Gemini claims to have been duped by Genesis, but New York’s AG says the Winklevoss twins knew and took investor money anyways through 'Gemini Earn.'
New York Attorney General Letitia James filed a lawsuit Thursday morning against cryptocurrency companies Gemini Trust, Genesis Global Capital, and Digital Currency Group for defrauding over 230,000 investors of over $1 billion. James says a program run by Tyler and Cameron Winklevoss’s company Gemini, alongside Genesis and its parent company DCG, called ‘Gemini Earn’ promised investors high returns with low risk.
The case against Gemini hinges on the fact that it was aware of Genesis’ fraud, and continued to take investor money in spite of that. The New York AG says Gemini’s board of managers discussed ending Gemini Earn altogether in July 2022 because of the risks with Genesis. One board member compared Genesis’ financial condition to Lehman Brothers before its collapse, says the OAG.
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