Gemini

Cryptocurrency

<p class="is-style-lead">Cryptocurrency exchange Gemini has filed a lawsuit in a New York court against DCG (Digital Currency Group) and Barry Silbert.</p> 
<p>Cameron Winklevoss, the co-founder of Gemini, alleged in a June 7 tweet that Silbert played a central role in orchestrating fraudulent activities and actively took part in the fraudulent schemes perpetrated by DCG and Genesis against creditors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ Today, <a href="https://twitter.com/Gemini?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Gemini</a> filed a lawsuit against <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@DCGco</a> and <a href="https://twitter.com/BarrySilbert?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BarrySilbert</a> personally in New York court. Barry was not only the architect and mastermind of the DCG and Genesis fraud against creditors, he was directly and personally involved in perpetrating it.</p>— Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1677327395869581316?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="post-termination">Post termination</h2> 
<p>Winklevoss also believes that Barry Silbert, reaching out to the exchange&nbsp; after being notified of the program’s termination in October 2022, reportedly attempted to induce the exchange to continue Earn, despite being aware of Genesis’ substantial insolvency issues.</p> 
<p>Barry Silbert, along with DCG and Genesis, allegedly conspired to deceive Gemini and creditors by fabricating financial reports. These reports included false claims about a phony 10-year promissory note being labeled as a “Current Asset,” a falsified balance sheet misrepresenting the note as a $1.1 billion “receivable,” and intentional exclusion of the note from loan-duration calculations to conceal its existence.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="SEC Sues Crypto Brokerages Gemini and Genesis" width="1020" height="574" src="https://www.youtube.com/embed/TAQE3Ig1TaU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>The lawsuit suggests that top-level executives, including Barry Silbert and the then-COO (now President) of DCG, were directly involved in perpetuating these lies and deliberately concealing the truth from Gemini and other creditors.</p>

Gemini files lawsuit against DCG and Barry Silbert alleging fraudulent activities

Table of Contents

crypto.news

Other articles published on Jul 7, 2023

Nexo Earns AICPA's Type 2 SOC 2 Audit Certificate: Bolsters Security

Twitter Now Supports NFT Purchases with Inspect’s Browser Extension

The Next 30X Early Altcoin Gems

BarnBridge DAO to halt operations amid reported SEC investigation

FBI Searches Home of Kraken Founder Jesse Powell in Cyberstalking Case

Introducing ApeSwap’s New Liquidity Health Dashboard, Now In Beta

Join our free newsletter for daily crypto updates!