top of page
Search
  • Writer's pictureBy The Financial District
    • Feb 12
    • 1 min read

NY Attorney General Expands Crypto Lawsuit, Sees $3-B Fraud

New York Attorney General Letitia James has expanded her lawsuit against Digital Currency Group (DCG) and other crypto defendants, tripling the size of their alleged fraud scheme to over $3 billion, as reported by Jonathan Stempel and Dietrich Knauth for Reuters.


The lawsuit targeted DCG, its Genesis Global Capital unit, and Gemini Trust, alleging they caused over $1 billion in losses by misleading investors about the Gemini Earn program.



Initially filed in October, the lawsuit targeted DCG, its Genesis Global Capital unit, and Gemini Trust, alleging they caused over $1 billion in losses by misleading investors about the Gemini Earn program.


The program allowed customers to lend crypto assets to Genesis for a high rate of return.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The expanded lawsuit reveals that the scam perpetrated by DCG through Genesis also affected investors who sent money directly to Genesis, falsely assured that their funds were secure.


New victims, including retail customers, were identified, with losses totaling over $3 billion. The Attorney General seeks restitution for more than 230,000 defrauded investors.




Optimize asset flow management and real-time inventory visibility with RFID tracking devices and custom cloud solutions.
Sweetmat disinfection mat

bottom of page