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June 14, 2024 10:00 pm

New York Recovers $50 Million For Defrauded Gemini Earn Crypto Investors

An anonymous reader quotes a report from Reuters: New York Attorney General Letitia James has recovered $50 million from the cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program, she said on Friday. Gemini, run by billionaire twin brothers Cameron and Tyler Winklevoss, will provide full recoveries to more than 230,000 Earn investors, including 29,000 in New York, and agreed to a ban on operating crypto lending programs in the state. The payout is in addition to James' related $2 billion settlement, opens new tab with crypto lender Genesis Global Capital, which she announced on May 20. "Gemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts," James said. "Today's settlement will make defrauded investors whole." The funds will be accessible within seven days, Gemini told investors on Friday. "With this final distribution, Earn users will have received 100% of the assets owed to them," it said. [...] Investors are expected to recover more than they invested because they are being paid in digital assets such as bitcoin , whose value has more than tripled since redemptions were suspended.

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