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New York Attorney General
Lawyers for cryptocurrency firm Digital Currency Group (DCG) and two of its top executives – CEO and founder Barry Silbert and Soichiro “Michael” Moro, the former CEO of DCG’s wholly-owned trading arm Genesis – have made a final effort to convince a judge to toss out New York Attorney General (NYAG) Letitia James’ civil fraud suit against them.
NYAG says the settlement will establish a fund for New Yorkers who invested more than $1.1 billion in Genesis through the Gemini Earn program and blocks Genesis from operating in the state.
Digital Currency Group (DCG) is objecting to the settlement between the New York attorney general and Genesis – the failed crypto lender that was among DCG’s array of digital assets businesses.
New York Attorney General Letitia James has amplified its fraud case against Digital Currency Group (DCG), now saying the company is responsible for $3 billion in investor losses tied to the Gemini Earn product and to direct investments with Genesis, according to a new court filing.
The bill follows legal suits pursued by Letitia James in connection to crypto companies like Celsius, CoinEx and Nexo.
Attorney General Letitia James said Mashinsky misled investors about the health of the now bankrupt crypto lender.