According to a Fortune Magazine report, Digital Currency Group (DCG) has submitted a motion to the New York Supreme Court to dismiss a lawsuit filed against the company by New York Attorney General Letitia James.
The lawsuit, filed in 2023, alleges that DCG and its lending subsidiary Genesis and crypto firm Gemini defrauded over 230,000 investors of more than $1 billion. DCG’s CEO, Barry Silbert, is also named a defendant in the lawsuit.
‘Thin Web Of Innuendo’
The lawsuit accuses DCG of attempting to conceal losses exceeding $1.1 billion from investors and Gemini during the crypto market collapse in 2022. However, DCG’s attorneys argue that the claims made by the attorney general’s office are “baseless” and lack substance.
Notably, Digital Currency Group’s attorneys further describe the allegations as a “thin web of baseless innuendo” and accuse the office of searching for a “headline-worthy scapegoat.”
DCG’s legal team asserts that the compan
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