New York Attorney General Letitia James has initiated a lawsuit against the cryptocurrency platform Gemini and its parent company, Digital Currency Group (DCG), for allegedly defrauding nearly 250,000 investors of over $1 billion.
The lawsuit centers on a failed collaboration between Gemini and DCG’s Genesis unit concerning Gemini’s Earn interest-bearing product. Following the collapse of FTX last year, customer assets were frozen after Genesis suspended withdrawals.
The lawsuit claims that Gemini provided false assurances