Digital Currency Group (DCG) has filed to dismiss the lawsuit filed by Gemini Trust Company over the bankruptcy of Genesis Global Capital, a cryptocurrency lending platform and a subsidiary of DCG.
In a lawsuit filed by Gemini in July, DCG and its CEO, Barry Silbert, are charged with fraud and conspiracy, alleging that they misrepresented Genesis' financial position and harmed Gemini and other creditors of Genesis.
Gemini claims that DCG and Silbert concealed a billion-dollar discrepancy in Genesis' balance sheet that resulted from the June 2022 collapse of Three Arrows Capital, a Singapore-based crypto hedge fund.
1/ Today, DCG filed a motion to dismiss the lawsuit filed by Gemini against DCG and Barry Silbert. Read the full preliminary statement here: pic.twitter.com/9DFOSY3t35
— Digital Currency Group (@DCGco) August 10, 2023
Gemini is trying to get back more than $1.1 billion from Genesis.
DCG denies the allegations and describes the case as “a baseless continuation of a year-long Twitter-based reputational assassination and PR campaign by Cameron and Tyler Winklevoss to divert the blame from their own mismanagement.”
DCG also tweeted on Thursday that it expects the Genesis bankruptcy case to be settled soon and looks forward to putting this “ridiculous case” behind it as it continues to work towards its mission to accelerate the development of a better financial system.
*Not investment advice.
