von • Digital Currency Group [DCG] and Barry Silbert have moved the court to dismiss the lawsuit against them by crypto exchange Gemini.
• The lawsuit alleged DCG misrepresented facts and financial statements regarding Gemini Earn program.
• DCG claims that the lawsuit was a “public relations campaign”, as it did not involve Genesis which oversaw the Earn program.
DCG Moves To Court To Dismiss Crypto Exchange Gemini’s Lawsuit
Digital Currency Group [DCG] and its head – Barry Silbert – have finally moved to court to have crypto exchange – Gemini’s lawsuit dismissed. The crypto exchange had taken the matters to court in July 2023. Its lawsuit alleged DCG misrepresented facts and financial statements regarding their association with Gemini’s „Earn Program“.
The Allegations Against DCG
The lawsuit was followed after DCG did not respond to Gemini’s “final offer”. The offer sought for $1.465 billion payment in cash, BTC, and ETH. Notably, at the crux of the lawsuit is the Gemini Earn program, which was offered in association with Genesis – a now-bankrupt crypto lender. The crypto exchange had to shut down the service after Genesis paused withdrawals, resulting in the platform’s funds being stuck in process. This, in turn, resulted in a back-and-forth clash between Gemini and DCG – parent company of Genesis.
DCG Claims Lawsuit Was A PR Campaign
The latest has DCG claiming that the lawsuit was a “public relations campaign”. The remark points to social media allegations made by Tyler and Cameron Winklevoss – co-founders of Gemini – against DCG (Genesis‘ indirect parent) and Silbert (DCG’s founder). These tweets were personal, vicious, and false according to their filing made in court . Moreover, they highlighted that only Genesis will be held accountable for any losses suffered due to Earn program failure as defendants were not associated with it during its inception or operations phase .
Lawsuit Followed After Final Offer Rejected By DCG
The final offer from Gemini sought for $1
