Genesis, a part of Digital Currency Group, entered into a deal with Gemini in December 2020 to offer Gemini customers the chance to loan their crypto assets to Genesis in exchange for earning interest, the SEC said. Beginning in February 2021, they raised billions of dollars’ worth of crypto assets from investors, the SEC said. The firms violated securities laws through the offer and sale of crypto assets through their Gemini Earn product, the SEC said.
In November 2022, Genesis told investors they could not withdraw their crypto assets as volatility in the crypto markets prompted a liquidity crunch. At the time, Genesis had about $900 million in assets from 340,000 Gemini Earn investors. The investors have been unable to withdraw their assets, the regulator said. Investigations into other, related violations are ongoing, the agency said. In February 2022, a subsidiary of rival crypto firm BlockFi Inc.
We gotta put a complete pause on crypto. This is the definition of insanity.. At this point
I was thinking of launching the Pet Rock Lending program but then got distracted with something else. Maybe some other time.
I'll just believe the opposite of whatever this article says.
That's great now they need to look at MMTLP and FINRAFRAUD!!!
mattdamon