After threatening to do so for months, Gemini Trust Company accused Digital Currency Group (DCG) and its CEO Barry Silbert of fraud in a lawsuit filed Friday.

In the complaint, the New York-based crypto exchange accuses DCG—parent company of bankrupt digital asset firm Genesis—and its founder of making “false, misleading, and incomplete representations and omissions to Gemini.”

Gemini and Genesis have been locked in a public battle over Gemini Earn, a program that allowed users to receive between 0.45% and 8% interest in exchange for depositing their crypto assets. Genesis was the primary partner for the service.

Gemini said it was lead to believe that its Earn customers’ funds were being lent out by Genesis in a way that minimized risk while generating a return on their deposits.

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Author: Stacy Elliott

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