Gemini legal team accuses DCG of ‘gaslighting’ Genesis creditors

Lawyers representing Gemini Trust have pushed back against a plan proposed by Digital Currency Group (DCG) for creditors of Genesis Global.

In a Sept. 15 filing in United States Bankruptcy Court for the Southern District of New York, the legal team

According to court filings by Gemini, Genesis owed more than $3.5 billion to its top 50 creditors at the time of its Chapter 11 filing. The crypto exchange filed a claim in May aimed at recovering more than $1.1 billion in assets for roughly 232,000 Earn users, and a lawsuit against DCG and CEO Barry Silbert in June, alleging fraud.

“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,” said Gemini co-founder Cameron Winklevoss in June.

The U.S. Securities and Exchange Commission filed a civil suit against Gemini and Genesis in January for allegedly selling unregistered securities through the Earn program. The two firms filed a motion to dismiss the case in May, but it was still ongoing at the time of publication.

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