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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