According to Letitia James, the Attorney General of New York, a lawsuit has been filed against cryptocurrency exchange Gemini, cryptocurrency lending company Genesis, their parent company DCG, and two executives (former CEO of Genesis Michael Moro and DCG CEO Barry Silbert). The complaint alleges that Gemini knew that Genesis' loan collateral was insufficient and was highly concentrated on one entity, Alameda, but did not disclose this information to investors. James said, "My office will continue to work to stop deceptive cryptocurrency companies and promote the development of stricter regulations to protect all investors." Previously, the Attorney General of New York accused Gemini, Genesis, and DCG of deceiving investors and attempting to conceal losses of over $1 billion.
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New York Attorney General: Gemini knew Genesis' loans were undersecured and highly concentrated in Alameda but failed to disclose this information to investors
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