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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Canada's Self-Proclaimed 'Crypto King' Faces Fraud And Money Laundering Charges

Crypto Giants Gemini, Genesis, DCG Face $1 Billion Lawsuit: New York’s Crackdown Begins?

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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?

Related Reading: Crypto Clash: Gemini And Genesis Owner Barry Silbert Go To Court Over Lost Bitcoin

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. Notably, such revelations would naturally conflict with their “low-risk” investment advertisement, potentially misleading countless investors.

Further deepening the intrigue, Attorney General James highlighted concerns regarding the security of Genesis’ loans. Specifically, they were undersecured, and a significant portion was heavily concentrated with one entity: the crypto hedge fund Alameda, spearheaded by Sam Bankman-Fried.

This hedge fund unfortunately met its demise, further exacerbating the risks and potentially endangering investors’ assets. According to the report, in a move to address these allegations, Gemini share their perspective acknowledging the lawsuit and stated it “confirms what we’ve been saying all along”.

However, they further expressed disagreement with the decision to include Gemini in the lawsuit.

Ongoing Developments Amid Challenges

Even amid legal scrutiny, Gemini continues to evolve its offerings. Recently, the exchange expanded its crypto suite by integrating XRP. As of August, users have been able to deposit XRP tokens into their Gemini accounts.

As reported by Bitcoinist, the platform allows trading of XRP through various avenues, including its API/FIX and ActiveTrader applications for USD trading pairs. Additionally, both the Gemini Mobile App and website have been updated to support XRP trading pairs in multiple currencies: USD, GBP, EUR, CAD, SGD, HKD, and AUD.

Related Reading: Genesis Global And DCG Strike Crucial Deal With Creditors: 90% Recovery Imminent?

Notably, this update came not long after the recent victory achieved by Ripple Labs in the court battle against the US Securities and Exchange Commission (SEC).

The global crypto market cap value on TradingView
The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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