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Gemini, the crypto startup owned by the Winklevoss twins, will have to return $1.1 billion to customers who lost money in their partnership with the now-bankrupt crypto lender Genesis.
In a deal with the New York State Department of Financial Services, Gemini agreed to return the funds lost by customers of its Earn program, in which users could loan their crypto to Genesis in exchange for interest payments.
According to the Department of Financial Services, Gemini “did not fully vet or sufficiently monitor [Genesis] throughout the life of Earn,” and the company defaulted on its loans and then went bankrupt, leaving some 200,000 Earn customers empty-handed.