An arbitrator rejected on August 12 the claim of a former user of Gemini’s Earn program, finding insufficient evidence that the platform had deceived him or failed in its duty to oversee Genesis Global Capital. The arbitrator also concluded that Gemini lacked the necessary information to detect the fraud attributed to Genesis and its parent company, Digital Currency Group. Gemini returned approximately 2.18 billion dollars in cryptocurrency to Earn users between May and June 2024, representing 97% and then 3% of the affected assets. The platform also reached a 50-million-dollar settlement with the State of New York and faces additional ongoing legal disputes.
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