A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022.
At the heart of the lawsuit is a program Gemini ran in partnership with Genesis.
Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis.
The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown.
It did not reveal any of this information to the investors of Gemini Earn, she added.
Persons:
Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra
Organizations:
Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson
Locations:
Miami Beach , Florida, U.S, Alameda, Bengaluru