The New York attorney general, Letitia James, on Thursday sued the cryptocurrency firms Genesis Global, and its parent company Digital Currency Group (DCG), and the Winklevoss twins’ Gemini for allegedly “defrauding” investors of more than $1bn.
At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed “Gemini Earn”, the program let customers lend crypto assets such as bitcoin to Genesis. Gemini had billed the program as a “low-risk investment” even when its internal analyses had found Genesis was on risky financial footing, James alleged. Continue reading...
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