Summary
TLDR: Gemini settles with NYDFS to return at least $1.1 billion to customers, pays $37 million penalty for failures. Settlement with Genesis needs approval from bankruptcy court. Dispute with DCG over bankruptcy plan and NYAG lawsuit alleging fraudulent schemes.
Key Points
1. The New York State Department of Financial Services announced a settlement with Gemini on Wednesday.
2. The firm will “return at least $1.1 billion” to customers of the Gemini Earn Program through the Genesis bankruptcy proceeding.
3. Additionally, Gemini, co-founded by Cameron and Tyler Winklevoss, will pay the DFS $37 million penalty for failures that “threatened the safety and soundness of the company.”