US prosecutors have accused three high-profile cryptocurrency firms of defrauding investors of more than $1bn.
New York Attorney General Letitia James said Gemini, a crypto exchange, had lied to customers about the risks of an investment account it offered, which paid high interest rates on crypto.
Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
Genesis filed for bankruptcy a few months later.
Attorney General James said the case concerned “another example of bad actors causing harm throughout the under-regulated cryptocurrency industry”.
Digital Currency Group (DCG) and Gemini each said they would fight the claims.
“Honesty and integrity have always been my guiding principles,” said DCG founder Barry Silbert, calling the allegations “baseless”.
The legal action is the latest to emerge from the implosions in the crypto industry last year as markets for digital currencies soured.
US prosecutors have accused three high-profile cryptocurrency firms of defrauding investors of more than $1bn.
Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
New York Attorney General Letitia James said Gemini, a crypto exchange, had lied to customers about the risks of an investment account it offered, which paid high interest rates on crypto.
Genesis filed for bankruptcy a few months later.
Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
Genesis, a crypto lender, and its parent company Digital Currency Group were also involved in the programme.
Genesis filed for bankruptcy a few months later.
Attorney General James said the case concerned “another example of bad actors causing harm throughout the under-regulated cryptocurrency industry”.
Digital Currency Group (DCG) and Gemini each said they would fight the claims.
“Honesty and integrity have always been my guiding principles,” said DCG founder Barry Silbert, calling the allegations “baseless”.
The legal action is the latest to emerge from the implosions in the crypto industry last year as markets for digital currencies soured.
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