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Gemini Earn promised high interest rates to investors who lent crypto assets such as bitcoin to Genesis, a unit of Digital Currency Group, with Gemini taking fees that could exceed 4%.
The AG’s office said that an investigation found Gemini, the crypto firm founded by Cameron and Tyler Winklevoss, deceived investors about significant risks associated with a lending service it ...
Founded in 2015, Gemini received a key trust charter from DFS the same year, allowing it to operate as a regulated crypto business under the state's first-of-its-kind oversight regime.
Gemini Trust Company, LLC (Gemini) is an American cryptocurrency exchange and custodian bank.It was founded in 2014 by Cameron and Tyler Winklevoss. [4] [5] [6]In 2023, the company, along with two others, was sued by the New York attorney general Letitia James under allegations that it had "defrauded" investors by exposing them to undue risk.
She claimed they caused more than $1 billion of losses by misleading investors about the Gemini Earn program, which let customers lend crypto assets to Genesis in exchange for a high rate of return.
Crypto firms Digital Currency Group and Gemini defrauded more than 230,000 investors out of a collective $1.1 billion, New York state prosecutors said in a lawsuit filed in Manhattan Thursday.
In July 2023, DCG's crypto lending arm Genesis Global was still undergoing bankruptcy proceedings. [20] In July 2023, Gemini sued DCG in New York citing fraud, with the intent of reclaiming funds. [22]
As crypto prices soared in 2021 and early 2022, Gemini Earn drew over 230,000 investors, with enough hailing from New York to catch the attorney general's attention.