Digital Currency Group (DCG) and CEO Barry Silbert filed a motion on Thursday to dismiss a lawsuit brought by Gemini Trust Company last month.

Gemini accused DCG and Silbert of making “false, misleading, and incomplete representations” to Gemini after Genesis—which is owned by DCG—filed for Chapter 11 bankruptcy in January.

Gemini’s complaint included an allegation that Silbert knew Genesis was “massively insolvent” after it sustained hefty losses from the collapse of crypto hedge fund Three Arrows Capital last year. 

But Silbert hid that information from one of Gemini’s co-founders during a lunch meeting and urged Gemini to continue with the Gemini Earn program instead, the complaint alleged.

On Thursday, DCG and Silbert’s counsel said Gemini failed to explain why the presentation made by Silbert was supposedly fraudulent. As for other allegations, the defendants’ counsel claimed it concerned Genesis and not DCG or Silbert.

“The rest of the complaint is a hodgepodge of conclusory allegations again

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Author: André Beganski

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