New York receives $ 50 million back from Gemini for betrayed investors

The New York general prosecutor Letitia James has reclaimed $ 50 million from Gemini Trust, which is money that was released by Gemini Earn users.

The recessed money is used to repay more than 230,000 investors, of whom 29,000 New Yorkers are, James said in a press release .

"Gemini has marketed his Earn program as a way for investors to increase their money, but has actually lied to her accounts. Investors are excluded from their accounts. Today's agreement is compensated and should remind you of cryptocurrency company that it is illegal to deceive investors and that my office is not tolerated, ”said the New York Attorney General.

Gemini settlement

The Gemini Earn program offered by the Gemini crypto tours grew in difficulties in difficulties in 2022 due to severe breakdowns in crypto loans.

James sued Gemini in October 2023 and claimed that the stock exchange investors lied by investing in Genesis via Gemini Earn as "a low-risk investment".

The current announcement of the reclaimed $ 50 million was given a few days after Gemini had announced the complete repayment to his Earn users, with the first repayment over $ 2 billion.

On Friday James said that the agreement with Gemini contains an agreement that the stock exchange will not offer its crypto loan programs in the state of New York.