An arbitrator has ruled that Gemini Trust Company bears no responsibility for the collapse of its Earn lending program in 2022. Nearly 340,000 users found themselves locked out of approximately $940 million to $1 billion in digital assets. The collapse occurred after Genesis Global Capital, the partner to which Gemini had entrusted customer funds, suspended redemptions in November 2022. Gemini agreed to contribute between $40 million and $50 million toward the settlement, and the SEC dismissed its enforcement action against Gemini in January 2026, citing full asset recovery as the primary reason.
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