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New York recovers $50 million for defrauded Gemini Earn crypto investors

Economic Times

Economic Times · 1y ago

New York recovers $50 million for defrauded Gemini Earn crypto investors

New York Attorney General Letitia James has announced that her office has secured $50 million from cryptocurrency platform Gemini Trust to reimburse investors who were defrauded through its Gemini Earn program. Gemini, founded by Cameron and Tyler Winklevoss, will provide full reimbursements to over 230,000 investors, including 29,000 in New York. The platform marketed the Earn program as a means to grow investments but instead locked investors out of their accounts. Gemini will also be prohibited from operating similar crypto lending programs in the state. The settlement comes after a previous $2 billion settlement with Genesis Global Capital, a unit of Digital Currency Group.

Related News

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’

Wired · 1y ago

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’

The attorney general of New York has filed a civil lawsuit against cryptocurrency exchange Gemini, crypto lender Genesis, and its parent company Digital Currency Group (DCG), accusing them of causing $1.1 billion in losses for investors. The lawsuit alleges that Gemini marketed its program called Gemini Earn as a safe way to earn interest on crypto holdings but failed to disclose the associated risks. When Genesis filed for bankruptcy, Gemini Earn customers lost access to about $900 million. The lawsuit may have implications for the approval of a Bitcoin exchange-traded fund and could further enforcement actions against the crypto industry.

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Economic Times

Economic Times · 1y ago

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Cryptocurrency exchange Gemini has settled with the New York Department of Financial Services (NYDFS) over its defunct lending program. The exchange will pay a fine of $37 million and return at least $1.1 billion to customers affected by the program's halt during a market crash in November 2022. The resolution brings relief to Gemini's Earn customers who have been unable to access their funds since late 2022. Gemini will contribute $40 million to help conclude the bankruptcy of Genesis Global Capital, the crypto lender it partnered with for the program.

Crypto firm Gemini confidentially files for US IPO

Economic Times

Economic Times · 1m ago

Crypto firm Gemini confidentially files for US IPO

Crypto firm Gemini has filed confidentially for a U.S. IPO, aiming to capitalize on renewed investor interest amidst improved market conditions. Recent successful listings, including Circle's strong debut on the New York Stock Exchange, indicate pent-up demand in the crypto and fintech sectors. Analysts believe Circle’s success could inspire more cryptocurrency firms to seek public listings. Gemini hasn’t yet decided the size or price range for its offering.

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Livemint

Livemint · 1y ago

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Sam Bankman-Fried, the former crypto king and founder of FTX, is facing sentencing in a New York federal court for crimes related to the collapse of his crypto exchange. He was found guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders. Prosecutors have asked for a 40 to 50 year prison sentence, while Bankman-Fried's lawyers argue for no more than six years. The sentencing marks the downfall of Bankman-Fried, who was once hailed as a brilliant and philanthropic figure in the crypto world.

Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

Reuters · 1y ago

Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

Cryptocurrency exchange Gemini Trust Co has announced that crypto lender Genesis has filed a motion seeking authorization to sell trust assets and monetize its interests in two Grayscale Ethereum trusts. The motion also seeks authority for Gemini to monetize the initial collateral of over 30 million shares of Grayscale Bitcoin Trust. Genesis has requested an expedited hearing for the motion, as it plans to move forward with its liquidation plan to repay customers in cash or cryptocurrency. This comes after Genesis settled a lawsuit with the U.S. SEC over its Gemini Earn lending program.

US recovers $225 million stolen in crypto scam

Economic Times

Economic Times · 28d ago

US recovers $225 million stolen in crypto scam

The U.S. government recovered $225 million, marking the largest seizure in a cryptocurrency fraud case. Utilizing blockchain analyses, the FBI and U.S. Secret Service identified these funds as stolen through crypto investment scams, which victimized hundreds globally. The complex laundering schemes involved numerous transactions to disguise the source of the stolen money. U.S. officials aim to return the money to rightful owners, highlighting the severe financial impact on victims deceived by these scams.

Crypto currency may render recognised money untraceable: Delhi HC - The Economic Times

Economic Times

Economic Times · 3d ago

Crypto currency may render recognised money untraceable: Delhi HC - The Economic Times

The Delhi High Court emphasized the significant economic impact of cryptocurrencies, noting their potential to transform legitimate money into untraceable funds. Justice Girish Kathpalia denied bail to businessman Umesh Verma, involved in a crypto-related corruption case, citing serious allegations. Verma, linked to Dubai-based Pluto Exchange, allegedly defrauded 61 investors, promising high returns despite cryptocurrency derecognition. His extensive criminal background heightened prosecution concerns about his flight risk, supporting the court's bail denial.

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Economic Times

Economic Times · 1y ago

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges by the U.S. Securities and Exchange Commission (SEC) for selling securities illegally through its crypto lending program. The SEC had filed charges against Genesis and Gemini Trust Company LLC in January 2023. Genesis, which declared bankruptcy in January 2023, is part of Digital Currency Group (DCG). The settlement allows the SEC to recover the penalty, but only after other claims are resolved in bankruptcy court, including those from retail investors. The case is one of several enforcement actions taken by the SEC against major firms in the crypto industry.

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

Inc42 · 1y ago

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

UK-based crypto firm Cashaa is set to launch a new crypto wallet in seven markets, including India, aiming to increase adoption of its native token, CAS. The wallet will allow users in these markets to buy, store, earn, and take loans against their cryptocurrency deposits in their local currencies. Cashaa founder Kumar Gaurav believes that 2024 will be the year of mainstream adoption of crypto, with major institutions entering the space. Cashaa is discontinuing its banking services for crypto and other high-risk businesses, with all operations related to these services set to cease by May 30, 2024.

Indian Cryptocurrency Market Sees Resurgence On Bitcoin’s All-time High Rally

Inc42 · 1y ago

Indian Cryptocurrency Market Sees Resurgence On Bitcoin’s All-time High Rally

The demand for cryptocurrencies has surged in India, with trading volumes on major exchanges increasing significantly. Bitcoin reached all-time highs of $72,000 and $73,000, attracting new investors. Indian crypto platforms are offering incentives to attract new users, and homegrown platform Mudrex has launched Bitcoin spot ETFs for Indian investors. CoinSwitch claimed to have become the first Indian exchange to surpass 2 million users, while CoinDCX and WazirX also noted significant growth in trading volumes. However, industry leaders are calling for balanced regulation to control outgoing crypto transactions.

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