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The New York Department of Financial Services (DFS) announced today that a settlement has been reached with cryptocurrency exchange Gemini. Gemini users will get refund.
Refund to Gemini Users
The New York Department of Financial Services (DFS) announced that a settlement was reached in the bankruptcy case with Gemini.
Cryptocurrency exchange Gemini agreed to refund $1.1 billion owed to users of the Gemini Earn investment program and pay a penalty of $37 million.
DFS shared that Gemini failed to supervise and examine its partner in the Earn investment tool and prevented the now-bankrupt crypto lending platform Genesis Global Capital from accessing the assets of over 200,000 Earn users, estimated to be worth about $1.8 billion.
DFS added that there were other deficiencies in Gemini’s management oversight such as customer case determination and an internal audit plan, compliance programs.
In a statement from Gemini, it was announced that the agreement is subject to definitive documentation and the necessary bankruptcy court process, which could take about two months.
Earn Update: Today, we are pleased to announce that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in…
— Gemini Trust Co (@GeminiTrustCo) February 28, 2024
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