The New York State Attorney General's Office filed a motion opposing a motion filed in March by Digital Currency Group (DCG), founder and CEO Barry Silbert, and former CEO of Genesis, DCG's wholly-owned cryptocurrency trading arm, Soichiro "Michael" Moro, to dismiss the fraud case. The New York Attorney General's Office accused Genesis, DCG, Silbert, and Moro, along with cryptocurrency exchange Gemini, of defrauding investors by conspiring to cover up a massive $1 billion hole in Genesis's balance sheet that emerged as a result of the bankruptcy of Singapore-based crypto hedge fund Three Arrows Capital (3AC). The motion reconfirms the office's contention that "each of DCG's defendants" (DCG, Silbert, and Moro) was well aware of their alleged fraudulent conduct to make Genesis appear solvent, in violation of New York's strict anti-fraud law, the Martin Act, which broadly prohibits any fraudulent business activity related to the purchase, exchange, promotion, advertising, or sale of any securities or commodities.