Gemini Sues Genesis Owner Over Failure to Recover Customers’ Bitcoin

After months of difficult negotiations, Gemini has resorted to legal action against DCG and Barry Silbert over its customers’ frozen funds.

Winklevoss-owned crypto exchange Gemini has filed a lawsuit against Digital Currency Group – the owner of the institutional crypto lending company Genesis – for committing “fraud” against the exchange’s customers.asserts that DCG and its CEO, Barry Silbert induced depositors to lend “huge amounts of cryptocurrency and U.S. Dollars” to Genesis through “false, misleading, and incomplete representations” of the company’s financial position and “robust risk-management practices.

“Those were lies,” the filing states “As it turned out, Genesis was recklessly lending huge amounts to a counterparty that Defendants knew was using these huge amounts to fuel a risky arbitrage trading strategy.”“DCG — and Barry personally – are direct participants in the fraud that has damaged Gemini and hundreds of thousands of Earn users,” said Gemini co-founder Cameron Winklevoss over Twitter on Friday. “This complaint is an important step in holding them accountable for what they have done.

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