Gemini urges CFTC to withdraw proposal for event contracts
Gemini, a cryptocurrency exchange, is urging the US Commodity Futures Trading Commission (CFTC) to withdraw proposed regulations that would ban all event contracts for decentralized prediction markets.Gemini co-founder Cameron Winklevoss emphasized that these cryptocurrency prediction platforms provide transparency and integrity that other platforms cannot match, especially in predicting elections. Winklevoss believes that the CFTC should withdraw this proposal and that decentralized prediction markets are an important innovation with public utility.<br>
Gemini settles $36 million breach with IRA Financial Trust
Gemini has reached a settlement over a $36 million vulnerability with IRA Financial Trust. In a filing submitted to the US District Court for the Southern District of New York on July 18th, Judge Analisa Torres dismissed the lawsuit brought by IRA Financial Trust because the company and Gemini Trust stated that they had reached a settlement. The lawsuit was originally filed by IRA in June 2022, accusing Gemini of misrepresenting its security measures.
Gemini to Pay $50 Million to Gemini Earn Investors, Reaches Settlement with New York Attorney General’s Office
According to Bloomberg, cryptocurrency exchange Gemini has reached a settlement with the New York Attorney General's Office over a fraud lawsuit, agreeing to pay $50 million worth of digital assets to Gemini Earn investors. As part of the settlement agreement, Gemini Earn is also prohibited from operating in the state. Gemini said in a statement on Friday that the final distribution of proceeds will arrive in customer accounts within seven days.Previously, New York Attorney General Letitia James sued Gemini in October last year, accusing the platform of misleading investors in the Gemini Earn project, resulting in losses of over $1 billion.
Gemini Earn to start paying customers back in crypto by month end
Gemini, one of Genesis's creditors, announced that it will start returning the first batch of 97% of assets to customers of the Genesis Earn program in physical form before the end of this month.
Gemini announces it will become the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF
Cryptocurrency exchange Gemini announced it will become the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF. Gemini stated that the fund provides investors with opportunities for diversified investment portfolios and supporting 7RCC as the custodian for the fund is an important development for their platform.
Crypto Lender Genesis Sues Gemini to Recover Over $689 Million in Preferential Transfers
Crypto lender Genesis has filed a lawsuit against cryptocurrency exchange Gemini to recover over $689 million in preferential transfers made through the Gemini Earn Program during the 90-day period prior to Genesis filing for Chapter 11 bankruptcy. Genesis claims that these withdrawals benefited Gemini at the expense of other creditors and is demanding the return of the funds. This comes as Gemini has filed a lawsuit against Genesis' parent company, Digital Currency Group, for allegedly masterminding a fraud scheme against creditors.
Gemini UK Implements Travel Rule Restrictions for Cryptocurrency Transfers
Gemini UK will only allow cryptocurrency transfers to and from entities registered with TRUST, in compliance with Travel Rule regulations. Outgoing transfers will only be permitted to 58 TRUST-registered companies, while incoming transfers from non-TRUST VASPs may result in account freezes or limits. Gemini's partnership with TRUST is part of its strategy to comply with the UK's evolving regulatory landscape for digital assets, which includes the introduction of a financial promotions regime and legislation empowering law enforcement to seize crypto assets tied to illegal activities. The exchange's proactive approach highlights its commitment to operating within regulatory expectations and fostering a secure and trustworthy environment for cryptocurrency transactions.
Gemini sues Genesis over ownership of GBTC worth nearly $1.6 billion
Bloomberg News reported that cryptocurrency platform Gemini Trust Co. is suing bankrupt cryptocurrency lending firm Genesis Global Holdco LLC, trying to determine who legally owns the GBTC stock of Grayscale Bitcoin Trust Company, currently worth nearly $1.6 billion. In the bankruptcy court lawsuit filed on Friday, Gemini asked a federal judge to rule that Genesis has no right to obtain over 60 million shares of GBTC stock pledged as collateral by users of Gemini Earn products. The company argued that the shares involved (most of which are still held by Genesis or its affiliates) should not be used to repay other Genesis creditors.
New York Attorney General: Gemini knew Genesis' loans were undersecured and highly concentrated in Alameda but failed to disclose this information to investors
According to Letitia James, the Attorney General of New York, a lawsuit has been filed against cryptocurrency exchange Gemini, cryptocurrency lending company Genesis, their parent company DCG, and two executives (former CEO of Genesis Michael Moro and DCG CEO Barry Silbert).
The complaint alleges that Gemini knew that Genesis' loan collateral was insufficient and was highly concentrated on one entity, Alameda, but did not disclose this information to investors.
James said, "My office will continue to work to stop deceptive cryptocurrency companies and promote the development of stricter regulations to protect all investors." Previously, the Attorney General of New York accused Gemini, Genesis, and DCG of deceiving investors and attempting to conceal losses of over $1 billion.
vitalik.eth Transfers Approximately 15 Million USDC to Gemini
PeckShield has monitored that vitalik.eth has transferred about 15 million USDC to Gemini.
