Gemini Agrees to Return $1.1 Billion to Earn Customers
TL;DR Summary
Gemini's former partner on its Earn program, Genesis Global Capital, filed for bankruptcy, leaving over $1.1 billion in locked-up holdings for Gemini Earn customers. As part of a settlement with the New York Department of Financial Services (NYDFS), Gemini has committed to returning 100% of the assets to its customers, with $40 million allocated for Genesis' bankruptcy proceedings and $37 million to NYDFS. The regulator alleged that Gemini did not conduct due diligence on Genesis, and NYDFS reserved the right to sue Gemini if the $1.1 billion is not returned after the resolution of Genesis' bankruptcy.
- Winklevoss Twins' Gemini Promises to Return $1.1B to Earn Customers CoinDesk
- Superintendent Adrienne A. Harris Secures Commitment from Gemini Trust Company, LLC to Return at Least $1.1 Billion to Earn Program Customers DFS.NY.gov
- Winklevoss crypto firm Gemini to return $1.1bn to customers BBC.com
- Gemini to return $1.1 bln to customers, pay fine in regulatory settlement Reuters
- NYDFS settlement with Gemini could deliver $1.1 billion to waiting Earn customers Axios
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