Edit: Genesis / Gemini Earn — CryptoScamsWiki

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## 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]

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