Genesis / Gemini Earn
A crypto lending program in which Gemini customers lent assets to Genesis for yield. After Genesis froze withdrawals in November 2022, ~340,000 Earn investors were locked out of ~$900M. The SEC charged both firms in January 2023; Genesis later went bankrupt and settled for $21M.
Also known as: Genesis, Genesis Global Capital, Gemini Earn, Gemini
Summary
Gemini Earn was a yield program (launched February 2021) through which customers of the Gemini exchange lent their crypto to Genesis Global Capital in exchange for interest. [1][2]
What happened
In November 2022, amid market turmoil following the FTX collapse, Genesis halted withdrawals, saying it lacked sufficient liquid assets. At that point it held about $900 million in crypto from roughly 340,000 Gemini Earn investors, who were locked out of their funds. Genesis filed for bankruptcy in January 2023. [1][2]
Enforcement and outcome
On January 12, 2023, the SEC charged Genesis and Gemini with the unregistered offer and sale of securities through the Earn program. In 2024 Genesis agreed to a $21 million SEC penalty; Gemini reached separate settlements (including with New York regulators). In January 2026 the SEC dismissed its case against Gemini, citing a "100 percent in-kind return" of Earn investors' assets. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (3)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.