New York Escalates Severity of DCG Lawsuit

New York Escalates Severity of DCG LawsuitNew York Escalates Severity of DCG Lawsuit
By AZC News | 2 hours ago
The New York State government accuses DCG of causing harm to customers' and investors' assets worth $3 billion USD.New York Escalates Severity of DCG Lawsuit
In an announcement posted late on February 9, the New York State Attorney General's Office revealed an expansion of the lawsuit targeting Digital Currency Group (DCG), raising the damages to $3 billion USD, nearly tripling the initial estimate.

Development of the Lawsuit
In October 2023, the New York State Attorney General's Office collectively filed a lawsuit against DCG, CEO Barry Silbert, along with its subsidiaries Genesis and Gemini following controversies among all three, leading to Genesis' bankruptcy filing earlier this year. The state authorities alleged that the involved parties orchestrated an opaque investment scheme, resulting in losses of $1 billion USD for 230,000 American investors, including 29,000 New York citizens.

New York State Attorney General Letitia James stated:

While the initial lawsuit focused on damages to individual investors participating in the Gemini Earn program, the investigation process has revealed the fraudulent nature of the scheme affecting investors who invested in DCG's subsidiary Genesis.

However, DCG's spokesperson refuted the latest allegations against the company, claiming that the New York State authorities are intentionally stirring public controversy, reaffirming that Digital Currency Group has always operated lawfully and will be vindicated.



In a related development, Genesis announced its bankruptcy filing as the company reached a settlement agreement with the New York State Attorney General's Office, but the amount of the fine to be paid remains unclear.

On February 2, Genesis also settled with the SEC and agreed to pay a $21 million fine.

Prior to this, both DCG and Genesis had been embroiled in crises since 2022 following the collapses of LUNA-UST and FTX. Both were found to have engaged in internal transactions with each other, resulting in DCG owing Genesis billions of dollars.

Related: New York Revamps Crypto Exchange Listing Rules for Consumer Safety

Subsequently, Genesis had to declare bankruptcy, affecting other companies such as Gemini. By May 2023, DCG defaulted on its debt to Genesis, leading Gemini and Genesis to file a lawsuit against the parent company. The lawsuit was later settled among the involved parties.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaNew York Escalates Severity of DCG Lawsuit
By AZC News | 2 hours ago

The New York State government accuses DCG of causing harm to customers' and investors' assets worth $3 billion USD.New York Escalates Severity of DCG Lawsuit
In an announcement posted late on February 9, the New York State Attorney General's Office revealed an expansion of the lawsuit targeting Digital Currency Group (DCG), raising the damages to $3 billion USD, nearly tripling the initial estimate.

Development of the Lawsuit
In October 2023, the New York State Attorney General's Office collectively filed a lawsuit against DCG, CEO Barry Silbert, along with its subsidiaries Genesis and Gemini following controversies among all three, leading to Genesis' bankruptcy filing earlier this year. The state authorities alleged that the involved parties orchestrated an opaque investment scheme, resulting in losses of $1 billion USD for 230,000 American investors, including 29,000 New York citizens.

New York State Attorney General Letitia James stated:

While the initial lawsuit focused on damages to individual investors participating in the Gemini Earn program, the investigation process has revealed the fraudulent nature of the scheme affecting investors who invested in DCG's subsidiary Genesis.

However, DCG's spokesperson refuted the latest allegations against the company, claiming that the New York State authorities are intentionally stirring public controversy, reaffirming that Digital Currency Group has always operated lawfully and will be vindicated.



In a related development, Genesis announced its bankruptcy filing as the company reached a settlement agreement with the New York State Attorney General's Office, but the amount of the fine to be paid remains unclear.

On February 2, Genesis also settled with the SEC and agreed to pay a $21 million fine.

Prior to this, both DCG and Genesis had been embroiled in crises since 2022 following the collapses of LUNA-UST and FTX. Both were found to have engaged in internal transactions with each other, resulting in DCG owing Genesis billions of dollars.

Related: New York Revamps Crypto Exchange Listing Rules for Consumer Safety

Subsequently, Genesis had to declare bankruptcy, affecting other companies such as Gemini. By May 2023, DCG defaulted on its debt to Genesis, leading Gemini and Genesis to file a lawsuit against the parent company. The lawsuit was later settled among the involved parties.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaNew York Escalates Severity of DCG Lawsuit
By AZC News | 2 hours ago

The New York State government accuses DCG of causing harm to customers' and investors' assets worth $3 billion USD.New York Escalates Severity of DCG Lawsuit
In an announcement posted late on February 9, the New York State Attorney General's Office revealed an expansion of the lawsuit targeting Digital Currency Group (DCG), raising the damages to $3 billion USD, nearly tripling the initial estimate.

Development of the Lawsuit
In October 2023, the New York State Attorney General's Office collectively filed a lawsuit against DCG, CEO Barry Silbert, along with its subsidiaries Genesis and Gemini following controversies among all three, leading to Genesis' bankruptcy filing earlier this year. The state authorities alleged that the involved parties orchestrated an opaque investment scheme, resulting in losses of $1 billion USD for 230,000 American investors, including 29,000 New York citizens.

New York State Attorney General Letitia James stated:

While the initial lawsuit focused on damages to individual investors participating in the Gemini Earn program, the investigation process has revealed the fraudulent nature of the scheme affecting investors who invested in DCG's subsidiary Genesis.

However, DCG's spokesperson refuted the latest allegations against the company, claiming that the New York State authorities are intentionally stirring public controversy, reaffirming that Digital Currency Group has always operated lawfully and will be vindicated.



In a related development, Genesis announced its bankruptcy filing as the company reached a settlement agreement with the New York State Attorney General's Office, but the amount of the fine to be paid remains unclear.

On February 2, Genesis also settled with the SEC and agreed to pay a $21 million fine.

Prior to this, both DCG and Genesis had been embroiled in crises since 2022 following the collapses of LUNA-UST and FTX. Both were found to have engaged in internal transactions with each other, resulting in DCG owing Genesis billions of dollars.

Related: New York Revamps Crypto Exchange Listing Rules for Consumer Safety

Subsequently, Genesis had to declare bankruptcy, affecting other companies such as Gemini. By May 2023, DCG defaulted on its debt to Genesis, leading Gemini and Genesis to file a lawsuit against the parent company. The lawsuit was later settled among the involved parties.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaNew York Escalates Severity of DCG Lawsuit
By AZC News | 2 hours ago

The New York State government accuses DCG of causing harm to customers' and investors' assets worth $3 billion USD.New York Escalates Severity of DCG Lawsuit
In an announcement posted late on February 9, the New York State Attorney General's Office revealed an expansion of the lawsuit targeting Digital Currency Group (DCG), raising the damages to $3 billion USD, nearly tripling the initial estimate.

Development of the Lawsuit
In October 2023, the New York State Attorney General's Office collectively filed a lawsuit against DCG, CEO Barry Silbert, along with its subsidiaries Genesis and Gemini following controversies among all three, leading to Genesis' bankruptcy filing earlier this year. The state authorities alleged that the involved parties orchestrated an opaque investment scheme, resulting in losses of $1 billion USD for 230,000 American investors, including 29,000 New York citizens.

New York State Attorney General Letitia James stated:

While the initial lawsuit focused on damages to individual investors participating in the Gemini Earn program, the investigation process has revealed the fraudulent nature of the scheme affecting investors who invested in DCG's subsidiary Genesis.

However, DCG's spokesperson refuted the latest allegations against the company, claiming that the New York State authorities are intentionally stirring public controversy, reaffirming that Digital Currency Group has always operated lawfully and will be vindicated.



In a related development, Genesis announced its bankruptcy filing as the company reached a settlement agreement with the New York State Attorney General's Office, but the amount of the fine to be paid remains unclear.

On February 2, Genesis also settled with the SEC and agreed to pay a $21 million fine.
Prior to this, both DCG and Genesis had been embroiled in crises since 2022 following the collapses of LUNA-UST and FTX. Both were found to have engaged in internal transactions with each other, resulting in DCG owing Genesis billions of dollars.

Related: New York Revamps Crypto Exchange Listing Rules for Consumer Safety

Subsequently, Genesis had to declare bankruptcy, affecting other companies such as Gemini. By May 2023, DCG defaulted on its debt to Genesis, leading Gemini and Genesis to file a lawsuit against the parent company. The lawsuit was later settled among the involved parties.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaNew York Escalates Severity of DCG Lawsuit
By AZC News | 2 hours ago

The New York State government accuses DCG of causing harm to customers' and investors' assets worth $3 billion USD.New York Escalates Severity of DCG Lawsuit
In an announcement posted late on February 9, the New York State Attorney General's Office revealed an expansion of the lawsuit targeting Digital Currency Group (DCG), raising the damages to $3 billion USD, nearly tripling the initial estimate.

Development of the Lawsuit
In October 2023, the New York State Attorney General's Office collectively filed a lawsuit against DCG, CEO Barry Silbert, along with its subsidiaries Genesis and Gemini following controversies among all three, leading to Genesis' bankruptcy filing earlier this year. The state authorities alleged that the involved parties orchestrated an opaque investment scheme, resulting in losses of $1 billion USD for 230,000 American investors, including 29,000 New York citizens.

New York State Attorney General Letitia James stated:

While the initial lawsuit focused on damages to individual investors participating in the Gemini Earn program, the investigation process has revealed the fraudulent nature of the scheme affecting investors who invested in DCG's subsidiary Genesis.

However, DCG's spokesperson refuted the latest allegations against the company, claiming that the New York State authorities are intentionally stirring public controversy, reaffirming that Digital Currency Group has always operated lawfully and will be vindicated.



In a related development, Genesis announced its bankruptcy filing as the company reached a settlement agreement with the New York State Attorney General's Office, but the amount of the fine to be paid remains unclear.

On February 2, Genesis also settled with the SEC and agreed to pay a $21 million fine.

Prior to this, both DCG and Genesis had been embroiled in crises since 2022 following the collapses of LUNA-UST and FTX. Both were found to have engaged in internal transactions with each other, resulting in DCG owing Genesis billions of dollars.

Related: New York Revamps Crypto Exchange Listing Rules for Consumer Safety

Subsequently, Genesis had to declare bankruptcy, affecting other companies such as Gemini. By May 2023, DCG defaulted on its debt to Genesis, leading Gemini and Genesis to file a lawsuit against the parent company. The lawsuit was later settled among the involved parties.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.rch when making a decision.rch when making a decision.rch when making a decision.rch when making a decision.