Gemini Sues Genesis Owner: Get Your Frozen Funds Back Now!

• Gemini, a crypto exchange owned by Winklevoss, has filed a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert for allegedly inducing depositors to lend “huge amounts of cryptocurrency and U.S. Dollars” to Genesis through false and misleading representations of the company’s financial position.
• Gemini is seeking relief including actual damages, punitive damages, and attorney’s fees for the fraud committed against its customers.
• Co-founder Cameron Winklevoss described the complaint as an important step in holding DCG and Barry Silbert accountable for their actions.

Gemini Sues DCG Over Fraudulent Representations

Crypto exchange Gemini has filed a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert for allegedly inducing depositors to lend “huge amounts of cryptocurrency and U.S. Dollars” to Genesis through false and misleading representations of the company’s financial position.

Gemini Seeks Relief For Customers

The lawsuit asserts that DCG induced these deposits with promises that it had robust risk-management practices but “those were lies” according to the filing. As a result, Gemini is seeking relief including actual damages, punitive damages, and attorney’s fees for the fraud committed against its customers.

Accountability Is Key

Cameron Winklevoss expressed his approval over Twitter on Friday stating that this complaint is an important step in holding them accountable for what they have done. He added that both DCG and Barry Silbert are direct participants in the fraud that has damaged Gemini and hundreds of thousands of Earn users.

Actions Speak Louder Than Words

These allegations come after months of difficult negotiations between Gemini and DCG which eventually led up to legal action being taken by the crypto exchange in order to recover their customers’ frozen funds from Genesis lending company owned by DCG.

Final Thoughts

It remains unclear how this case will be resolved but it certainly serves as a reminder to take extra caution when investing into digital assets either directly or indirectly through an institutional lender such as Genesis or any other third party service provider or broker platform online.