DCG and Barry Silbert filed a motion to dismiss the ‘unfounded’ NYAG lawsuit.
Digital Current Group today filed a motion to dismiss a lawsuit filed by New York Attorney General Letitia James against the company and its subsidiary, Genesis Global Capital.
The lawsuit was filed in October 2023 and expanded last month.
Barry Silbert, DCG’s founder and CEO, filed a further motion to dismiss NYAG’s accusations that he concealed losses at both companies.
NYAG alleges that the defendants defrauded investors associated with cryptocurrency firm Three Arrows Capital and cryptocurrency exchange Gemini’s former Earn product and Genesis of $3 billion following the collapse of cryptocurrency exchange FTX.
“Today, DCG and Barry Silverbert filed a motion to dismiss the meritless civil lawsuit filed by the New York Attorney General against Gemini, Genesis, and DCG,” the company said in a statement. “The allegations are a thin web of baseless innuendo, blatant misunderstandings, and unsupported conclusive statements.”
The new filing follows a settlement agreement proposed by NYAG and Genesis last month, which DCG opposed.
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