Gemini to Reimburse Earn Customers $2.18 Billion
Following the FTX and Genesis scandals, Gemini Earn users will receive three times the value of the funds held in the lending product. Gemini, a cryptocurrency exchange, revealed on Wednesday that it will be returning $2.18 billion in cryptocurrency to creditors. Earn users previously in bankruptcy limbo have recovered 232% of their costs through the […]
NY AG Reaches $2B Settlement with Genesis for ‘Defrauded Victims’
Genesis, a subsidiary of the Digital Currency Group, and New York Attorney General Letitia James have agreed to a $2 billion settlement. A news release from the Attorney General’s office states that New York’s settlement with the cryptocurrency lender highlights the “real-world consequences” resulting from what appears to be a lack of control over digital […]
DCG Q1 Revenue Rises to $229 Million, Grayscale’s Remain Flat
Grayscale Investments, operator of GBTC Bitcoin ETF, recorded $156 million in Q1, with parent company DCG’s revenue rising 11% to $229 million. Digital Currency Group, the parent company of Grayscale Investments, has disclosed revenue growth for the first quarter of 2024. In January, following its conversion to a spot Bitcoin exchange-traded fund (ETF), Grayscale decided to […]
DCG, CEO File Motions to Dismiss NYAG’s $3B Lawsuit
Digital Currency Group (DCG), venture capital firm, and its CEO Barry Silbert have filed motions to dismiss the New York Attorney General’s Office (NYAG) $3 billion lawsuit, arguing that the allegations of fraud are without merit. The NYAG initiated legal proceedings in October 2023 against cryptocurrency firms Gemini, Genesis, and DCG because they purportedly defrauded […]
Bankrupt Crypto Lender Genesis Global Settles NY Fraud Lawsuit
Genesis Global, a bankrupt bitcoin lender, and New York Attorney General Letitia James have agreed with claims that Genesis Global misled customers through its now-canceled Gemini Earn program. Pending approval by a bankruptcy judge, the most recent arrangement seeks to return assets to former Earn customers and other Genesis creditors. James sued Genesis, Digital Currency […]