Federal Judge Lets Fraud Claims Proceed Against Digital Currency Group Over Genesis Yield
A federal judge ruled that investors may continue pursuing fraud claims against Barry Silbert’s Digital Currency Group regarding the Genesis Yield program, according to The Block. The decision dismisses several state-level allegations but clears the way for the case's primary securities claims to advance.
The ruling represents a significant development in the legal fallout surrounding Genesis, the cryptocurrency lending platform spun out of Digital Currency Group. Investors filed the litigation alleging that the firm misrepresented risks associated with Genesis Yield, a program that allocated capital to the company's broader trading and lending operations.
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@theblockcoTHE BLOCK: A federal judge ruled that investors can keep pursuing a fraud claim against Barry Silbert's Digital Currency Group over the Genesis Yield program. The case's main securities claims will also move ahead, though some other state-
@blckchaindaily🚨 JUDGE RULES INVESTORS CAN PURSUE FRAUD CLAIM AGAINST DIGITAL CURRENCY GROUP OVER GENESIS YIELD PROGRAM