Gemini Trust said that affected Earn users could expect “100% of the assets owed to them” within seven days.
The New York Attorney General’s office announced that it had recovered more than $50 million from Gemini which will be returned to investors in the exchange’s Earn program.
In a June 14 notice, New York Attorney General Letitia James said the $50 million settled a lawsuit between her office and Gemini initially filed in October 2023. The lawsuit alleged that Gemini had defrauded 230,000 investors — including New York residents — through its Earn program with Genesis Global Capital, failing to disclose its risks.
“Hundreds of thousands of people, including at least 29,000 New Yorkers, had their trust broken and their money swindled by Gemini through its bogus Earn program,” said James. “Gemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts.”
