.GenesisTrading is facing more legal threats from Gemini users in the form of a class action arbitration case. thesamreynolds reports
Three Gemini Earn users have filed a request for class action arbitration against Genesis Global Capital and Digital Currency Group in response to Gemini suspending its Earn redemption program due to Genesis freezing withdrawals.Class-action arbitration — a dispute resolution process where a neutral third-party arbitrator resolves disputes between parties — is often seen as an alternative to a class-action lawsuit. The arbitration process is usually voluntary and less formal.
They claim Genesis first breached the Master Agreement when the firm became insolvent in the summer of 2022, but concealed its insolvency from its customers. The group also claims that Genesis’ Master Agreement effectively is creating unregistered sales of securities, and are seeking to rescind the contracts of sale and related damages.in late December by investors Brendan Picha and Max J. Hastings, which alleges the exchange engaged in the sale of unregistered securities via its Earn program.
."[Gemini] refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program, including plaintiffs."engaged in a back-and-forth on Twitter late Monday
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