The New York Attorney General’s (NYAG) office announced the completion of its settlement with Gemini and the recovery of $50 million for users of the defunct Gemini Earn program on June 14.
Users will receive the crypto in their accounts without having to take any further action.
The settlement resolves the legal charges filed by the NYAG against Gemini and bars the exchange from operating crypto lending programs in New York.
It also requires Gemini to cooperate in the NYAG’s investigations of Genesis parent Digital Currency Group (DCG), DCG CEO Barry Silbert, and former Genesis CEO Soichiro Moro.
The NYAG said Gemini “allegedly misled thousands of investors on the risks” by offering the Gemini Earn program with Genesis Global Capital. Gemini Earn’s failure reportedly impacted over 230,000 users, including at least 29,000 residents of New York.
New York Attorney General Letitia James said:
“Gemini marketed its Earn program as a way for investors to grow their money, but act
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