Cryptocurrency Q&A
What is the Gemini Genesis lawsuit?
What is the Gemini Genesis lawsuit?
BlockchainLegendary
Sun Nov 17 2024
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5 answers
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The Gemini Genesis lawsuit refers to the legal action taken by Gemini, a cryptocurrency exchange, and Genesis Global Capital, a crypto lender, against the Securities and Exchange Commission (SEC) in response to the SEC's lawsuit against their joint product, Gemini Earn. The SEC alleges that Gemini Earn violated securities regulations by offering unregistered securities, while Gemini and Genesis contend that the program should not be classified as a security and seek to dismiss the lawsuit.
5 answers
Stefano
Tue Nov 19 2024
The lawsuit accused them of hiding substantial losses from investors. Specifically, it was alleged that over $1.1 billion in losses were concealed.
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Chiara
Tue Nov 19 2024
These losses were related to an investment program known as “Gemini Earn.” Investors had provided digital assets through this program.
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CherryBlossomFalling
Tue Nov 19 2024
The Attorney General's office claimed that the defendants had failed to disclose the true nature of the losses to the investors.
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Ilaria
Tue Nov 19 2024
In October 2023, Attorney General James took legal action against Genesis and several other defendants.
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Silvia
Tue Nov 19 2024
The legal battle escalated in February when the lawsuit was expanded to include Digital Currency Group, Inc. This indicated a broadening of the investigation and the potential for more defendants to be implicated.
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