Crypto trading platform Gemini has responded to a lawsuit filed against it, bankrupt lender Genesis, and its parent company Digital Currency Group (DCG), by casting itself as a victim of the fraud perpetrated by the other two defendants.

According to Gemini’s statement on X (formerly Twitter), its addition to the lawsuit was tantamount to “blaming a victim for being defrauded and lied to.”

The lawsuit

On Oct. 19, New York Attorney General Letitia James filed a complaint against Gemini, Genesis, DCG, and two executives, including Genesis former CEO Michael Moro and DCG CEO Barry Silbert, for allegedly defrauding investors of over $1 billion through the defunct Gemini Earn investment program.

Gemini Earn was an investment program that allowed investors to earn interest from lending money to Genesis, who also lent it to others.

According to the regulator, Gemini repeatedly lied to investors about this investment program by repeatedly assuring them that it was a low-risk investment while knowing that Genesis’s finances were risky and had exposure to the defunct Three Arrows Capital (3AC) and Sam Bankman-Fried‘s embattled Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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