In Brief

• NY Attorney General accuses DCG and affiliates of a $3 billion crypto fraud.
• The lawsuit centers on the Gemini Earn program’s misleading high return promises.
• Over 230,000 investors affected, with legal actions complicating DCG’s woes.

New York Attorney General Letitia James has accused Digital Currency Group (DCG) and its affiliates of conducting a crypto fraud scheme estimated to exceed $3 billion.

This expansion triples the initial accusations in October, implicating DCG, its Genesis Global Capital unit, and the Gemini Trust, operated by Cameron and Tyler Winklevoss.

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$3 Billion Crypto Fraud

The Gemini Earn program, which promised investors high returns for lending their cryptocurrency assets, is at the heart of the lawsuit. James alleges that DCG and Genesis misled investors, resulting in over $1 billion in losses. The deception reportedly extended to direct investors in Genesis, who were falsely reassured of the safety of their funds.

The lawsuit aims to secure over $3 billion in restitution for the affected investors, numbering more than 230,000.

“”This illegal cryptocurrency scheme, and the horrific financial losses that real people have suffered, are yet another reminder of why stronger cryptocurrency regulations are needed to protect all investors,” James stated.

The case further complicates the legal woes for DCG and its subsidiaries. Genesis filed for bankruptcy in January 2023, a move that followed the suspension of withdrawals by Gemini Earn customers in the aftermath of the FTX collapse. Both entities have faced legal action from the US Securities and Exchange Commission (SEC) for skirting disclosure requirements and jeopardizing customer investments.