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Home News

Gemini Trust Settles $50M Crypto Fraud Case

June 14, 2024
Reading Time: 3 mins read
in News
Gemini Trust Settles $50M Crypto Fraud Case

Gemini Trust Company, LLC has agreed to a groundbreaking $50 million settlement with the New York Attorney General‘s office, marking a significant development in the regulatory landscape of the cryptocurrency industry. The settlement resolves allegations that Gemini misled investors through its Gemini Earn program, which promised investors opportunities to earn returns on their cryptocurrency holdings in collaboration with Genesis Global Capital.

The Attorney General, Letitia James, accused Gemini of deceiving investors by downplaying the risks associated with the Gemini Earn program. Despite assurances of low-risk investments, Gemini allegedly failed to disclose critical information about the financial health of Genesis Global Capital, including the under-secured nature of its loans and high concentration risks with specific entities, notably Sam Bankman-Fried’s Alameda.

The settlement is designed to compensate more than 230,000 investors, including approximately 29,000 from New York, who were unable to access their investments when the Gemini Earn program collapsed. It mandates that Gemini return approximately $50 million worth of digital assets to affected investors, ensuring they receive full restitution without needing to take further action to recover their assets. In addition to the financial restitution, the settlement includes stringent measures to prevent future misconduct.

Gemini is prohibited from operating any cryptocurrency lending programs in New York and must cooperate with ongoing litigation against Digital Currency Group (DCG), its CEO Barry Silbert, and Genesis’ former CEO Soichiro Moro. This enforcement action underscores the Attorney General’s commitment to protecting investors and maintaining integrity within the cryptocurrency market.

The resolution with Gemini follows a $2 billion settlement with Genesis Global Capital, reinforcing the Attorney General’s proactive approach to holding companies accountable for deceptive practices in the digital asset space. It highlights the growing regulatory scrutiny facing cryptocurrency firms and underscores the need for transparency and compliance with regulatory standards to ensure investor protection and market stability.

Reference:

  • Gemini Trust Settles $50M Crypto Fraud Case and Refunds Defrauded Investors
Tags: Attorney GeneralCryptocurrencyCyber NewsCyber News 2024Cyber threatsCybersecurityGemini Trust CompanyGenesis Global CapitalJune 2024New York
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