New York AG Sues Gemini, Genesis, and DCG For Allegedly Defrauding Crypto Investors Out of $1B
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New York AG Letitia James filed a lawsuit against Gemini, Genesis, and DCG for allegedly defrauding over 230,000 investors out of $1B.
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James alleges the companies misled investors about the risks of Genesis' loans to now bankrupt firms like Three Arrows Capital.
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The suit claims DCG CEO Barry Silbert and former Genesis CEO Moro concealed $1.1B in losses.
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James charges the firms operated without proper licenses and misled investors even after Genesis defaulted.
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The lawsuit comes amid other major legal actions against crypto firms like FTX, Coinbase, and Celsius.