According to reports, on Monday local time, the New York Department of Financial Services (NYDFS) is investigating the cryptocurrency exchange Gemini.
Gemini recently got into trouble because of Gemini Earn, a product similar to a high-yield savings account for cryptocurrencies. When users deposit cryptocurrencies, Gemini promises to give high returns. After depositing, the cryptocurrency will be lent to Genesis, and Genesis will then lend the cryptocurrency to the trading company and return part of the proceeds to Gemini customers.
About 340,000 Gemini Earth customers have lost money since mid-November, having their assets deposited into Genesis unable to be retrieved. On January 19, Genesis’s lender filed for bankruptcy.
At the beginning of the month, it was reported that the two co-founders of Gemini intend to continue to promote Gemini Earth, despite the crisis of similar products.
related news:
Crypto Brokerage Gemini Founder Accuses Genesis of Malicious Delay Tactics
Editor in charge: Liu Mingliang
media reports
FT Chinese Network Sina Technology Titanium Media
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