Gemini will pay $50 million to Gemini Earn investors as part of a settlement with the New York Attorney General's office

ChainCatcher news, according to Bloomberg, the cryptocurrency exchange Gemini has reached a settlement with the New York Attorney General's office regarding a fraud lawsuit, agreeing to pay $50 million in digital assets to Gemini Earn investors. As part of the settlement agreement, Gemini Earn is also prohibited from operating in the state. Gemini stated in a press release on Friday that the final distribution of earnings will reach customer accounts within seven days.

Previously, New York Attorney General Letitia James filed a lawsuit against Gemini in October last year, accusing the platform of misleading investors in the Gemini Earn program, resulting in losses of over $1 billion.