DCG Files Motion to Dismiss Lawsuit by NY Attorney General
Digital Currency Group (DCG) has filed a motion to dismiss a lawsuit brought by New York Attorney General Letitia James against DCG and its subsidiary Genesis Global Capital. The lawsuit, which was initially filed in October 2023 and expanded last month, accuses DCG and Genesis of defrauding investors out of $3 billion.
Barry Silbert Seeks Dismissal of Accusations
In addition to DCG’s motion, Barry Silbert, the founder and CEO of DCG, has also filed a motion to dismiss the accusation that he concealed losses at both companies. The New York Attorney General alleges that the defendants committed fraud against investors connected to cryptocurrency exchange Gemini’s former Earn product and Genesis after the collapse of Three Arrows Capital and FTX.
DCG and Barry Silbert have vehemently denied these allegations and have described them as baseless innuendo and mischaracterizations. They argue that the claims lack merit and are unsupported.
Genesis’ Proposed Settlement Deal Rejected by DCG
Last month, Genesis Global Capital proposed a settlement deal with the New York Attorney General. However, DCG objected to this proposed agreement. As a result, DCG has decided to file a motion to dismiss the entire lawsuit instead.
Hot Take: DCG Fights Back Against Allegations from NYAG
Digital Currency Group (DCG) has taken a proactive stance in its legal battle with the New York Attorney General Letitia James. By filing a motion to dismiss the lawsuit, DCG is pushing back against the allegations of fraud and concealment made against it and its subsidiary Genesis Global Capital.
The company firmly believes that the claims brought forward by the NYAG are baseless and lack merit. DCG and its CEO, Barry Silbert, have expressed their confidence in their innocence and have characterized the allegations as unsupported and mischaracterized.
DCG’s decision to reject Genesis’ proposed settlement deal indicates its determination to fight the lawsuit head-on. By opting for a motion to dismiss, DCG is challenging the entire case against it, aiming to clear its name and defend its reputation in the crypto industry.
As this legal battle unfolds, it remains to be seen how the court will respond to DCG’s motion. The outcome of this case could have significant implications for both DCG and the wider cryptocurrency community.
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