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Status of Gemini Lawsuit

Gemini cryptocurrency lawsuits are in the initial stages, and there are no court-approved settlements or jury verdicts. Most of the early lawsuits against Gemini, the crypto asset exchange and lending platform, are class-action lawsuits with several investors demanding access to their money which Gemini has not allowed them to withdraw because of liquidity issues.

In December 2022, Brendan Picha and other plaintiffs filed a Gemini class-action lawsuit in U.S. District Court for the Southern District of New York against Gemini Trust Company LLC and co-founders Cameron Winklevoss and Tyler Winklevoss. Allegations made in this lawsuit are similar to those made in other Gemini lawsuits filed around the country.

As of May 15, 2023, the judge had yet to rule on whether to compel plaintiffs to enter arbitration. Arbitration is a process in which parties resolve a case out of court through a third-party arbitrator, and all decisions are binding and cannot be appealed.

Cryptocurrency lawyers are still accepting cases on behalf of individual investors whose money was frozen by Gemini.

People are filing Gemini cryptocurrency lawsuits against Gemini Trust Company LLC and its founders, Cameron Winklevoss and Tyler Winklevoss, because Gemini allegedly sold them Gemini interest accounts, or GIAs, which should have been a registered security under federal law to protect investors. Instead, according to lawsuit filings, Gemini marketed GIAs with false and misleading statements that they were a secure method of collecting interest.

Gemini Trust Company created a product called Gemini Earn, which allowed its users to lend crypto assets to Gemini in exchange for interest payments. Gemini entered a lending partnership with Genesis Global Capital by providing the company with Gemini Earn assets. Then, Gemini concealed information concerning Genesis Globals financial problems, according to lawsuits.

By promoting and touting GIAs as a safe and secure method for storing crypto assets from February 2, 2021 through the present (the Class Period), Gemini made actionable misstatements and/or omissions under [the Securities Exchange Act of 1934] Geminis actions have led to significant financial losses for its investors.

After the bankruptcy of the cryptocurrency exchange FTX that led to FTX lawsuits and other crypto collapses, Genesis was unable to return the money it took from Gemini Earn investors. In November 2022, Gemini stopped the Gemini Earn program and wouldnt allow investors to withdraw their money.

Plaintiffs in Gemini lawsuits want to recover the money they lost when Gemini Earn froze their assets. Genesis Global filed for bankruptcy in January 2023, but Gemini Trust has not filed for bankruptcy.

In January 2023, the Security and Exchange Commission charged Gemini Trust Company LLC and Genesis Global Capital with the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. The SEC alleges Gemini and Genesis raised billions of dollars through Gemini Earns investors.

Following liquidity problems, Genesis would not allow Gemini Earn investors to withdraw crypto assets. The crypto fund freeze involves about $900 million in investor assets from 340,000 Gemini Earn investors.

We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors, said SEC Chair Gary Gensler. Todays charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws. Doing so best protects investors. It promotes trust in markets. Its not optional. Its the law.

Investors who lost $20,000 or more when Gemini Earn blocked them from withdrawing their money may qualify to file a Gemini Earn lawsuit with a cryptocurrency bankruptcy lawyer. Investors may be entitled to compensation in Genesis Globals bankruptcy proceedings.

Gemini class-action lawsuit plaintiffs are demanding damages for the amounts paid for their accounts and tokens, including all fees and charges collected by Gemini, together with interest and attorneys fees and costs, as well as other statutory and equitable relief, according to Picha et al. v. Gemini Trust Company LLC.

Investors who lost access to their Gemini Earn funds have also filed Genesis Global lawsuits. Other investors lost access to their crypto funds after FTX blocked withdrawals when it filed for bankruptcy and are now filing FTX lawsuits.

Gemini has responded to some class-action lawsuits with motions to take investor lawsuits out of court and into binding arbitration. In the companys answer to Picha et al.s complaint, Gemini said, The Complaint goes after the wrong parties. As Plaintiffs agreed in writing, Gemini has no obligation or ability to return assets loaned to Genesis and Plaintiffs agreed, repeatedly, to arbitrate all claims relating to the Gemini Earn program.

The crypto exchange company is currently embroiled in a battle to recover the $900 million owed to Gemini Earn investors by Genesis. Founders of Gemini and Genesis have engaged in public social media battles over the loans repayment in what crypto media has characterized as a spat.

For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe, Winklevoss wrote in an open letter to Silbert, according to Cointelegraph.

Meanwhile, in January 2023, Gemini laid off about 10% of its employees. To help Genesis bankruptcy recovery plan, Gemini contributed $100 million to the struggling crypto lender. Gemini characterized the move as a continued commitment to help Earn users achieve full recovery, according to correspondence viewed by CNBC.

Please seek the advice of a qualified professional before making decisions about your health or finances.

Read more:

Gemini Cryptocurrency Lawsuit: Understanding the Controversy - Consumernotice.org

JPMorgan unveiled its latest research report, depicting an unsettling trend in the digital currency landscape: the contracting stablecoin market. It argued that the continuous shrinkage in the stablecoin sector could stymie any notable recovery in cryptocurrency values.

The report, spearheaded by the lead analyst Nikolaos Panigirtzoglou, attributed this contraction to several vital factors. These included the United States intensified regulatory scrutiny of the crypto world, the disruption of banking networks supporting the crypto ecosystem, and the fallout from last years FTX debacle. All these factors have culminated in an ongoing squeeze on the stablecoin market.

Despite an optimistic kickoff in 2023, the ensuing month saw a significant slump in cryptocurrency prices. As a result, the industrys market cap experienced a sharp fall, dropping from $1.26 trillion on April 13 to $1.089 trillion.

The mounting regulatory pressures from the U.S. have notably impacted the USD Coin (USDC), reducing its stablecoin market share. This loss, however, has been Tethers (USDT) gain, according to the report.

Further contributing to Tethers ascendency was the U.S. Securities and Exchange Commissions (SEC) prohibition against its stablecoin competitor, Binance USD (BUSD).

Another noteworthy point in JPMorgans report was the attention drawn to the reserves of prominent stablecoins amidst the U.S. debt ceiling crisis. The report noted that the proportion of U.S. Treasury securities in these reserves has gradually grown.

This trend suggests an uphill battle for stablecoins to maintain their pegs if the U.S. were to experience a technical default.

Such a situation could destabilize the entire cryptocurrency ecosystem, given the pivotal role that stablecoins play. Their significance extends beyond just providing access to trading. Stablecoins are a cornerstone of decentralized finance (DeFi) and a collateral source. The report accentuated these points.

Tether has reportedly diversified its stablecoin reserves in response to the debt ceiling issue, aiming to fortify its position against potential future crises.

JPMorgan underscores the profound implications of the dwindling stablecoin market on the broader cryptocurrency ecosystem. The interplay between regulatory pressures, financial system upheavals, and market dynamics has instigated this ongoing contraction, posing a significant hurdle to the markets recovery.

As the stablecoin market and its key players like Tether and USDC navigate this convoluted landscape, their strategies and responses could potentially reshape the future of the crypto industry. Future developments in this space are indeed worth watching with a keen eye.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

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Stablecoin Contraction Is An Impediment to Cryptocurrency Market Recovery, JPMorgan Reports - Crypto Mode

Over the past 24 hours, Chainlink's LINK/USD price has fallen 4.42% to $6.44. This is opposite to its positive trend over the past week where it has experienced a 4.0% gain, moving from $6.3 to its current price.

The chart below compares the price movement and volatility for Chainlink over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 39.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.31%. This brings the circulating supply to 517.10 million, which makes up an estimated 51.71% of its max supply of 1.00 billion. According to our data, the current market cap ranking for LINK is #21 at $3.33 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Chainlink Falls More Than 4% In 24 hours - Benzinga

Bitcoin (BTC) and Ethereum (ETH) two of the most valued crypto coins managed to rise above the $26,000 and $18,00 marks, respectively, on early Saturday morning. Other popular altcoins including the likes of Ripple (XRP) and Solana (SOL) landed in the negative as overall prices saw minor losses across the board. SingularityNET (AGIX) emerged to be the biggest gainer, seeing a 24-hour jump of over 15.89 per cent. Render Token (RNDR), on the other hand, turned out to be the biggest loser.

At the time of writing, the global crypto market cap stood at $1.12 trillion, registering a 24-hour gain of 0.18 per cent.

Bitcoin price stood at $$26,873.83 seeing a 24-hour gain of 0.15 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.21 lakhs.

ETH price stood at $1,812.57, marking a 24-hour gain of 0.69 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.57 lakhs.

DOGE registered a 24-hour loss of 0.29 per cent as per CoinMarketCap data, currently priced at $0.07341. As per WazirX, Dogecoin price in India stood at Rs 6.3000.

Litecoin saw a 24-hour loss of 1.00 per cent. At the time of writing, it was trading at $91.36. LTC price in India stood at Rs 7,800.00.

XRP price stood at $0.4643, seeing a 24-hour loss of 0.59 per cent. As per WazirX, Ripple price stood at Rs 39.8602.

Solana price stood at $20.26, marking a 24-hour loss of 0.36 per cent. As per WazirX, SOL price in India stood at Rs 1,771.32.

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

SingularityNET (AGIX)

Price: $0.309524-hour gain: 15.89 per cent

Injective (INJ)

Price: $7.1024-hour gain: 8.62 per cent

Kava (KAVA)

Price: $1.0024-hour gain: 7.93 per cent

XDC Network (XDC)

Price: $0.0326624-hour gain: 3.41 per cent

BitDAO (BIT)

Price: $0.512724-hour gain: 2.29 per cent

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Render Token (RNDR)

Price: $2.2824-hour loss: 3.90 per cent

Decentraland (MANA)

Price: $0.485824-hour loss: 2.77 per cent

Optimism (OP)

Price: $1.6624-hour loss: 2.34 per cent

Sui (SUI)

Price: $1.1224-hour loss: 1.61 per cent

Nexo (NEXO)

Price: $0.680824-hour loss: 1.56 per cent

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

Read more from the original source:

Cryptocurrency Price Today: Bitcoin Sees Gains As SingularityNET Becomes Top Gainer - ABP Live

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

USBTC Signs Multi-Year Hosting Deals for Bitcoin Mining Expansion

United States Bitcoin Corp (USBTC) has inked extensive multi-year contracts to accommodate 150,000 bitcoin mining rigs, among notable companies such as Marathon Digital Holdings (MARA).

> These agreements reflect the evident recovery of the mining sector, which is striving to bounce back after a challenging 2022.

> The crypto slump last year led to a host of significant miners filing for bankruptcy, Compute North included, which originally managed the three USBTC locations.

> The trio of bitcoin mining facilities is strategically located in Kearny, Nebraska, and both Granbury and Upton County in Texas.

> The stakes in two of these sites - one each in Nebraska and Texas - previously held by Compute North, were bought by energy investment firm Generate Capital. Details here.

Lagrange Labs Raises $4M for Zero-Knowledge Blockchain Interoperability

Lagrange Labs, a zero-knowledge startup, has announced a pre-seed funding round of $4 million to boost its proprietary zero-knowledge proof system.

> The round, led by 1kx, included Maven11, Lattice Fund, CMT Digital, and Daedalus Angels, among others.

> The firm aims to solve the long-standing issue of blockchain interoperability, permitting developers to build decentralized applications (dApps) that can access multiple blockchains at once.

> "Modern DeFi applications require more sophisticated relationships between data on different blockchains, and were excited to see how our technology can unlock new multi-chain DeFi primitives," said Ismael Hishon-Rezaizadeh, Founder and CEO of Lagrange Labs.

> Zero-knowledge-proof technology is gaining traction as a viable solution to scalability issues in the Ethereum ecosystem. Continue here.

Binance Australia Halts Key Services Amid Regulatory Scrutiny: An In-depth Analysis

Binance Australia has announced a halt to certain Australian dollar deposit services due to an external payment provider's decision.

> It also alerted customers to expect a disruption in bank transfer withdrawals, though the extent of the impact is yet to be determined.

> In a statement on social media on Thursday, Binance Australia informed its users that it would no longer be supporting PayID deposits.

> The company stated, "We are working tirelessly to secure an alternative provider to continue offering AUD deposits and withdrawals to our users.

> The suspension of these services comes just a month after the Australian Securities and Investments Commission withdrew Binances license for its derivatives operations in the country. Details here.

Pakistan's Unyielding Stance on Cryptocurrency Amid Rising Popularity

Pakistan's official approach towards cryptocurrencies is becoming increasingly strict, despite the continued enthusiasm from its citizens who seek a hedge against the depreciating national currency amid the country's volatile political climate.

> During a meeting with the Senate Standing Committee on Finance, Aisha Ghaus Pasha, Pakistan's Minister of State for Finance and Revenue, reinforced the government's position against the digital currency phenomenon.

> As reported by local media, Pasha was quoted stating categorically that cryptocurrencies will "never be legalized in Pakistan".

> According to Pasha, the stringent stance is driven by stipulations imposed by the Financial Action Task Force (FATF), an international finance watchdog.

> By refraining from legalizing cryptocurrencies, Pakistan aims to avoid the FATF's infamous "Grey List". Continue here.

Coinbase One Expands to Europe: A New Era in Zero-Fee Crypto Trading

Coinbase, a prominent cryptocurrency exchange, has decided to broaden the reach of its subscription-based product, Coinbase One, to encompass the United Kingdom, Germany, and Ireland.

> The product, priced at a monthly fee of $29.99, offers its subscribers the benefit of trading with no fees, elevated staking rewards, access to crypto data services, and 24/7 customer support.

> The decision to extend the products availability stems from the exchange's strategy to secure a steady stream of income in contrast to the inconsistent revenue associated with unpredictable cryptocurrency markets.

> Remarkably, Coinbases subscription and services revenue saw an impressive increase, doubling to $362 million in the first quarter of 2023 compared to the same timeframe in the previous year. More here.

Visa Explores Ethereum's Potential: An Experiment in Fee-less Payments

Visa, the multinational payments titan, is further exploring Ethereum blockchain technology, executing smart contracts designed for feeless payments on Goerli, Ethereum's test network.

> The company is utilizing a feature known as account abstraction, which enhances the functionality of user accounts and enables wallets to independently carry out intricate tasks and manage transaction fees for other accounts.

The company unveiled two separate "Paymaster" smart contracts, providing a comprehensive account of their experiments in a report.

> The main goal of these contracts is to streamline user engagement with the Ethereum network, eradicating the necessity for users to possess ether (ETH), Ethereum's native cryptocurrency, for covering transaction or gas fees or enabling users to pay using any token of their choice. More here.

Bitcoin Tumbles Below $27K: Impact of Debt Ceiling Talks & Regulatory Moves

A significant drop in Bitcoin's value under the $27,000 benchmark has been observed as the crypto market reacts to ongoing debt ceiling negotiations in the U.S. capital and the latest updates in cryptocurrency regulations.

> As per the latest data from CoinDesk, Bitcoin, the leading cryptocurrency in terms of market value, has witnessed a decrease of 2.1% over the last 24 hours and is currently valued at approximately $26,700.

> Bitcoin showed signs of recovery earlier in the day when it almost reached $27,500. However, a sudden downturn in the afternoon dragged its value down to almost $26,400.

> Ethereum, the runner-up in the crypto market in terms of market cap, mirrored this trend. The value of Ether depreciated by 1.6% and was trading around $1,795 as of Thursday afternoon.

> Reflecting these changes, the CoinDesk Market Index (CMI), which provides a measure of the general performance of the cryptocurrency market, recorded a 2.2% decrease on Thursday.

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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Cryptocurrency roundup for May 19: USBTC and Major Companies Sign Deal to Boost Bitcoin Mining and more - Moneycontrol