this post was submitted on 19 Oct 2023
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This is the best summary I could come up with:
New York Attorney General Letitia James is suing three cryptocurrency companies — Gemini, Genesis, and Digital Currency Group (DCG) — over claims they misled investors, leading to the loss of over $1 billion.
The firm marketed Gemini Earn as a high-yield program that involved customers investing with Genesis Global Capital, which is owned by DCG.
Last November, Gemini paused withdrawals from its Earn program in the wake of the FTX collapse, preventing customers from accessing their funds.
The New York Post reported in September that the Winklevoss twins allegedly withdrew $280 million from Genesis before the firm ultimately collapsed.
Additionally, James is suing Genesis and its DCG parent company for allegedly trying to cover up over $1 billion in losses.
“Hardworking New Yorkers and investors around the country lost more than a billion dollars because they were fed blatant lies that their money would be safe and grow if they invested it in Gemini Earn.”
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