{"id":32446,"date":"2024-06-14T17:47:24","date_gmt":"2024-06-14T17:47:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/new-york-recovers-50-million-from-gemini-for-defrauded-investors\/"},"modified":"2024-06-14T17:47:24","modified_gmt":"2024-06-14T17:47:24","slug":"new-york-recovers-50-million-from-gemini-for-defrauded-investors","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/new-york-recovers-50-million-from-gemini-for-defrauded-investors\/","title":{"rendered":"New York recovers $50 million from Gemini for defrauded investors"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/05\/gemini-logo-300x300-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/05\/gemini-logo-300x300-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/05\/gemini-logo-300x300-1-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/05\/gemini-logo-300x300-1-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<p><span style=\"font-weight: 400\">New York Attorney General Letitia James has recovered $50 million from Gemini Trust, with this being money defrauded from Gemini Earn users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The recovered money will be used to repay the more than 230,000 investors, 29,000 of whom are New Yorkers, James said in a <a href=\"https:\/\/ag.ny.gov\/press-release\/2024\/attorney-general-james-recovers-50-million-crypto-firm-gemini-defrauded\" target=\"_blank\" rel=\"noopener\">press release<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cGemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts. Today\u2019s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office,\u201d the New York Attorney General said.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Gemini settlement<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Gemini Earn program, offered by the crypto exchange Gemini, ran into problems in 2022 amid major collapses for crypto lenders, including Genesis.<\/span><\/p>\n<p><span style=\"font-weight: 400\">James sued Gemini in October 2023, alleging that the exchange lied to investors by portraying investing in Genesis via Gemini Earn as \u201ca low-risk investment.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Today\u2019s announcement of the recovered $50 million comes a few days after Gemini announced full repayment for its Earn users, with <a href=\"https:\/\/coinjournal.net\/news\/gemini-earn-users-get-2-18-billion-in-crypto-representing-232-recovery\/\">over $2 billion as the initial repayment<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On Friday, James said the settlement with Gemini includes an agreement that the exchange will not offer its crypto lending programs in the state of New York.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/new-york-recovers-50-million-from-gemini-for-defrauded-investors\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) New York Attorney General Letitia James has recovered $50 million from Gemini Trust, with this being money defrauded from Gemini Earn users. The recovered money will be used to repay the more than 230,000 investors, 29,000 of whom are New Yorkers, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":32447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32446"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=32446"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32447"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}