New York Attorney General Amplifies Fraud Case Against Digital Currency Group to $3 Billion in Investor Losses
Feb 11, 2024
The New York Attorney General, Letitia James, has expanded the civil fraud case against Digital Currency Group (DCG), now alleging the company is accountable for $3 billion in investor losses linked to the Gemini Earn product and direct investments with Genesis. The initial lawsuit, filed for $1 billion against DCG, Genesis, and Gemini Trust Co. in October, accused them of misleading investors about the safety of their funds while being aware of impending issues. Initially focused on the Gemini Earn investment program, the case expanded as more investors reported being deceived directly by Genesis. It's reported that approximately 230,000 individuals suffered losses totaling up to $3 billion, prompting the lawsuit's enlargement in the New York Supreme Court on Friday.