DCG Seeks Dismissal of Lawsuit Alleging $3 Billion Fraud
Digital Currency Group (DCG) and its CEO, Barry Silbert, have filed motions to dismiss the lawsuit filed against them by New York Attorney General Letitia James. The lawsuit alleges that investors connected to Gemini Earn were defrauded of $3 billion due to DCG and others concealing losses incurred during the collapse of various crypto firms. DCG and Silbert maintain that the allegations are baseless and lack merit. They argue that the claims against them are unsupported statements and attempts to create a narrative of wrongdoing.
DCG Asserts Contribution of $1.4 Billion to Genesis
In its dismissal filing, DCG asserts that it actually transferred funds to Genesis after the collapse of Three Arrows Capital (3AC) in 2022. Contrary to false beliefs in the market, DCG claims that it contributed approximately $1.4 billion in cash and other assets to Genesis after 3AC’s downfall. DCG also disputes allegations that it received an 18,000 bitcoin loan from Genesis after the collapse of 3AC, stating that it was an administrative repapering to consolidate prior loan agreements.
Hot Take: DCG Challenges Lawsuit Allegations
DCG and its CEO Barry Silbert have taken action to dismiss the lawsuit filed against them by New York Attorney General Letitia James. They argue that the allegations are baseless and lack merit, consisting of mischaracterizations and unsupported statements. DCG asserts that it transferred funds to Genesis after the collapse of Three Arrows Capital and contributed approximately $1.4 billion in cash and other assets. They dispute allegations of receiving a bitcoin loan from Genesis, stating that it was an administrative repapering. The dismissal filings challenge the legal basis of the claims made against DCG and Silbert.
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