Amended Complaint: New York Attorney General Expands Alleged Fraud by Genesis and Digital Currency Group

By Daisy Hodley Feb 10, 202450Views

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New York Attorney General Expands Allegations of Fraud Against Digital Currency Group and Genesis

New York State Attorney General Letitia James has filed an amended complaint, accusing investment giant Digital Currency Group (DCG) and its affiliate Genesis of defrauding over 230,000 investors out of more than $3 billion. The initial lawsuit, launched in October 2023, alleged that DCG, crypto exchange Gemini, and bankrupt lending firm Genesis concealed $1.1 billion in losses and misled investors. An investigation found that Gemini lied about the risks of its Gemini Earn program, which aimed to provide yield on crypto assets. Genesis went bankrupt owing $735 million to members of the Earn program. The amended lawsuit now alleges an additional $2 billion in fraud.

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Daisy Hodley

Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy's insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding. A guiding star for both intrepid explorers and curious novices venturing into the crypto realm, Daisy's insights form a compass for discerning decision-making amidst the ever-shifting currents of cryptocurrencies. With the touch of a literary artist, they craft a narrative that enriches the evolving mosaic of the crypto landscape.