Investor protection is good, but it's too late. Investors' money has already been lost because cryptocurrency prices have fallen.
This is a civil lawsuit, and such courts can take a very long time and to understand the situation, the criminal investigation with the FTX exchange must end so that there are already undeniable facts in the civil trial in court.
Topic: Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’ (Read 79 times)
October 22, 2023, 09:45:35 AM
October 22, 2023, 08:53:44 AM
https://www.wired.com/story/crypto-gemini-genesis-dcg-sued-billion-dollar-fraud/
"IN THE STATE of New York, where Sam Bankman-Fried, founder of fallen crypto exchange FTX, is standing trial for fraud, the attorney general has accused a further three high-profile crypto businesses of lying to their customers. Crypto exchange Gemini, run by the Winklevoss twins, Cameron and Tyler, as well as crypto lender Genesis and its parent company, Digital Currency Group, have been charged with causing a combined $1.1 billion in losses for hundreds of thousands of investors."
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Also a very interesting saga in the continuation of the story with the FTX exchange. I am sure that the Gemini management understood what clowns were running the FTX exchange and Alameda, but nevertheless gave them money.
The New York attorney general has the role of protecting the interest of these investors, filling this suit against Gemini and Genesis is lawful. Customers were informed that thier investment was safe and secure and nobody told them about the risk their funds were exposed to. I am sure many people wouldn't have invested if they knew how Gemini intends to use the funds to make a profit. It is annoying to see how people's hard-earned money is being mismanagement by greedy people who lack financial intelligence. "IN THE STATE of New York, where Sam Bankman-Fried, founder of fallen crypto exchange FTX, is standing trial for fraud, the attorney general has accused a further three high-profile crypto businesses of lying to their customers. Crypto exchange Gemini, run by the Winklevoss twins, Cameron and Tyler, as well as crypto lender Genesis and its parent company, Digital Currency Group, have been charged with causing a combined $1.1 billion in losses for hundreds of thousands of investors."
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Also a very interesting saga in the continuation of the story with the FTX exchange. I am sure that the Gemini management understood what clowns were running the FTX exchange and Alameda, but nevertheless gave them money.
An analysis of the operation of Genesis will expose you to careless and uncollateralized lending that led to its financial woes. The worst part of it was that they were concealing the losses from customers. Maybe they wanted to come up with a shitcoin that will be used to pay these greedy clients. I call them greedy people because 8% interest looks suspicious.
October 21, 2023, 09:20:37 AM
I have read the news and I hope that if it is true as it is said in it that the Gemini Earn program:
I hope they get the maximum penalty they can get. In the end, what the Winkelvoss have is greed, because with the amount of Bitcoins they have from the early years, they could have dedicated themselves to other projects that were not based on shitcoins to make money.
Quote
was marketed to customers as a safe and secure way to earn interest....
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,”
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,”
I hope they get the maximum penalty they can get. In the end, what the Winkelvoss have is greed, because with the amount of Bitcoins they have from the early years, they could have dedicated themselves to other projects that were not based on shitcoins to make money.
The FTX exchange and its leaders have big problems, but it will be very difficult to prove this. This is a business and there are risks in it.
Quote
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,” says Cory Klippsten, CEO of bitcoin financial services firm Swan Bitcoin. “Whether you use that language or not, that’s how people understood these platforms.” But the Earn program, the New York attorney general alleges, was far more risky than the marketing let on. The complaint states that Gemini was aware from the program’s inception that loans handed out by Genesis were high-risk and concentrated among a small number of third parties—specifically Alameda Research, FTX’s sibling company, which at one point constituted 60 percent of the Genesis loan book. If any of Genesis’ large creditors were to default on their debt, Gemini customers stood to lose the funds they had invested.
I'm very low on the prospect of such trials, but it will be very interesting to watch because the evidence has not yet been published. Such a conspiracy is very difficult to prove in court.
October 20, 2023, 09:54:26 AM
I have read the news and I hope that if it is true as it is said in it that the Gemini Earn program:
I hope they get the maximum penalty they can get. In the end, what the Winkelvoss have is greed, because with the amount of Bitcoins they have from the early years, they could have dedicated themselves to other projects that were not based on shitcoins to make money.
Quote
was marketed to customers as a safe and secure way to earn interest....
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,”
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,”
I hope they get the maximum penalty they can get. In the end, what the Winkelvoss have is greed, because with the amount of Bitcoins they have from the early years, they could have dedicated themselves to other projects that were not based on shitcoins to make money.
October 20, 2023, 09:08:07 AM
https://www.wired.com/story/crypto-gemini-genesis-dcg-sued-billion-dollar-fraud/
"IN THE STATE of New York, where Sam Bankman-Fried, founder of fallen crypto exchange FTX, is standing trial for fraud, the attorney general has accused a further three high-profile crypto businesses of lying to their customers. Crypto exchange Gemini, run by the Winklevoss twins, Cameron and Tyler, as well as crypto lender Genesis and its parent company, Digital Currency Group, have been charged with causing a combined $1.1 billion in losses for hundreds of thousands of investors."
__
Also a very interesting saga in the continuation of the story with the FTX exchange. I am sure that the Gemini management understood what clowns were running the FTX exchange and Alameda, but nevertheless gave them money.
"IN THE STATE of New York, where Sam Bankman-Fried, founder of fallen crypto exchange FTX, is standing trial for fraud, the attorney general has accused a further three high-profile crypto businesses of lying to their customers. Crypto exchange Gemini, run by the Winklevoss twins, Cameron and Tyler, as well as crypto lender Genesis and its parent company, Digital Currency Group, have been charged with causing a combined $1.1 billion in losses for hundreds of thousands of investors."
__
Also a very interesting saga in the continuation of the story with the FTX exchange. I am sure that the Gemini management understood what clowns were running the FTX exchange and Alameda, but nevertheless gave them money.
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