“When Genesis encountered financial distress as a result of a series of collapses in the crypto market in 2022, including FTX Trading Ltd. (“FTX”), Genesis was unable to return the crypto assets it borrowed from Gemini Earn investors,” the filing said, adding that after the Gemini Earn program was halted, the company “refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program, including Plaintiffs.”
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