New York Supreme Court building (Credit: Ryland West/ALM) Crypto Exchange Gemini Reaches $50M Settlement With New York
The prior bankruptcy settlement resulted in earned users receiving 97% of their assets that were not returned, "leaving a 3% stop," according to a source familiar with the settlement. And the latest settlement gives back that 3%.
June 17, 2024 at 12:18 PM
3 minute read
Cryptocurrency
The original version of this story was published on New York Law Journal
What You Need to Know
- The New York Attorney General Letitia James obtained a $50 million settlement with the crypto exchange Gemini.
- As part of the settlement, Gemini will cooperate with a $3 billion fraud case.
- The settlement compensates customers for the remaining amount of money left out from a bankruptcy settlement.
New York Attorney General Letitia James obtained a $50 million settlement with a cryptocurrency exchange, which claimed it offered a "low-risk" investment option to investors but deliberately failed to disclose that its loans made by its now bankrupt lending partner Genesis Global Capital were highly concentrated with Alameda Research, the sister firm of FTX.
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