Lawsuit Targets Crypto Exchange Gemini, Accusing it of Defrauding Investors
Legal Battle Involving Gemini, DCG, and Genesis Capital Unfolds
Gemini Trust Company, a cryptocurrency exchange co-founded by the well-known Cameron Winklevoss and Tyler Winklevoss, is currently embroiled in a legal battle. The lawsuit, brought by New York Attorney General Letitia James, who is also prosecuting former President Donald Trump on various charges of fraud, alleges that Gemini defrauded investors. Notably, this legal action doesn’t single out Gemini alone, as it also involves cryptocurrency firms Digital Currency Group (DCG) and Genesis Global Capital.
In this civil lawsuit, it is claimed that the three companies collectively defrauded more than 230,000 investors, resulting in losses exceeding $1 billion, as reported by Axios. Former Genesis CEO Soichiro “Michael” Moro and DCG founder and chief Barry Silbert are also charged in this case for their alleged attempts to hide the true financial condition of the lending unit.