New York Attorney General Letitia James has sued Gemini, Genesis and DCG for defrauding investors.
This lawsuit compounds the firms’ woes considering an earlier SEC suit filed against them over Gemini’s Earn product.
New York State Attorney General (AG) Letitia James has accused Gemini, Genesis, and Digital Currency Group (DCG) of misleading and defrauding 230,000 Americans of a total loss of $1.1 billion. Specifically, the civil lawsuit is related to Gemini Earn, an investment product that was marketed to customers as a safe and secure way to earn interest on cryptocurrencies, up to 8%. 
Based on the investigation, it was discovered that Gemini Exchange which is run by the Winklevoss twins, Cameron and Tyler, lied to investors about the risks involved in investing in the Earn program. In addition, the assets contributed by Gemini customers were pooled together and given to Digital Currency Group’s crypto lending subsidiary Genesis. 
Subsequently, Genesis gave out these funds

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