The New York Attorney General, Letitia James, has set her sights on three major players in the crypto space, alleging investor fraud. Genesis Global, its parent company, Digital Currency Group (DCG), and the renowned crypto platform Gemini find themselves in the crosshairs of a significant lawsuit.

Attorney General James accuses them of deceptive practices that have allegedly duped investors out of more than a billion dollars. But what led to such allegations against these crypto giants?

Gemini Earn: A Program Under Scrutiny?

Central to the lawsuit is the “Gemini Earn” program, a collaborative initiative between Gemini and Genesis. This program allowed users to lend their cryptocurrency assets, including Bitcoin, to Genesis.

Gemini, co-founded by the Winklevoss twins – known for their contentious legal spat with Meta Platforms’ CEO, Mark Zuckerberg, according to Reuters, – marketed this initiative as a “low-risk investment.” However, the New York Attorney General’s investigation suggests otherwise.

Despite Gemini’s confident portrayal of the program, James claims that internal analyses within the company had identified Genesis as being on shaky financial ground. Notab

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Author: Samuel Edyme

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