Gemini agrees to return a minimum of $1.1 billion to customers of its defunct Gemini Earn Program as part of its settlement deal with New York regulators. Gemini launched the Earn program in 2021, with Genesis, an arm of Digital Currency Group (DCG), as its partner. FTX’s crash in 2022 subsequently caused Genesis to halt withdrawals, thereby affecting Gemini Earn users. The lender later filed for Chapter 11 bankruptcy in January 2023. According to the DFS, Genesis defaulted on loans valued at about $1 billion.
Source: Anthonia Isichei, 2024-03-01; https://cryptopotato.com/gemini-settles-with-new-york-dfs-commits-to-return-1-1-billion-to-earn-customers/