Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed a lawsuit against Digital Currency Group (DCG) and its founder Barry Silbert in a New York court on July 7. 

The company is seeking to recover the damages and losses incurred due to DCG’s and Silbert’s alleged “false, misleading, and incomplete” representations and “omissions” to Gemini, which “encouraged and facilitated” Genesis’s fraud against the firm.

Gemini Takes Legal Action For Bitcoin Recovery Failure

Per the filing made by Gemini, hundreds of thousands of users provided loans to Genesis under the Gemini Earn Program, and Genesis obtained these loans to lend the assets to other counterparties in the market. 

Furthermore, Genesis allegedly charged those counterparties higher rates than it paid to its depositors, allowing Genesis to earn the difference as profit. However, the complaint alleges that Genesis was “recklessly” lending huge amounts to a counterparty that DCG and Silbert allegedly knew was using these huge amounts to fuel a “risky arbitrage trading strategy.”

1/ Today, @Gemini filed a lawsuit against @DCGco and @BarrySilbert personally in New York court. Barry was not only the architect and mastermind of the DCG and Genesis fraud against creditors, he was directly and personally involved in perpetrating it.

— Cameron Winklevoss (@cameron) July 7, 2023

According to Cameron Winklevoss, Silbert, and DCG were involved in cre

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Author: Ronaldo Marquez

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