New York AG Sues Gemini, Genesis and DCG for $1 Billion Crypto Fraud

New York AG Letitia James sued Gemini, Genesis, and Digital Currency Group for defrauding investors out of over $1 billion.

Lawsuit alleges the companies lied about risks of the Gemini Earn program where users lent crypto to Genesis.

Genesis lent assets to failed companies like Three Arrows Capital and Alameda Research.

Lawsuit claims over 230,000 investors, including 29,000 New Yorkers, lost money through Gemini Earn.

AG seeks restitution for investors, penalties, and to stop the companies from operating securities/commodities businesses in New York.