TechFlow news: The New York State Department of Financial Services (NYDFS) today announced a settlement with Gemini, under which the company will return at least $1.1 billion to customers of the Gemini Earn program through the Genesis bankruptcy proceedings. Gemini will also pay a $37 million penalty to NYDFS for multiple compliance failures.
In addition, Gemini Trust stated on social media that it has reached a preliminary settlement with Genesis and other creditors in the Genesis bankruptcy case. If approved by the bankruptcy court, all Gemini Earn users will receive 100% of their digital assets back in kind. If the plan is approved, Gemini Trust will return more than $1.8 billion worth of digital assets—$700 million more than the amount held by Genesis when withdrawals were suspended on November 16, 2022.
