Investing
NY attorney general expands crypto lawsuit, sees $3 billion fraud
© Reuters. A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su
NEW YORK (Reuters) -New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion.
James in October sued Digital Currency, its Genesis Global Capital unit, and Gemini Capital, the exchange run by twin brothers Cameron and Tyler Winklevoss.
She claimed they caused more than $1 billion of losses by misleading investors about Gemini Earn, a program that let customers lend crypto assets to Genesis in exchange for a promised high rate of return.
James in a statement said additional investors have since come forward to complain, and it became clear the complicated fraud also ensnared other investors who sent money directly to Genesis.
James is seeking more than $3 billion of restitution for the more than 230,000 investors who she believes were defrauded.
Read the full article here
-
Side Hustles6 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Make Money7 days ago
15 Jobs That Will Shrink the Fastest Over the Next Decade
-
Side Hustles7 days ago
How to Maximize Your Profits With This Annual 8-Step Checklist
-
Investing7 days ago
Netherlands stocks lower at close of trade; AEX down 0.80% By Investing.com
-
Passive Income7 days ago
Why Email Marketing Is Still Your Business’s Most Powerful Tool
-
Side Hustles7 days ago
Want to Start a Business? Consider Buying One Instead — Here’s Why.
-
Investing6 days ago
Germany stocks lower at close of trade; DAX down 0.65% By Investing.com
-
Investing6 days ago
How I Transformed My Business by Letting Go of Low-Value Tasks