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Gemini Trust

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cryptocurrency1 year ago•1 min saved

Gemini Exchange to Return $1.1 Billion to Customers

Gemini Trust, a cryptocurrency exchange, has agreed to return at least $1.1 billion to customers of its defunct lending program and pay a $37 million fine to the New York Department of Financial Services for "significant failures." The exchange will also face further action if it fails to fulfill its obligations. The settlement comes after the collapse of its lending partner, Genesis Global Capital, and amidst legal troubles, including a separate lawsuit filed by New York's attorney general.

via CNN|

#cryptocurrency #cryptocurrency-exchange #gemini-trust

cryptocurrency-lawsuit1 year ago•1 min saved

"NY Attorney General Triples Crypto Lawsuit to $3 Billion Alleged Fraud"

New York Attorney General Letitia James has expanded her lawsuit against Digital Currency Group and others, alleging a fraud scheme exceeding $3 billion, tripling the initial claim. The lawsuit involves the Winklevoss twins' Gemini Trust and their Genesis Global Capital unit, accused of misleading investors about the Gemini Earn program. James seeks over $3 billion in restitution for more than 230,000 defrauded investors, emphasizing the need for stronger cryptocurrency regulations. The defendants, including DCG, Genesis, and Gemini, have faced legal actions from multiple parties, with Genesis filing for bankruptcy and agreeing to a $21 million SEC fine.

via The Guardian US|

#cryptocurrency-fraud #cryptocurrency-lawsuit #gemini-trust

cryptocurrency2 years ago•1 min saved

Genesis Files Lawsuit Against Gemini Seeking $689M in 'Preferential Transfers'

Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini Trust, seeking to recover over $689 million in preferential transfers. The legal battle between the two companies began after the collapse of FTX, with Genesis filing for bankruptcy in January. The saga has also involved legal action from U.S. authorities, including allegations of selling unregistered securities and defrauding investors. Gemini is accused of making "unprecedented withdrawals" before the bankruptcy filing, contributing to a "run on the bank."

via CoinDesk|

#bankruptcy #cryptocurrency #gemini-trust