The NYAG claims Genesis, Michael Moro and Barry Silbert conspired to fraudulently represent Genesis' financial condition.
New York Attorney General Letitia James filed a complaint against crypto exchange Gemini, crypto lending firm Genesis, crypto investment company DCG and two executives: former Genesis CEO Michael Moro and DCG CEO Barry Silbert.
The NYAG said Gemini’s risk management team determined in May 2021 that Genesis was highly leveraged and had low liquidity. Around February 2022, it projected that a market downturn could see a 50-60% default rate and said the financials were similar to companies with a credit rating of CCC — which, per Fitch Ratings, suggests a substantial credit risk with a real possibility of default.
On October 28, 2022, Silbert authorized Genesis to disclose the promissory note to Gemini, two weeks before Genesis suspended withdrawals.
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