Kinasuhan ng New York AG sina DCG, Gemini at Genesis sa sweeping lawsuit
Tech Kinasuhan ng New York AG sina DCG, Gemini at Genesis sa sweeping lawsuit 11 minuto ang nakalipas Balita ng Ethereum ng Bitcoin New York Attorney General Letitia James has filed a “sweeping lawsuit” against Gemini, Genesis and Digital Currency Group (DCG). The suit also targets DCG CEO Barry Silbert and ex-Genesis CEO Michael Moro. No Gemini executives were named in the suit. The complaint alleges that Gemini and Genesis Capital conspired on two “fraudulent schemes” with their Gemini Earn product, resulting in investors losing more than $1 billion in November 2022 when withdrawals from the platform were suspended. Genesis Capitals parent company DCG “coordinated” with the companies to perpetuate the scheme, the complaint alleges. According to the complaint, Gemini falsely advertised Earn as “a highly liquid investment” and misled investors to believe that “Genesis Capital was creditworthy based on Geminis ongoing risk monitoring.” The attorney general says Genesis Capital, in reality, was actually at a high risk of default. James claims that Earn falls under the definition of an investment contract. The SEC also alleged back in January that the Earn program operated as an investment contract under the Howey test. “The Genesis Entities, [Michael] Moro, DCG, and [Barry] Silbert disguised $1.1 billion in losses through a months-long campaign





