Gemini Reaches Settlement to Fully Reimburse Customers After Genesis Bankruptcy
• Gemini Earn customers to receive 100% of assets ($1.1B) after Genesis bankruptcy concludes • Settlement with NYDFS Gemini paying $40M to Genesis and $37M fine • Gemini failed to conduct due diligence on unregulated Genesis • Genesis defaulted on $1B in loans from 200k Earn customers • NYDFS found Gemini engaged in unsafe practices, threatens to sue if $1.1B not paid