New York Expands Fraud Case Against Digital Currency Group to $3 Billion
New York Attorney General Letitia James has strengthened her fraud case against Digital Currency Group (DCG), now saying the company is responsible for $3 billion in investor losses related to its Gemini Earn product and direct investments with Genesis, according to a new court filing. .
As stated in the initial $1 billion fraud lawsuit against DCG, its defunct lending platform, Genesis, and Gemini Trust Co. in October, the companies were accused of misleading investors and assuring them of the safety of their money even though the company management was aware of it. doom will soon come to them.
The fraud case initially focused on the Gemini Earn investment program run jointly by Genesis and Gemini, but after the lawsuit, James' office said more investors came forward to complain about being defrauded by Genesis more directly.
As many as 230,000 people suffered losses totaling $3 billion, according to the attorney general, prompting an expanded lawsuit in New York's Supreme Court on Friday.
“Scams and scams are so widespread that many people are reporting similar losses,” James said in a statement. “These illegal cryptocurrency schemes, and the horrific financial losses people have experienced, are a reminder of why stronger cryptocurrency regulations are needed to protect all investors.”
A DCG spokesperson did not immediately respond to a request for comment.#Write2Earn
NB: Please Don't forget to support us with tips ❤️