The New York Attorney General has expanded the fraud case filed against Digital Currency Group (DCG) by 3 times within the scope of the Gemini Earn program.
New York Attorney General Letitia James has decided to expand the fraud case against Digital Currency Group and Gemini. Attorney General James on first charge Gemini Earn within the scope of the program $1 billion Although the investor stated that he was grieved, as a result of the research, this amount More comprehensive, such as 3 billion dollars He stated that they realized that:
While the initial case focused largely on the losses of retail investors who participated in the Gemini Earn investment program, as more complaints were made it became clear that the sophisticated nature of the scam had also defrauded other investors who had invested their money directly into DCG’s subsidiary Genesis
On the other hand, Attorney General James stated that DCG lied to its investors about financial returns. The extent of the fraud is much larger than it appears told
“After months of false promises, we pulled back the curtain and revealed that DCG lied to investors and defrauded them of billions of dollars,” he said. The fraud and deception was so far-reaching that many more people came forward to report similar harms.
Affected by the mass bankruptcies in the cryptocurrency market last year, DCG managed genesishandles money withdrawals for its customers stopped completely and then filing for bankruptcy was found.
A DCG spokesperson opposed these claims and stated that the company and its CEO Barry Silbert would win as a result of the case. Digital Currency Group settled with creditors in the summer last year. For a payback of around 79% to 90% announced that they had reached an agreement in principle.