NY Attorney General Expands Lawsuit Against Crypto Firms to $3 Billion Over Alleged Investor Fraud
• NY Attorney General expanded lawsuit against Gemini, Genesis Global Capital, and Digital Currency Group to $3 billion for allegedly defrauding crypto investors • Suit alleges Gemini and Genesis misled investors about safety of Gemini Earn program loans concentrated in crypto hedge fund Alameda Research • More alleged victims have come forward since initial $1.1 billion lawsuit filed in October 2022 • Genesis reaching settlement with AG to repay customers, pending bankruptcy court approval; DCG calls lawsuit "baseless" • Expanded lawsuit comes after Genesis halted withdrawals due to FTX collapse; SEC also fined Genesis $21 million for failing to protect Gemini Earn customers