Digital Currency Group (DCG), is turning to Barry Berke, a white-collar defense lawyer for its legal defense. Berke is well-known for his role in the impeachment proceedings against former President Donald Trump.
What Happened: According to a report by Decrypt on Wednesday, Berke will represent DCG in a civil lawsuit lodged by New York Attorney General Letitia James. The lawsuit accuses DCG, its affiliate Genesis Global Capital, and the crypto trading platform Gemini Trust of defrauding customers to the tune of $1.1 billion.
In response to the allegations, Berke stated, "This misguided and meritless lawsuit proves the adage that ‘no good deed goes unpunished.'”
He further criticized the lawsuit for neglecting and misrepresenting DCG's honest efforts to back its subsidiary, its clients, and the broader industry.
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DCG’s CEO Barry Silbert echoed his faith in Berke’s expertise, saying that it would greatly bolster their “steadfast commitment to fight these baseless accusations made against us.”
Why It Matters: DCG has been in the eye of a storm following several setbacks, including the bankruptcy of its subsidiary Genesis Global.
New York Attorney General Letitia James filed a lawsuit against crypto companies Gemini Trust Company, Genesis Global Capital and DCG in October for defrauding 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion.
According to the press release from James’s office, the lawsuit “seeks to ban Gemini, Genesis and DCG from the financial investment industry in New York, and seeks restitution for investors and disgorgement of ill-gotten gains.”
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $35,728.12, up 3.66% in the last 24 hours, according to Benzinga Pro.
Photo by Mahambah on Shutterstock
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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