental Mistake

by FREE Cape Cod News
June 20, 2025
Obama, back in public eye, offers a careful warning of a Democratic slide thumbnail
News

Obama, back in public eye, offers a careful warning of a Democratic slide

by FREE Cape Cod News
June 19, 2025
Load More
Please login to join discussion

Follow Us on Twitter

FREE Cape Cod News - Your source for local Cape Cod news, latest breaking U.S. and World news. Every day, all day. Subscribe for your favorite categories.

  • Trending
  • Comments
  • Latest
Chuck Todd: Trump 'openly admitting that he's politicizing law enforcement thumbnail

Chuck Todd: Trump ‘openly admitting that he’s politicizing law enforcement

June 17, 2025
New England serial killer fears stoked by 13th body found in small town thumbnail

New England serial killer fears stoked by 13th body found in small town

June 8, 2025
What is inflation? thumbnail

What is inflation?

June 20, 2025
Note to Democrats: War With Iran Is a Monumental Mistake thumbnail

Note to Democrats: War With Iran Is a Monumental Mistake

0
Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum? thumbnail

Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum?

0
What is inflation? thumbnail

What is inflation?

0
What is inflation? thumbnail

What is inflation?

June 20, 2025
Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum? thumbnail

Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum?

June 20, 2025
Note to Democrats: War With Iran Is a Monumental Mistake thumbnail

Note to Democrats: War With Iran Is a Monumental Mistake

June 20, 2025

FREE Cape Cod News On Twitter

Today’s News

  • What is inflation? June 20, 2025
  • Housing Starts Plunge as Layoffs Rise—Is the U.S. Economy Losing Its Momentum? June 20, 2025
  • Note to Democrats: War With Iran Is a Monumental Mistake June 20, 2025
  • Obama, back in public eye, offers a careful warning of a Democratic slide June 19, 2025
  • The US Should Not Support Israel’s War on Iran, Say Democrats and Republicans June 19, 2025
FREE Cape Cod News

Copyright © 2024 Free Cape Cod News

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
  • Login
  • Sign Up

Copyright © 2024 Free Cape Cod News