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Crypto firm Gemini to pay over $1 billion back to customers in settlement
Gemini says Earn customers will get most of their funds in two months.
The cryptocurrency exchange Gemini has promised to return $1.1 billion to customers as part of a settlement it reached with New York’s Department of Financial Services (NYDFS). Introduced in 2021, Gemini’s Earn program let customers loan their cryptocurrency to the crypto brokerage Genesis Global Capital while receiving interest. Gemini is still facing a lawsuit from New York Attorney General Letitia James that alleges Gemini, Genesis, and Genesis parent company Digital Currency Group “lied to investors and tried to hide more than a billion dollars in losses.” However, James expanded the lawsuit earlier this month and now claims the three companies’ schemes resulted in losses amounting to $3 billion.
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