๐จ๐ฐ New York Oga Lawyer Wan Drag Crypto People Go Court for $1 Billion Waya Waya Matter
โฌ๏ธ Pidgin โฌ๏ธ โฌ๏ธ Black American Slang โฌ๏ธ English
Di place wey people dey trade digital money like Bitcoin dey see wahala oh! New York Attorney General, Letitia James, don accuse three big companies wey dey inside di digital money business say dem dey lie give their customers about one kind program wey suppose make dem get plenty money.
Di matter be say dem promise people say if dem give dem their crypto to keep, dem go get plenty return wey fit reach like 8 percent. But as e be, di tin no be like dem yan am. ๐๐คฅ
Na Gemini Trust, wey be di company wey dem Winklevoss twins dey run, then Genesis Capital, and lastly Digital Currency Group, wey be Genesis parent company, na dem New York Attorney General wan carry matter for head. ๐๏ธ๐ฌ
The big Oga lawyer dey yan for court paper say Gemini Trust no tell their customers di koko about di program wey dem call Gemini Earn. This program sef na wetin Gemini and Genesis join hand put together. But as e dey hot, Genesis begin waka one kind way when another big crypto market, FTX, scatter scatter around November. Many people crypto money just lock up, dem no fit touch am again, e enter voicemail. ๐๐
For inside di court paper, dem dey show say Gemini been sabi say Genesis no too strong like dat, but dem hide am. Genesis been dey owe plenty money and dem no get enough cash to settle. Even di money dem been borrow, some of it been tie put for one side company wey dem call Alameda Research, wey no dey again so, e don kpoof! ๐ช๏ธ๐ฅ
Now, this matter thick pass ogbono soup! Because Gemini no shine their eye well tell their customers wetin dey ground. Plenty people, like 29,000 for New York and even pass for other places, no know say their money dey risk. Dem just dey believe say everything dey okay. ๐ข๐ฒ
Genesis and Digital Currency Group sef wan do sharp sharp hide their wahala from people eye. Dem do one kind big money deal of $1.1 billion with Digital Currency, just to show people say dem dey kampe. Na so di court paper take talk am.
Di Oga Lawyer, Ms. James, talk say, “This kin waya waya for crypto business, e don too much. We go make sure say we stop all these kind 419 and we go make di rules tight so dat people money go dey safe.” ๐ซ๐ฉโโ๏ธ
But as e be, di former Oga for Genesis and di Oga for Digital Currency, dem two name dey inside di matter. But Gemini no gree for di matter oh! Dem talk for social media say dem no understand why dem name go dey inside di case. Dem talk say dem too na victim for di wahala. ๐คทโโ๏ธ๐ฒ
Up till now, Genesis and Digital Currency Group no talk anything for di matter. Silence just full their mouth like dem dey fast. ๐ค
No be today this kin case start oh! Before before, Gemini and Genesis don already see this kind case for where Securities and Exchange Commission dey. Dem talk say dem no follow di rules when dem dey collect people money for di Gemini Earn program. Plenty people don already carry dem go court say dem wan collect their money back. ๐ผ๐
Di Oga Lawyer, Ms. James, no wan see these companies for anywhere wey get to do with financial business for New York. She even wan make dem return di money wey people lose. ๐ตโ
For di last news, dem talk say Ms. James don dey work tire to make sure say di crypto business follow di law. She wan make dem dey check all di money wey crypto markets dey get, she wan stop any mago mago way, and she wan make sure say if any waya waya happen, dem go fit pay people back their money. ๐๐
NOW IN BLACK AMERICAN SLANG
๐จ๐ฐ NY Attorney General Puts Crypto Companies On Blast Over $1 Billion Drama
Aight, so peep this: Letitia James, the Attorney General outta New York, is callin’ out three big-time crypto companies. She say they played folks with some program, promising mad cash when they invested their crypto. But things ain’t go down like that, y’all. ๐๐คฅ
The big names getting side-eyed right now are Gemini Trust, which got the Winklevoss twins pullin’ the strings, then there’s Genesis Capital, and the Digital Currency Group, which rolls deep with Genesis as their parent crew. ๐๏ธ๐ฌ
According to the court papers, Gemini Trust wasn’t keepin’ it 100 about their Gemini Earn hustle. This was some joint venture between Gemini and Genesis. But things got twisted when another crypto giant, FTX, took a major L last November, leavin’ a bunch of people without access to their stacks. ๐๐
And word is, Gemini was up on game about Genesis not being too solid in the finance department, but they ain’t spill the beans. Genesis was deep in the hole and running low on that paper. Plus, they had some messy ties with a now-gone company named Alameda Research. ๐ช๏ธ๐ฅ
So, while Gemini was playin’ coy, mad people were left in the dark. We talkin’ ’bout 29,000 folks in New York and a whole lot more all over. They didn’t even know the game they were getting into. ๐ข๐ฒ
Genesis and Digital Currency Group? Looks like they were tryna sweep their issues under the rug. They made a huge $1.1 billion deal with Digital Currency, probably to flex and show they still got it.
Ms. James ain’t havin’ it, though. She says, “We see y’all, and we’re not about to let this crypto mess slide. We’re here to shut down these shady moves and make sure everyone stays protected.” ๐ซ๐ฉโโ๏ธ
While all this is going down, the former head honcho of Genesis and the big dog at Digital Currency are also gettin’ that side-eye in court. Gemini, though? They’re out here claimin’ they got played too and took their feelings to social media, saying they shouldnโt be part of this mess. ๐คทโโ๏ธ๐ฒ
As for Genesis and Digital Currency Group? Crickets. They ain’t said a word yet. ๐ค
And just so y’all know, this ain’t the first time Gemini and Genesis have had the heat on them. The Securities and Exchange Commission was already throwin’ shade their way ’bout how they were handlin’ the Gemini Earn business. And some folks are already tryna get that class-action lawsuit money from Gemini. ๐ผ๐
Now, Ms. James? She’s lookin’ to shut down Gemini, Genesis, and Digital Currency Group’s operations in NY. She’s also tryna get that refund for all the folks who got played. ๐ตโ
In the end, word is Ms. James is pushin’ hard for some real changes in the crypto world. She wants more clarity, less shady business, and ways to make sure folks who get played get their money back. ๐๐
NOW IN ENGLISH
๐จ๐ฐ New York Attorney General Takes Crypto Companies to Court Over $1 Billion Scandal
The digital currency trading scene is facing some serious challenges! New York’s Attorney General, Letitia James, has alleged that three major crypto firms misled their investors regarding a program that promised substantial profits.
These firms pledged that by investing their crypto with them, participants could yield returns of up to 8 percent. However, the outcome didn’t match the promise. ๐๐คฅ
The companies in question are Gemini Trust, overseen by the Winklevoss twins, followed by Genesis Capital, and then Digital Currency Group, which is the parent entity of Genesis. ๐๏ธ๐ฌ
The court documents presented by the Attorney General suggest that Gemini Trust was not entirely transparent about the Gemini Earn program. This initiative was a collaborative effort between Gemini and Genesis. Trouble started brewing when another significant crypto market player, FTX, faced a downturn last November. This hiccup left many crypto assets inaccessible to their owners. ๐๐
The evidence further reveals that Gemini was aware of Genesis’ shaky financial standing, yet chose not to disclose it. Genesis had significant debts and limited cash flow. Moreover, some of their borrowed funds were entangled with a now-defunct company named Alameda Research. ๐ช๏ธ๐ฅ
The crux of the issue is that Gemini failed to provide this crucial information to its investors. A staggering number of individuals, around 29,000 in New York and even more nationwide, were unaware of the potential risks they were undertaking. ๐ข๐ฒ
Genesis and Digital Currency Group seemingly attempted to downplay their struggles. They brokered a massive $1.1 billion deal with Digital Currency, likely intended to boost confidence in their stability.
On the matter, Ms. James stated, “This type of misconduct in the crypto sector is becoming all too common. We’re committed to halting deceptive practices and advocating for stricter regulatory measures to safeguard investors.” ๐ซ๐ฉโโ๏ธ
Meanwhile, both the former head of Genesis and the CEO of Digital Currency are implicated in the lawsuit. Gemini, however, has vocally expressed their dissent regarding their inclusion in the lawsuit. They took to social media to argue that they too were victims of this debacle. ๐คทโโ๏ธ๐ฒ
As of now, Genesis and Digital Currency Group have remained silent on the issue. ๐ค
This isn’t the first legal challenge of this nature that Gemini and Genesis have encountered. Previously, the Securities and Exchange Commission alleged that they hadn’t adhered to regulations when raising funds for the Gemini Earn scheme. Several investors have already initiated potential class-action lawsuits against Gemini. ๐ผ๐
Ms. James is fervently advocating for the removal of Gemini, Genesis, and Digital Currency Group from any financial dealings within New York. Additionally, she’s pushing for a refund for all affected investors. ๐ตโ
In closing, reports suggest that Ms. James has been diligently working towards stricter regulations for the crypto industry. She’s aiming for more transparency in the crypto market’s earnings, a clampdown on any dubious practices, and mechanisms to ensure compensation for aggrieved parties. ๐๐