For a while, US public coffers have been filling up with billions of dollars from crypto companies. In fact, saying they are overflowing might be an exaggeration given the rapid increase in US debt. The US, which made a billion-dollar deal with Binance, also approved a settlement exceeding $4.5 billion with Terraform Labs this week.
Gemini Crypto Exchange
Genesis was the largest crypto lender in 2021 but failed to collect its receivables after the collapse of Terra and others. Subsequently, Gemini couldn’t pay back the balances entrusted to it by its customers for staking income. Gemini, of course, did not inform its customers that their balances were entrusted to Genesis. Frankly, all stakeholders turned the gray area of crypto into a game of silence. Everything came to light in 2022 with the crypto collapse.
Gemini has now announced that it has agreed to pay $50 million to escape crypto fraud charges filed in New York. Thus, the amount entering the US treasury exceeded $4.6 billion.
Attorney General Letitia James sued Gemini in October, accusing the platform of lying to 230,000 customers about Gemini Earn (the subject at the beginning).
Meanwhile, as the article was being prepared, the BTC price dropped to $65,285. Spot sales accelerated on Coinbase and Binance exchanges, and the loss of $66,250 is very concerning for altcoins.
