Crypto firm Gemini charges Digital Currency Group (DCG) founder for trickery

shamimhossain (71)mutedFraud(Banned)in Steem Alliance • last year

Saturday
Date: 08 July 2023

Hello friends how are you all. Alhamdulillah I am fine with everyone's prayers. Hope you all are well.

Intro - The giant crypto firm Gemini (American Cryptocurrency Exchange) is going to prosecute DCG founder named Barry Silbert for doing trickery in mutual earing program. Their activity was found suspicious regarding handling of their funds. Tyler and Cameron of Gemini has raised the charge against DCG on this eventsource.

News - From the source we know that the allegation was filled today in New York Supreme court and the giant exchange is also trying to reclaim funds from DCG. Earlier both companies opened a collaborative program where users can increase their earnings to 7.4% yield. For profit generation funds were transferred to Genesis and thereafter funds were given as loan to other companies. The issue is ongoing between the two companies after the filling of charge. Moreover, Winklevoss from Gemini is offering $1.47B to DCG. After that they decided to file the charge against the founder Barry Silbert.

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Consequence of the News – This did not happen for a single incident. The conviction has been going on for a long time. Finally, we are seeing the filling of charge. The news is saying that the conflict is based on reward earning issue. But both SEC and US securities were involved with the program. The lending program was carried out through risk-management process and went through vetting of both parties but in the end, everything was found as false statement. The balance sheet was also hidden to encounter the imbalance. And the giant company went bankrupt this year.

Conclusion – Many lost their fund in the bankruptcy incidents. People want to see the main culprits behind the whole mess. I also want to see the results like others. Happy weekend to all.