Case summary
What happened
Gemini Earn connected retail customers to Genesis lending exposure. After Genesis froze withdrawals, Earn customers were unable to access funds, leading to litigation, regulatory action, a NYDFS settlement, and later in-kind customer recovery through the Genesis bankruptcy process.
Customer result
Customer outcome
Full repayment
Gemini announced in-kind digital asset returns for Earn users after the Genesis bankruptcy process. Treat as Earn-specific recovery, not a universal Genesis creditor outcome.
- Estimated recovery
- in kind asset return reported
- Repayment started
- 2024-05-29
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Varies by product
Use product-dependent classification because Gemini Earn was exchange-linked but relied on Genesis lending arrangements and a separate bankruptcy-driven recovery path.
- Affected product
- Gemini Earn customer balances
- Confidence
- High
Gemini Earn customer treatment depended on the Earn program structure, Genesis lending exposure, and the Genesis bankruptcy distribution path rather than a standalone exchange-account treatment.
Known unknowns
Uncertainty
Gemini Earn should be read as an exchange-linked lending program, not a standalone lender. The record is separated because its customer outcome and regulatory history are historically significant.
Chronology
Historical record
Gemini Earn launches
Gemini launched Earn as an exchange-linked crypto yield program connected to lending arrangements with Genesis Global Capital.
Launch month is based on public program history.
No direct evidence linked to this event yet.
Gemini Earn redemptions frozen after Genesis halt
Gemini paused Earn redemptions after Genesis Global Capital suspended withdrawals following the FTX collapse and broader crypto credit crisis.
Core customer-impact event.
SEC charges Gemini and Genesis over Earn program
The SEC charged Gemini and Genesis in connection with the unregistered offer and sale of securities through the Gemini Earn program.
Regulatory action connected to Earn program structure.
NYDFS settlement requires customer asset return path
Gemini reached a settlement with the New York Department of Financial Services related to Earn and committed to return assets to Earn customers through the Genesis bankruptcy process.
Customer-outcome and settlement event.
Gemini Earn customers begin receiving in-kind distributions
Gemini announced that Earn users began receiving digital assets back in kind after the Genesis bankruptcy process enabled distributions.
Recovery event for Earn users.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
3 sourcesNYDFS announces Gemini settlement over Earn program
New York Department of Financial Services · 2024-02-28
Primary regulator source for Earn settlement and return-of-assets commitment.
Gemini Earn update on in-kind distributions
Gemini · 2024-05-29
Official customer update source for in-kind asset return.
Gemini Earn users to receive crypto back after Genesis bankruptcy process
Reuters · 2024-05-29
Supports customer recovery timing and in-kind recovery context.
Event
2 sourcesGemini Earn redemptions delayed after Genesis halts withdrawals
Reuters · 2022-11-16
Supports Genesis halt and Gemini Earn customer impact context.
SEC charges Genesis and Gemini for unregistered securities offering through Gemini Earn
U.S. Securities and Exchange Commission · 2023-01-12
Primary regulatory source for Gemini Earn securities action.
No evidence records match the current filters.
Comparative records