DCG CEO Barry Silbert Refutes Baseless Claims in NY Lawsuit

Thursday, 7 March 2024, 11:00
Digital Currency Group (DCG) and CEO Barry Silbert are vigorously defending against a $3 billion lawsuit by the New York Attorney General (NYAG). The lawsuit alleges misleading statements related to the now-defunct Gemini Earn program. DCG and Silbert strongly refute the claims, emphasizing their reliance on expert advisory support to counter the accusations.

Barry Silbert Refutes Baseless Innuendo in NY Suit

The heart of the controversy lies in the now-defunct Gemini Earn program—a collaboration between DCG’s Genesis Global Capital unit and Gemini, a crypto exchange founded by the Winklevoss twins. According to the NYAG, DCG and Silbert misled customers about the program's safety, jeopardizing investor funds amid the volatile crypto market of 2022.



Upping the Ante

The NYAG's suit initially sought $1.1 billion in October and was later amended to demand an additional $2 billion. It accuses Gemini and Genesis of not disclosing investment risks associated with Gemini Earn.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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