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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.
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