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At the end of 2022, Genesis suspended withdrawals over “unprecedented” market volatility. The idea was that Gemini customers could loan crypto to Genesis and Genesis would repay it with interest. False reportingĭCG subsidiary Genesis and Gemini launched the Earn lending program in 2021. Gemini added they would take legal action in Genesis’ bankruptcy case as well. Gemini blames DCG and its CEO for making false, incomplete, and misleading representations and omissions and enabling Genesis to perpetrate fraud, to which the crypto exchange fell victim. Gemini initiated proceedings through a New York court filing on July 7, alleging that DCG and Silbert lent Genesis “huge amounts of cryptocurrency and US dollars.” This process, which Gemini considers a “scheme,” ended up incurring major losses. They claim the conglomerate defrauded creditors, Cointelegraph reported. US-based cryptocurrency exchange Gemini has announced a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert.
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