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What the Gemini settlement means for customers
Gemini Earn customers lent cryptocurrency through Gemini to Genesis Global Capital (GGC), its sole lending partner. The arrangement was not a bank deposit: Genesis lent the assets to institutional borrowers and was supposed to return them with interest. Gemini collected an agent fee from the interest paid to customers. DFS said Gemini marketed Earn as offering up to 13% annual interest for certain coins. DFS’s February 2024 consent-order announcement
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Genesis stopped redemptions on November 16, 2022, then filed for bankruptcy in the Southern District of New York on January 19, 2023. More than 200,000 Earn customers were affected. In its February 28, 2024 consent order, DFS valued the unreturned virtual currency at approximately $1.742 billion as of February 23, 2024. DFS consent-order announcement
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How the repayment figures fit together
| Date and document | What it reported | How to read the figure |
|---|---|---|
| February 28, 2024, DFS consent order | $37 million penalty; Gemini committed to full coin-by-coin restitution. | DFS’s 2025 annual report also says Gemini was to contribute $40 million toward recovery. These are described in different contexts; they should not automatically be added together or treated as the same payment. DFS 2025 annual report |
| May 29, 2024, Gemini announcement | $2.18 billion in digital assets, about 97% of assets owed. | Gemini valued the initial distribution using crypto prices on May 28, 2024, at 10 a.m. ET. Its description of the distribution as 232% of the value when Genesis halted withdrawals compares dollar values at different crypto prices; it does not mean customers received 232% as many coins. Gemini announcement |
| June 14, 2024, New York settlement and court stipulation | Approximately $50 million in additional digital assets, described as about 3% of each eligible investor’s balance. | The stipulation calls these completion assets and requires payment in the same types and amounts of cryptocurrency owed to eligible investors who received the May 29 distribution. The $50 million is an aggregate notional value, not a cash refund. Attorney General announcement; court stipulation |
| June 20, 2024, DFS status reported in its 2025 annual report | 100% of virtual currency owed had been restored, valued at more than $2 billion. | This is DFS’s dated report of completed coin restitution. DFS 2025 annual report |
What Gemini agreed to do—and what regulators said
The June 2024 agreement with New York Attorney General Letitia James required Gemini to provide approximately $50 million worth of digital assets to Earn investors who had remained locked out. Gemini also agreed to cooperate in the state’s litigation against Digital Currency Group, its CEO Barry Silbert, and former Genesis CEO Soichiro Moro. The agreement bans Gemini from operating a cryptocurrency lending program in New York. New York Attorney General announcement
DFS’s February 2024 consent order found that Gemini had deficiencies in its due diligence and ongoing monitoring of Genesis, and in its risk and liquidity reserves. The regulator’s later annual report said Gemini had little to no reserves and that its risk department had recommended a 30% loss reserve. These are DFS’s findings, not a separate court’s determination of every allegation in the Attorney General’s case. DFS consent-order announcement; DFS 2025 annual report
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In an October 2023 lawsuit, the Attorney General alleged that Gemini represented Earn as low risk despite internal analyses showing risks in Genesis’s lending. That statement is an allegation in the complaint, not a finding established by the complaint itself. Attorney General lawsuit announcement
Did customers need to take action?
The Attorney General’s June 2024 announcement said investors did not need to take action. The court stipulation describes distribution through Gemini’s platform in cryptocurrency. Attorney General announcement; court stipulation
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For any account-specific question, customers should rely on direct account communications and records from Gemini. The public status figures establish aggregate restitution, not the amount or timing recorded in an individual customer’s account.
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Why headlines use different totals
- Check who reported the number: DFS’s consent order, the Attorney General’s settlement announcement, the court stipulation, and Gemini’s distribution announcement describe different stages and obligations.
- Check the date and valuation: Cryptocurrency prices move. Gemini’s May 2024 dollar estimate used prices at a stated time, while DFS later reported the value of completed restitution.
- Separate coin quantities from dollar values: “Same types and amounts” describes in-kind restitution. A dollar valuation is an estimate at a point in time.
- Do not conflate the amounts: The $37 million penalty, $40 million recovery contribution, and roughly $50 million in completion assets appear in separate documents and contexts. The court stipulation identifies the latter as completion assets after the initial distribution.
