New York AG Sues Gemini, Genesis, and DCG for $1.1B Over Failed Crypto Lending Program

New York attorney general sues Gemini, Genesis, and DCG for $1.1B over failed crypto lending program Gemini Earn.

Lawsuit alleges the companies misled customers about the risks of the program, which lost $900M when Genesis filed for bankruptcy.

Gemini Earn pooled customer funds which were loaned out by Genesis; 60% went to Alameda Research.

After defaults, Genesis and parent DCG allegedly tried to conceal $1.1B in losses.

NY attorney general seeks restitution for investors, wants to bar the companies from operating in the state.