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NY Attorney General Files against Gemini DGC Genesis for Defrauding Investors

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According to a court filing today Thursday, October 19, the New York Attorney General accuses crypto firms such as Digital Currency Group, Gemini Trust Company, and Genesis.

The NY AG Letitia James accused the firms of defrauding more than 230,000 investors up to 29,000 of whom are New Yorkers.

READ ALSO:“Building Your Brand and Bank Account: A Man’s Guide to Success on OnlyFans”

According to an investigating officer from the Office of the AG, James, he found out that the cryptocurrency exchange Gemini lied about an investment program it collaborated with Genesis called Earn.

Quick Takes

  • Gemini Global Capital continuously assured investors that funding the investment program named “Gemini Earn” carries little risk.
  • However, the Office of the Attorney General’s investigation revealed that Gemini’s internal assessment of Genesis showed that the firm’s financials were risky.
  • In addition, the OAG accuses Gemini of having prior knowledge that Genesis loans were unsecured. Also, it pointed out that at a certain point, the company was focused on a particular entity which is the Alameda Research Institute of Sam Bankman-Fried but it didn’t disclose this information to the investors.
  • Furthermore, the lawsuit accuses Soichiro Moro, Genesis’s former CEO, DCG, its parent company, and Barry Silbert, DCG’s CEO for defrauding the public and investors for trying to hide over $1.1 billion in losses which were shouldered by the investors.

What’s Happening In Crypto Today?

As of the time of this writing, the price of Bitcoin is at $28,514.93, with a slight increase in market cap by 0.57% and a decline in trading volume by 17.75%.

On the other hand, Ethereum is at the moment trading at $1,555.22, with a decrease in market cap by 1.54% and a decrease in trading volume by 11.74%.

  • Meanwhile, XRP is right now changing hands at $0.4835, while recording a slight drop in market cap by 1.32% and an increase in trading volume by 10.71%.
  • On the side of USD Coin, it is presently selling at $1.00, with a slight rise in market cap by 0.27% and a drop in trading volume by 16.30%.
  • Solana on the other hand is at this moment trading at $24.20, with a slight rise in market cap by 1.76% and a decline in trading volume by 0.10%.
  • The price of Cardano right now is at $0.2448, with a drop in market cap by 1.43% and a drop also in trading volume by 6.75%.
  • Whereas, Dogecoin presently sells at $0.05835, with a decrease in market cap by 0.76% and a drop in trading volume by 18.33%.
  • On the side of TRON, it sells at $0.08929, with a slight rise in market cap by 0.07% and a rise also in trading volume by 5.56%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meta Description

According to a court filing today Thursday, October 19, the New York Attorney General accuses crypto firms such as; Digital Currency Group, Gemini Trust Company, and Genesis for allegedly defrauding above $1 billion from investors.

NY Attorney General Files against Gemini DGC Genesis for Defrauding Investors

The NY AG Letitia James filed an all-encompassing lawsuit against 3 cryptocurrency exchanges accusing them of defrauding more than 230,000 investors up to 29,000 of whom are New Yorkers.

According to an investigating officer, James from the Office of the AG conducted an investigation and found that cryptocurrency exchange Gemini lied about an investment program it collaborated with Genesis called Earn.

Quick Takes

  • Gemini Global Capital continuously assured investors that funding the investment program named “Gemini Earn” carries little risk.
  • However, the Office of the Attorney General’s investigation revealed that Gemini’s internal assessment of Genesis showed that the firm’s financials were risky.
  • In addition, the OAG accuses Gemini of having prior knowledge that Genesis loans were unsecured. Also, it pointed out that at a certain point, the company was focused on a particular entity which is the Alameda Research Institute of Sam Bankman-Fried but it didn’t disclose this information to the investors.
  • Furthermore, the lawsuit accuses Soichiro Moro, Genesis’s former CEO, DCG, its parent company, and Barry Silbert, DCG’s CEO for defrauding the public and investors for trying to hide over $1.1 billion in losses which were shouldered by the investors.

What’s Happening In Crypto Today?

As of the time of this writing, the price of Bitcoin is at $28,514.93, with a slight increase in market cap by 0.57% and a decline in trading volume by 17.75%.

On the other hand, Ethereum is at the moment trading at $1,555.22, with a decrease in market cap by 1.54% and a decrease in trading volume by 11.74%.

  • Meanwhile, XRP is right now changing hands at $0.4835, while recording a slight drop in market cap by 1.32% and an increase in trading volume by 10.71%.
  • On the side of USD Coin, it is presently selling at $1.00, with a slight rise in market cap by 0.27% and a drop in trading volume by 16.30%.
  • Solana on the other hand is at this moment trading at $24.20, with a slight rise in market cap by 1.76% and a decline in trading volume by 0.10%.
  • The price of Cardano right now is at $0.2448, with a drop in market cap by 1.43% and a drop also in trading volume by 6.75%.
  • Whereas, Dogecoin presently sells at $0.05835, with a decrease in market cap by 0.76% and a drop in trading volume by 18.33%.
  • On the side of TRON, it sells at $0.08929, with a slight rise in market cap by 0.07% and a rise also in trading volume by 5.56%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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