New York AG accuses crypto firms of deceiving investors in $1 billion fraud

Nearly a year later, the effects of Sam Bankman-Fried's crypto company's massive collapse

Fill inOn Thursday, the attorney general of New York filed a lawsuit against three digital asset some text

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Gemini Trust, Genesis Global Capital, and Genesis' parent business, Digital Currency Group.

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The corporations were charged with misleading investors and concealing losses of more than $1 billion.

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According to the AG's office, an investigation revealed that Gemini, the cryptocurrency

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company established by Cameron and Tyler Winklevoss, misled investors about serious dangers

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The program, called Gemini Earn, marketed itself as a low-risk investment in which customers could lend crypto assets

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“These cryptocurrency companies lied to investors,” Attorney General Letitia James said in a statement.

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At least 29,000 New Yorkers were among the 230,000 investors whose money was lost, James said.

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James’ lawsuit is the latest effort among US officials to crack down on the trillion-dollar crypto industry,

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