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Gemini Settles With New York DFS, Commits to Return $1.1 Billion to Earn Customers

Crypto exchange Gemini has agreed to return a minimum of $1.1 billion to customers of its defunct Gemini Earn Program as part of its settlement deal with New York regulators. Gemini, led by Tyler and Cameron Winklevoss, is also facing legal issues from the US Securities and Exchange Commission (SEC) and the New York Attorney General’s office. Gemini’s Settlement With the NYDFS In a press release on Feb. 28, the New York Department of Financial Services (NYDFS) announced its...

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NYAG Triples Fraud Estimate in DCG Lawsuit to $3 Billion

New York Attorney General Letitia James has massively expanded her lawsuit against Digital Currency Group (DCG) for allegedly defrauding hundreds of thousands of investors in its relationship with Genesis and Gemini Earn. In an amended filing with the Supreme Court of New York on Friday, the AG accused both firms – alongside DCG CEO Barry Silbert and ex-Genesis CEO Soichiro Moro – of “defrauding additional individuals and institutions of an additional $2 billion.” Genesis...

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Cryptic Tweets from Major Exchange Get Ripple (XRP) Users Excited: Details

TL;DR Gemini’s recent tweets about XRP led to widespread speculation among the cryptocurrency community. A cryptic riddle posted by the firm intensified the hypothesis, with many anticipating an XRP-related announcement. The cryptocurrency exchange Gemini sparked a speculative frenzy after posting a series of tweets related to Ripple’s XRP. The posts included phrases like “Don’t forget about xrp,” “xcited about xrp,” and xrriving shortly,” allowing the community to guess...

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These Crypto Exchanges Are Navigating New UK Rules as January 8 Deadline Nears

Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly. These measures have been implemented as part of the Financial Services and Markets Act in the UK, which has expanded its scope to include firms dealing with crypto and stablecoins, subjecting them to the same...

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SEC Chair Gary Gensler Warns of ‘Far Too Many Frauds and Bankruptcies’ in Crypto Industry

Gensler disclosed that the SEC is actively reviewing rules that could potentially hurt the crypto industry. In a recent interview with CoinDesk, Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), voiced his concerns regarding the crypto industry, noting that the space is rife with fraud and bankruptcies. The SEC chair said while he respects investors’ decision to explore the crypto market, he does not believe they receive adequate disclosures regarding...

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Gemini Proposes Recovery Plan, Angers Creditors

Gemini, the Winklevoss Twins crypto platform offering an exchange, custodian services, and – in partnership with Genesis – Earn services, has been in a bit of trouble ever since the latter filed for bankruptcy last January. Possible Recovery Plan Waiting For Court Approval Genesis, whose legal troubles stemmed partly from a loan to its parent company DCG that had not been repaid, has reportedly finally worked out a plan for repayment with said firm, allowing it to repay...

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Grayscale Joins Hands with FTSE Russell to Unveil Crypto Sector Index Series

The Crypto Sector Index Series will include several indices tracking the prices of a bucket of different digital assets based on their use cases.  The world’s largest digital assets manager Grayscale Investments continues to take steps in order to expand its footprint in the market. Also, the latest report shows that Grayscale is venturing into the crypto indices business in partnership with the London-based indices provider FTSE Russell, a London Stock Exchange subsidiary. Grayscale and...

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Crypto Giants Gemini, Genesis, and DCG Hit with Billion-Dollar Lawsuit by NY Attorney

New York Attorney General Letitia James has taken decisive action against major players in the cryptocurrency industry, filing a lawsuit against Gemini Trust, Genesis Global Capital, and Digital Currency Group (DCG). The legal action centers around Gemini Earn, a joint effort between Genesis and Gemini that offered investors significant returns on their cryptocurrency deposits. Nonetheless, James asserts that these returns were founded on misleading information, resulting in...

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