"NY Attorney General Triples Crypto Fraud Lawsuit to $3 Billion"
New York Attorney General Letitia James is expanding her lawsuit against cryptocurrency firms Gemini, Genesis Global Capital, and Digital Currency Group (DCG) to $3 billion, tripling the total fraud claims against the firms. The lawsuit alleges that Gemini and Genesis defrauded investors by assuring them their investments were safe, while Genesis' loans were actually risky and highly concentrated with FTX founder Sam Bankman-Fried's crypto hedge fund. The lawsuit also names former Genesis CEO Soichiro Moro and DCG founder and CEO Barry Silbert. Genesis is shutting down after filing for bankruptcy, and has reached a settlement with James' office to repay customers through the Chapter 11 process.
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- NY AG Letitia James triples crypto fraud lawsuit to $3B Fox News
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