Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ETHEREUM NEWS»Gemini will return $1.1 billion to win over customers and pay $37 million in fines in New York settlement
ETHEREUM NEWS

Gemini will return $1.1 billion to win over customers and pay $37 million in fines in New York settlement

By Crypto FlexsFebruary 29, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Gemini will return .1 billion to win over customers and pay  million in fines in New York settlement
Share
Facebook Twitter LinkedIn Pinterest Email

New York-based cryptocurrency exchange Gemini announced late Wednesday that the parties involved in the bankruptcy of cryptocurrency lending company Genesis have agreed to return $1.1 billion in digital assets to users of the platform’s Earn program.

“We have finally reached an agreement in principle with Genesis and other creditors in the Genesis bankruptcy, subject to approval by the Bankruptcy Court. This will result in all Earn users receiving 100% of their digital assets back in kind,” the company wrote.

Revenue Update: Today we are pleased to announce that we have reached an agreement in principle with Genesis and other creditors regarding the Genesis bankruptcy, which will result in all revenue users receiving 100% of their digital assets if approved by the Bankruptcy Court. again…

— GeminiTrustCo (@GeminiTrustCo) February 28, 2024

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini, also known as Gemini Trust Company, provides a cryptocurrency exchange as well as a wide range of financial services, including cryptocurrency staking, cryptocurrency wallets, cold storage, credit card services, and Nifty Gateway NFTs. market.

Last October, the New York Attorney General’s Office (NYAG) filed suit in the U.S. Bankruptcy Court for the Southern District of New York against Gemini, digital asset lender Genesis, and Digital Current Group for defrauding investors. I raised it.

“These cryptocurrency companies lied to investors and attempted to hide losses of more than $1 billion, and it was middle-class investors who suffered as a result,” New York Attorney General Letitia James said at the time. “Hard-working New Yorkers and investors across the country lost more than $1 billion because they were told outright lies that their money would be safe and grow if they invested in Gemini Earn.”

After the collapse of cryptocurrency exchange FTX in 2022, a pandemic swept through the cryptocurrency market. One of the companies caught up in the bloodbath is Genesis Trading. In November 2022, Genesis suspended loan services, warning customers of the possibility of bankruptcy.

The following week, Gemini sued Genesis for control of $1.6 billion in Grayscale Bitcoin Trust stock.

According to Gemini, participants in the Earn program will receive the same amount of Bitcoin as originally lent, plus any subsequent realized increase in value.

“If approved, it would return a value of more than $1.8 billion (at current prices),” Gemini said. “That’s $700 million more than when Genesis stopped drawing on November 16, 2022.”

As part of the settlement, Gemini said the exchange would contribute $40 million to help recover user funds.

Gemini estimates that once approved, Earn users will receive approximately 97% of their assets in-kind within approximately two months, with the remaining balance of assets within the next 12 months.

“In principle, agreements are subject to final documentation,” Gemini warned. “It may take up to two months to complete the necessary bankruptcy court proceedings, and we will keep Earn users informed throughout the process.”

Gemini did not respond immediately detoxification Request for comment.

The company said it was aware of the difficulties customers had experienced through the settlement process and expressed gratitude to customers for their patience and support.

“As responsible stewards of the cryptocurrency ecosystem, we know that our clients value the ability to hold their digital assets through the ups and downs of the cryptocurrency market cycle,” Gemini wrote. “The idea is that assets can be returned on a coin-to-coin basis. It was very important to us to provide that to our customers.”

Edited by Ryan Ozawa.

Stay up to date with cryptocurrency news and receive daily updates in your inbox.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Crypto Scam Markets thrives again after attempting to clean up Telegram.

June 24, 2025

Bitcoin is more than $ 104K as the merchant’s eyes move from H2 to $ 145,000.

June 20, 2025

Can Etherrium price return to $ 4,000? Analysts say that ETH should go beyond this support.

June 16, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

Cryptocurrency Mixer Bitcoin Fog Operator Convicted of Money Laundering: Bloomberg News

March 12, 2024

Binance Updates Leverage and Margin Ratings for USDⓈ-M Perpetual Contract

October 7, 2024

The Next Big Thing in Cryptocurrency: Discover VirtualMining Coins – The Defi Info

February 18, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.