New York Attorney General Letitia James has expanded the state’s lawsuit against Digital Currency Group (DCG) and tripled the estimated size of alleged fraud to more than $3 billion. The amended complaint accuses DCG, its CEO Barry Silbert, and Genesis Global Capital of defrauding additional individuals and institutions of an additional $2 billion. The lawsuit stems from an initial suit filed in October 2023, where Gemini, Genesis, and DCG were accused of misleading representations to investors about an investment program called Gemini Earn, resulting in over $1 billion in losses. The total number of defrauded investors is estimated to exceed 230,000. Attorney General James emphasized the need for stronger cryptocurrency regulations to protect all investors. This represents another significant step in her crackdown and enforcement actions against embattled crypto companies that prosecutors allege have defrauded investors. The lawsuit seeks more than $3 billion in restitution from Digital Currency Group. The outcome will have implications for the parties involved and the broader cryptocurrency industry. The total market capitalization of the cryptocurrency market has surpassed the previous consolidation phase and is steadily approaching its two-year high of $1.8 trillion, currently valued at $1.734 trillion, reflecting a significant surge of over 3% within the past 24 hours.