Victims Compensated
New York Attorney General Letitia James has reached a $50 million settlement with crypto exchange Gemini. This settlement aims to compensate victims who lost money in Gemini’s Earn program.
Over 230,000 investors, including 29,000 New Yorkers, were misled into investing in Earn, a program run with Genesis Global Capital. James accused Gemini of “lying and locking investors out of their accounts.”
Gemini’s Punishment
As part of the settlement, Gemini is prohibited from operating any crypto lending companies in New York. The exchange must also assist the AG in ongoing lawsuits against other defendants.
AG James’s Stance
James emphasized that “deceiving investors is illegal and will not be tolerated.” She has taken a proactive approach to regulating the crypto space, filing lawsuits against other companies like KuCoin and Nexo.
Crypto Market Update
The crypto market has declined slightly in the past day, with Bitcoin and Ethereum remaining the dominant assets.
