Gemini
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As part of the settlement, Gemini is banned from operating crypto lending programs in New York.
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The distributions mark a 232% recovery from when withdrawals were halted in November 2022
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Gemini “failed to prevent harm suffered by Earn program customers,” according to a NYDFS statement
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James’ office initially sued Gemini, DCG, CEO Barry Silbert and subsidiary Genesis in October
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A US trustee says the disclosure fails to include information about creditor distributions
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Gemini is now targeting Genesis in an attempt to recover roughly 62 million shares GBTC shares
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Genesis and Gemini’s Earn program operated as an investment contract, New York Attorney General Letitia James alleges
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Gemini highlighted India’s reputation as a talent hub for top tech companies as a key factor for establishing its presence in the country
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Gemini believes that Gemini lenders will not “receive anything close in real value” under current terms
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Unsecured creditors could expect a recovery rate between 70-90% according to the plan
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The exchange’s lawyers argued that the SEC hasn’t provided key details about alleged securities, such as sale date or parties involved, making its case weak against Gemini.
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The Gemini suit is pointing fingers at the wrong defendants, DCG claims in motion to dismiss
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In its lawsuit, Gemini cited a number of other prolonged measures it took before resorting to legal action against DCG
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Gemini co-founder Cameron Winklevoss wants DCG to pay up in US dollars, bitcoin and ether — or else face a lawsuit
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Genesis, Gemini and other stakeholders are weighing whether to allow DCG more time to stave off a potential default
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Genesis has initiated a 30-day mediation process with DCG, UCC, Creditor Committee and Gemini to reach a final resolution as soon as possible
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With its APAC announcement, Gemini is the second major US crypto exchange in two days to reveal plans to expand abroad
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Self-styled ‘crypto CFA’ Ram Ahluwalia has carved out a following by publicly breaking down challenges facing industry titans
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Genesis could be up for sale under a new restructuring agreement with creditors
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