Lawyers for DCG argued that Gemini's lawsuit was a continuation of a vicious PR campaign targeting the venture capital firm that Gemini orchestrated on social media.
Venture capital firm Digital Currency Group has filed a motion to dismiss a lawsuit brought by cryptocurrency exchange Gemini that alleged fraud related to its Earn program.
In an Aug. 10 filing with the United States District Court for the Southern District of New York, lawyers for DCG and its CEO, Barry Silbert,Gemini’s lawsuit filed in July was a “continuation of [a] public relations campaign” targeting the firm on social media with “personal, vicious, and false” claims.
Genesis, a DCG subsidiary, had been the crypto lender responsible for operating an Earn program launched in 2021 in partnership with Gemini. The program claimed Gemini users could loan crypto to Genesis with the promise the firm would repay it with interest. However, thein November 2022, citing “unprecedented market turmoil,” and filed for Chapter 11 bankruptcy in January 2023.
According to the DCG filing, Silbert and the firm “had virtually nothing to do with the Gemini Earn program,” and Gemini could largely not back up its claims of fraudulent activity: “[T]he Complaint is a hodgepodge of conclusory allegations against non-defendant Genesis, all belied by the fact that Gemini has not filed these spectacular claims in the Genesis bankruptcy."The collapse of Three Arrows Capital in 2022 reportedly left Genesis with $1.2 billion of funds in limbo amid bankruptcy proceedings. Cameron and Tyler Winklevoss, the co-founders of Gemini, have claimed that Genesis and DCG owed $900 million to the exchange’s clients.
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