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New York's attorney general on Thursday filed a lawsuit accusing cryptocurrency firms Gemini and Genesis with fraud that wound up costing investors more than a billion dollars."Investors around the country lost more than a billion dollars because they were fed blatant lies that their money would be safe and grow if they invested it in Gemini Earn," New York attorney General Letitia James said in a release.
New York's attorney general on Thursday filed a lawsuit accusing cryptocurrency firms Gemini and Genesis with fraud that wound up costing investors more than a billion dollars.
US prosecutors have accused three high-profile cryptocurrency firms of defrauding investors of more than $1bn. New York Attorney General Letitia James said Gemini, a crypto exchange, had lied to customers about the risks of an investment account it offered, which paid high interest rates on crypto. Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
Gemini, a cryptocurrency exchange helmed by the infamous Winklevoss twins, just got hit with a lawsuit alleging that it defrauded investors. The suit was brought forth by New York Attorney General Letitia James, the same AG currently prosecuting former president Donald Trump.
Customers are outraged at the Winklevoss twins over their secret $282 million withdrawal from their crypto company’s bank before its collapse last year – and the backlash could further tarnish the twins’ carefully crafted image as trustworthy operators in the unruly digital currency industry.