Digital Currency Group (DCG) has formally requested the dismissal of a lawsuit brought against it by the New York Attorney General (NY AG), Letitia James.
Filed with the New York Supreme Court, DCG’s motion seeks to counter allegations of defrauding investors and mismanaging financial disclosures related to its lending subsidiary, Genesis, and its collaboration with the crypto exchange Gemini. This legal action unfolds against heightened scrutiny and calls for regulatory clarity within the digital asset space.
Digital Currency Group Allegations and Legal Defense
The lawsuit was brought in October by NY AG Letitia James, who accused DCG and its founder and CEO, Barry Silbert, of defrauding more than 230,000 investors and causing over $1 billion in losses. This was primarily due to the activities of Genesis and its association with Gemini, primarily through the long-gone Gemini Earn program. The program, aimed at providing a high yield on cryptocurrency deposits, ended in 2022 in tand
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