SEC sues Genesis and Gemini, Genesis owes $3 billion to creditors

We posted on Gemini and Genesis’ bitter catfight yesterday just after 4:25 pm UTC. A few hours later, the SEC charged Gemini and Genesis with offering unregistered securities in the form of Gemini Earn! It’s Amy’s turn, so the post is over on her blog. [Amy Castor]

The fun part: Gemini made only $2.7 million from the deal — but they could be the one on the hook for paying back most of the $900 million of customers’ bitcoins, as the one of these two companies who is still solvent.


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4 Comments on “SEC sues Genesis and Gemini, Genesis owes $3 billion to creditors”

  1. What is surprising, is that after everything that has gone on in 2022, bitcoin is now going up like a rocket. Doesn’t make sense.

    1. we’ve covered this sort of pump before. tl;dr it’s always shenanigans. Lots of sudden pumps right on the hour, etc. Will probably write something next episode.

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