The lawsuit is intended to recover Gemini’s funds from DCG, a filing made to the New York County Supreme Court said. Gemini entered into a partnership with Genesis which allowed its customers to earn up to 7.4% in annual percentage yield. Gemini sent its customers’ funds to Genesis, which in turn loaned them out to companies like the now-defunct Three Arrows Capital. Like Genesis, CoinDesk is a subsidiary of DCG.
Source: https://www.coindesk.com/policy/2023/07/07/gemini-sues-digital-currency-group-and-founder-barry-silbert-alleging-fraud/?utm_medium=referral&utm_source=rss&utm_campaign=headlines