Gemini Agrees To $50 Million Settlement With New York AG

In a press release on Friday, New York Attorney General Letitia James announced the successful recovery of $50 million from Gemini targeted at compensating victims who lost money to the exchange’s popular earn program. James stated that over 230,000 investors, including 29,000 New Yorkers were deceived into investing in Gemini’s Earn, an investment initiative run collaboratively with defunct crypto lender Genesis Global. Following the bankruptcy filings of Genesis in November 2022, the Gemini Earn program collapsed, denying investors access to over $900 million worth of their assets. In October 2023, the New York Office of the Attorney General filed a lawsuit against Gemini, Genesis, and its parent company Digital Currency Group (DCG), as well as DCG’s CEO Barry Silbert and former Genesis boss Saichiro Moro.

Aside from the recent payment by Gemini, this lawsuit has also resulted in the $2 billion settlement deal with Genesis, the largest ever granted to a cryptocurrency firm by a state. As part of its deal, Gemini has also been prohibited from operating any crypto lending company in New York. In addition, the exchange is required to assist the New York AG in the ongoing litigations against other defendants.

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