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New York Attorney General Letitia James sued three crypto companies - Gemini, Genesis, and Digital Currency Group (DCG). They are accused of outwitting investors, which caused losses of more than $1 billion. In a lawsuit filed on Thursday, October 19, James said that the fraud scheme allegedly committed by the three companies had affected more than 230,000 investors.

The lawsuit is aimed at Gemini, the crypto exchange owned by Cameron and Tylerugoss, along with their Earn program. The company markets Gemini Earn as a high-result patch program involving customers investing in Genesis Global Capital, which is owned by DCG. However, James claims that Gemini knows that investing in Genesis is risky and outwitting customers as a result.

These couple reportedly told investors that their money was secure, but we revealed that they knew all along that their financials were praying. Every day New Yorkers and Americans lost millions, including their entire lifesavings.

In November last year, Gemini discontinued withdrawing funds from its Earn program following the fall of FTX, which prevented customers from accessing their funds. The New York Post reported in September thatwin brothers allegedly withdrew $280 million from Genesis before the company finally went bankrupt.

In addition, James sued Genesis and his DCG parent company for allegedly trying to cover losses of more than $1 billion. James seeks to ban Gemini, Genesis, and DCG from the investment industry in New York. He also wants the companies to "pay compensation, restitution, and refund all the funds and cryptocurrencies" they get as part of the scheme they suspect.

"This crypto company lied to investors and tried to hide more than a billion dollars in losses, and those who suffered the consequences were middle-class investors," James said in a statement, as quoted by The Verge.

"New Yorkers who worked hard and investors across the country lost more than a billion dollars because they were given a clear lie that their money would be safe and thrive if invested in Gemini Earn," he added.

This isn't the only legal problem facing Genesis and Gemini. Last year, an investor sued Gemini on suspicion of failing to protect customers from the theft of US$36 million (Rp570.8 billion) in cryptocurrencies. The Securities and Exchange Commission also sued the two companies in January over claims that they were selling unregistered securities.


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