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Gemini Earn promised high interest rates to investors who lent crypto assets such as bitcoin to Genesis, a unit of Digital Currency Group, with Gemini taking fees that could exceed 4%.
Founded in 2015, Gemini received a key trust charter from DFS the same year, allowing it to operate as a regulated crypto business under the state's first-of-its-kind oversight regime.
The report found that people over 60 years old were the most scammed: they lost nearly $1.6 billion in 2023. "Elderly have generally a lot more free time," Barnacle explained.
Gemini Trust Company, LLC (Gemini) is an American cryptocurrency exchange and custodian bank.It was founded in 2014 by Cameron and Tyler Winklevoss. [4] [5] [6]In 2023, the company, along with two others, was sued by the New York attorney general Letitia James under allegations that it had "defrauded" investors by exposing them to undue risk.
Gemini knew Genesis' loans were undersecured and at one point highly concentrated with one entity, Bankman-Fried's crypto hedge fund Alameda that later went belly up, James said.
Leading U.S. crypto exchange Coinbase and the Winklevoss-led Gemini were among the first companies in the then-nascent crypto industry to sign on to New York's regime.
NEW YORK (Reuters) -Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers in their jointly managed Gemini Earn program ...
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