ChainCatcher reported that according to CoinDesk, Digital Currency Group (DCG) and its top executives, CEO and founder Barry Silbert and former Genesis trading department CEO Soichiro "Michael" Moro, are trying to persuade the judge to dismiss the civil fraud lawsuit filed by New York Attorney General Letitia James.

The lawsuit is reported to accuse DCG, Gemini and the bankrupt Genesis of jointly covering up the $1 billion hole caused by the collapse of Three Arrows Capital (3AC) and defrauding investors. James accused DCG and Genesis of making "false assurances" on Twitter, claiming that DCG had assumed the losses, but these assurances were not fulfilled. Although Genesis and Gemini have reached a settlement with the NYAG, DCG and its executives insist that the lawsuit is "baseless" and deny that the promissory note is a fake, arguing that it is legally binding and has transferred hundreds of millions of dollars in funds and assets to fill the hole. The two sides engaged in a fierce debate over the nature of the tweets, the validity of the promissory note, and the purpose of the late-night strategy meeting.

DCG’s lawyers said the promissory note was a “perfectly proper financial transaction” that benefited Genesis’ creditors. Silbert’s lawyers also denied that his actions were fraudulent.