Digital Currency Group (DCG) and its CEO Barry Silbert have filed motions to dismiss the $3 billion fraud lawsuit filed by the New York Attorney General’s Office (NYAG), arguing that the allegations levied against them are “baseless innuendo.”
The NYAG filed the lawsuit in October 2023 over allegations that DCG and its subsidiary Genesis Capital misled customers about the risks involved with the Gemini Earn program, causing losses for customers to the tune of $3 billion.
Genesis has already agreed to settle the lawsuit separately. Meanwhile, DCG has also filed an objection to the settlement.
DCG denies allegations
DCG has categorically denied the NYAG’s allegations, framing them as baseless and lacking substantial evidence. The company argued that its support for Genesis Capital was conducted in “good faith,” backed by sound advice from reputable consultants and investment advisors.
According to the filing:
“The allegations are a thin web of baseless innuendo, blatant mis
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