United States of America: Announced AG amended public lawsuit against cryptocurrency companies Gemini, Genesis and DCG for allegedly defrauding investors

On 9 February 2024, the New York Attorney General filed an amended complaint, expanding the lawsuit against Digital Currency Group, Inc. (DCG), its CEO, Genesis Global Capital, LLC, and its affiliates. The amended complaint alleges that these entities defrauded additional individuals and institutions of an additional USD 2 billion, bringing the total defrauded amount to over USD 3 billion. This action follows the Attorney General's October 2023 suit against Gemini Trust Company, Genesis, and DCG for misleading representations to investors about an investment program called Gemini Earn, which resulted in over USD 1 billion in losses. The continued investigation revealed that additional investors were similarly defrauded with false assurances about the safety of their funds.