Is Gemini Lawsuit A Scam? Find Out
Did you hear about the Gemini lawsuit? It’s not a scam.
Gemini Trust Co. LLC, you know, the cryptocurrency exchange, just settled things with the New York State Department of Financial Services.
Who Is Behind The Gemini Lawsuit
Gemini Trust Co. LLC, the crypto exchange, is paying up $37 million fine. Why? Well, it turns out their partner company, Genesis Global, went belly-up, leaving people who were using Gemini’s Earn program out in the cold.
How Much Is The Settlement
Gemini’s settling with the New York State Department of Financial Services and pledging to return over $1 billion to users of their Gemini Earn lending product. Plus, they’re throwing in another $40 million to help out with the Genesis bankruptcy mess. They’re also working on a deal that could fully refund users’ crypto, totalling $1.8 billion in value. That’s $700 million more than what things were worth back in November 2022 when Genesis had issues. Gemini’s really stepping up to fix things here.
Conclusion
In the Matter of Gemini Trust Co. LLC is not a scam. Just like Sunny D Vodka Seltzer Lawsuit, Gemini’s settling with the New York State Department of Financial Services and pledging to return over $1 billion to users of their Gemini Earn lending product.
