• Gemini Trust, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has agreed to return at least $1.1 billion to customers of its defunct lending program following a settlement with the New York Department of Financial Services (NYDFS). Additionally, Gemini will pay a $37 million fine to the regulator for what NYDFS described as "significant failures" that posed risks to the company's safety and stability. The agreement stipulates that NYDFS retains the right to take further action against Gemini if it fails to fulfill its obligations.

• Operated by the Winklevoss twins, Gemini faced scrutiny from NYDFS over its lending program, Gemini Earn. The program, which touted itself as a low-risk investment opportunity, allowed customers to lend their crypto assets to Genesis Global Capital (GGC) in exchange for interest payments of up to 8%. However, withdrawals were halted in November 2022 amid market turmoil triggered by the collapse of FTX, another prominent crypto exchange. Gemini's blog post assured customers that they would receive 100% of their digital assets back, along with any appreciation in value. The exchange stated that it would return over $1.8 billion in value, representing a significant increase from the amount when GGC suspended withdrawals.