Arbitration decision: Gemini was not responsible for the collapse of the Earn loan scheme

The arbitrator ruled that Gemini, the encrypted currency exchange, had not misled the users in the collapse of its Earn lending scheme and was not responsible for the collapse. The claim was filed by a user later in 2024, but found that there was insufficient evidence that Gemini had lied to his client or failed to exercise due diligence. Earn, introduced in 2021, allows users to borrow up to 7.4 per cent of their annual earnings by borrowing encrypted money. Gemini suspended withdrawals from the Earn plan in November 2022, resulting in complaints from over 300,000 users. Since then, the Attorney General of New York has also brought charges against Gemini for the Earn plan and reached a $50 million settlement with the company in 2024. To date, there are more than a dozen ongoing disputes against Gemini。