Gemini lawsuit is filled with ‘misrepresentations,’ DCG claims in motion to dismiss

The Gemini suit is pointing fingers at the wrong defendants, DCG claims in motion to dismiss


Gemini Founders Cameron & Tyler Winklevoss | Rena Schild/Shutterstock modified by Blockworks


Digital Currency Group filed a motion to dismiss Gemini’s lawsuit on Thursday.

The filing claims that the lawsuit is a misdirection led by Gemini and its founders, Cameron and Tyler Winklevoss, to redirect “irate customers.” 

Lawyers representing defendants Digital Currency Group and CEO Barry Silbert claimed that the Winklevoss twins “began an effort to deflect blame by contriving a public, Twitter-based character assassination campaign against Defendants DCG (Genesis’s indirect parent) and Silbert (DCG’s founder)—neither of whom operated or oversaw the Gemini Earn program.”

However, Genesis — which is not listed as a defendant in the suit — coordinated the Gemini Earn Program with Gemini. It goes on to say that the named defendants — Silbert and DCG — “had virtually nothing to do” with the Gemini Earn Program.

DCG attempts to further clarify that the two are “separate companies” and that Genesis has its own executive and management teams.

Outside of the “misrepresentations” of claims made by Gemini, DCG and Silbert claim that Gemini did not “adequately and particularly” allege fraud, meaning that the suit should be dismissed because it lacks the necessary claims for it to move forward.

“Taken down to its actual substance, the Complaint identifies just one allegedly false representation by Defendants to Gemini— Silbert’s statements at the October 2022 lunch with Winklevoss,” the suit said.

Gemini itself, according to the motion, admitted that other events led to the injuries it claims which include the collapse of FTX, the “alleged misrepresentations by Genesis” and the decision “by third parties to file suit with Gemini.”

Gemini and the Winklevoss twins filed their complaint on July 7, alleging — as stated above —that DCG “aided and abetted Genesis in making fraudulent misrepresentations to Gemini with respect to Genesis’s financial condition and the support it received from DCG.”

At the time, DCG said that the complaint was a “publicity stunt.”

On Thursday, the firm referred to the lawsuit as “ridiculous” and added, in a tweet, that it wished to “continue working towards our mission of accelerating the development of a better financial system” if the lawsuit is dismissed.

Prior to the suit, the Winklevosses attempted to claw back $1.2 billion from DCG and Silbert, which it claims was owed to its Earn program because of the Genesis ties.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million