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.
“Today’s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office,” James said in a statement on Friday.James represented the plaintiff, retail customers loaned digital assets through the Gemini Earn product offered by a defendant, Gemini Trust Co. LLC.
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