New York Attorney General Letitia James has initiated a lawsuit
against prominent cryptocurrency companies, including Gemini Trust Company
(Gemini), Genesis Global Capital, LLC, and Digital Currency Group, Inc. (DCG),
alleging a fraudulent scheme that cost over 230,000 investors more than $1
billion.
This groundbreaking case reveals a web of deceit where
Gemini misled investors about the safety of its partnership with Genesis, while
Genesis and DCG attempted to conceal staggering losses, ultimately leading to
substantial financial harm for thousands of investors.
Gemini, a New York-based digital asset platform, launched
its Gemini Earn program in collaboration with Genesis in February 2021,
promising a secure investment opportunity. The program aimed to generate
profits for investors by lending assets to third parties and returning a
portion of those profits. Investors were repeatedly assured that their money
was safe, but the Attorney General’s investigation uncovered a starkly
different reality.
New York Attorney General Letitia James has initiated a lawsuit
against prominent cryptocurrency companies, including Gemini Trust Company
(Gemini), Genesis Global Capital, LLC, and Digital Currency Group, Inc. (DCG),
alleging a fraudulent scheme that cost over 230,000 investors more than $1
billion.
This groundbreaking case reveals a web of deceit where
Gemini misled investors about the safety of its partnership with Genesis, while
Genesis and DCG attempted to conceal staggering losses, ultimately leading to
substantial financial harm for thousands of investors.
Gemini, a New York-based digital asset platform, launched
its Gemini Earn program in collaboration with Genesis in February 2021,
promising a secure investment opportunity. The program aimed to generate
profits for investors by lending assets to third parties and returning a
portion of those profits. Investors were repeatedly assured that their money
was safe, but the Attorney General’s investigation uncovered a starkly
different reality.
