Victims of the Gemini Earn meltdown included a 73-year-old grandmother in New York who “invested her and her husband’s lifesavings.”
Customers outraged over Winklevoss twins’ secret $282M crypto withdrawal: ‘Significant worries’SEC sues Winklevoss twins over ‘Gemini Earn’ program that sparked $900M crisis
The firms face scrutiny over the now-defunct Gemini Earn program, an interest-bearing account product that teased customers with up to 8% interest on their crypto deposits. Genesis served as the sole banking partner of Gemini Earn.Gemini never responded to The Post’s request for comment on the withdrawal, but later acknowledged it had occurred.
The lawsuit also claims that Gemini risk management personnel pulled their personal investments out of the Earn program before its collapse. Gemini’s chief operating officer, who is not named in the suit, allegedly withdrew his entire investment of more than $100,000 from Earn on June 16 and 17 of last year. The company’s COO at the time, Noah Perlman, departed from the role in January.
Gemini failed to disclose its concerns to the public – including that nearly 60% of Genesis’s loans were at one point tied to Alameda Research, the freewheeling crypto hedge fund whose risky bets led to FTX’s meltdown, the complaint alleges. Separately, Genesis and DCG are accused of attempting to conceal $1.1 billion in losses from customers in the months before the Earn program failed. Silbert, DCG and Genesis are also alleged to have misled both Gemini and the public about Genesis’ financial health.James is seeking restitution payments for investors and disgorgement of any ill-gotten gains. Additionally, Gemini, Genesis and DCG face a ban from participating in the financial investment industry in New York.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
New York AG Sues Winklevoss Owned Gemini in $1 Billion Cryptocurrency FraudGemini claims to have been duped by Genesis, but New York’s AG says the Winklevoss twins knew and took investor money anyways through 'Gemini Earn.'
Baca lebih lajut »
Winklevoss’ crypto firm lied to customers about junk investments, NY AG saysGemini’s board was warned that loan partner Genesis was a Lehman Brothers waiting to happen, but told customers their money was safe, AG says.
Baca lebih lajut »
Crypto Giants Gemini, Genesis, and DCG Hit with Billion-Dollar Lawsuit by NY AttorneyCrypto Blog
Baca lebih lajut »
Crypto firms Gemini, DCG sued by New York for allegedly bilking investors of $1.1 billionAttorney General Leticia Jame's action increases legal troubles for two companies slammed by last year's cryptocurrency market collaps.
Baca lebih lajut »
New York Attorney General sues Gemini, Genesis, DGC for allegedly defrauding investorsNew York's attorney general has filed a lawsuit against Gemini, Genesis, DGC for allegedly defrauding investors through the Gemeni Earn investment program.
Baca lebih lajut »
New York Attorney General Sues Gemini, DCG, Genesis; AI's Role in the Future of Web3New York Attorney General Letitia James filed a lawsuit against crypto firms Gemini, Genesis Global Capital, and Digital Currency Group. CoinDesk is owned by DCG. MV Capital CIO Tom Dunleavy shares his crypto markets analysis. Former CFTC commissioner Dawn Stump weighs in on the state of crypto regulation in the U.S.
Baca lebih lajut »