Gemini files lawsuit against DCG and Barry Silbert alleging fraudulent activities

Cryptocurrency exchange Gemini has filed a lawsuit in a New York court against DCG (Digital Currency Group) and Barry Silbert.

Cameron Winklevoss, the co-founder of Gemini, alleged in a June 7 tweet that Silbert played a central role in orchestrating fraudulent activities and actively took part in the fraudulent schemes perpetrated by DCG and Genesis against creditors.

1/ Today, @Gemini filed a lawsuit against @DCGco and @BarrySilbert personally in New York court. Barry was not only the architect and mastermind of the DCG and Genesis fraud against creditors, he was directly and personally involved in perpetrating it.
— Cameron Winklevoss (@cameron) July 7, 2023

Post termination

Winklevoss also believes that Barry Silbert, reaching out to the exchange after being notified of the program’s termination in October 2022, reportedly attempted to induce the exchange to continue Earn, despite being aware of Genesis’ substantial insolvency issues.

Barry Silbert, along with DCG and Genesis, allegedly conspired to deceive Gemini and creditors by fabricating financial reports. These reports included false claims about a phony 10-year promissory note being labeled as a “Current Asset,” a falsified balance sheet misrepresenting the note as a $1.1 billion “receivable,” and intentional exclusion of the note from loan-duration calculations to conceal its existence.

The lawsuit suggests that top-level executives, including Barry Silbert and the then-COO (now President) of DCG, were directly involved in perpetuating these lies and deliberately concealing the truth from Gemini and other creditors.

Source: https://crypto.news/gemini-files-lawsuit-against-dcg-and-barry-silbert-alleging-fraudulent-activities/