PANews June 8 news, according to CoinDesk, the New York Attorney General's Office (NYAG) filed a motion to oppose the motion to dismiss the fraud case filed in March by Digital Currency Group (DCG) and its founder and CEO Barry Silbert, and Soichiro "Michael" Moro, former CEO of DCG's crypto trading division Genesis. NYAG accused Gemini, Genesis and DCG of conspiring to cover up the $1 billion deficit on Genesis' balance sheet caused by the bankruptcy of the crypto hedge fund Three Arrows Capital (3AC). The opposition motion reaffirmed its office's claim that "each of the DCG defendants" (DCG, Silbert and Moro) was well aware that they were suspected of committing fraud to make Genesis appear solvent, which violated the New York anti-fraud law, the Martin Act. The Martin Act broadly prohibits any fraudulent business activities related to the purchase, exchange, promotion, advertising or sale of any securities or commodities.
