Lots of bad information in this thread, let me help clear it up: - Gemini is based in New York and is regulated by the New York State Department of Financial S

Lots of bad information in this thread, let me help clear it up: - Gemini is based in New York and is regulated by the New York State Department of Financial Services. Gemini was granted a charter to operate a trust under the NYSDFS. - Gemini is still alive and operating, regular crypto and cash in the Gemini exchange can still be withdrawn by users. Users that were participating in Gemini's Earn program lent their money to Genesis, which went belly-up, and they are now creditors of Genesis. Users opted-in to loan their money out. Sometimes you loan money and it doesn't get paid back, that's life. The real question of Gemini's legal trouble comes down to two things: - Did Gemini make it clear to customers that money they put in Earn was lent to counterparties that may not pay them back? - Did Gemini do proper due diligence on behalf of customers, and did they continue to allow deposits into Earn even if they had reason to believe Genesis was insolvent? The reason the 280M withdrawal is news is that it may indicate they knew Genesis was insolvent before they closed the Earn program. However, the twins claim it was Earn customer money that they withdrew, in which case it may be a good thing (managing risk if they suspected Genesis insolvency). We don't know for certain whose money it was at this point, all we know is that 280M was withdrawn, everything else is speculation.