UPDATE: Kim & Serritella LLP is assessing additional claims against Gemini on behalf of Earn investors, including for missed interest payments.
If you are interested in potentially pursuing an individual action, please complete the questionnaire.
Responses are confidential.
Dear Gemini Earn Investor,
We have recently received inquiries from many of you regarding the Earn litigation, so we wanted to provide you all with a brief update.
As many of you already know, in March 2024, the District Court held that the class action we filed had to go to arbitration and could not proceed in court. K&S also filed a class arbitration but agreed to put that case on hold upon hearing the news of the settlement Gemini reached with Genesis that could result in the return of assets to the Earn folks. Recently, Gemini announced that “97% of the digital assets” owed to Earn users were returned to their accounts. Gemini also claims that Earn users “can expect to receive [their] remaining asset balance within the next 12 months.” As many of you have asked about this point, it is our understanding that Gemini has not agreed to compensate Earn investors with the interest payments they were promised since the freeze in November 2022.
We are very happy to hear that Earn investors are finally receiving the bulk of their tokens back even though we know this has been a very difficult time for many of you and no amount of crypto or money can make up for the stress and anguish you have endured for the last year and half.
Given the recent developments, K&S is assessing whether there are still claims and additional damages Earn investors could pursue against Gemini, including for missed interest payments. If we do pursue further litigation, investors’ claims would likely have to be brought individually rather than on a class-wide basis. This would mean (among other things) that any Earn investor who wished to litigate their claims would have to bring their own arbitration (by hiring us or another law firm, or even proceeding on their own) rather than having the option to passively participate in the litigation as a class member.
If you have any other questions, please don’t hesitate to reach out to us again.
Note: The information contained herein is provided for informational purposes only and should not be construed as legal advice. You should not act or refrain from acting on the basis of any content included in this email without seeking legal or other professional advice. The contents of this website contain general information and may not reflect current legal developments or address your situation.
We’ve also been told that many Gemini users have been targeted by scammers pretending to be Gemini personnel, via email, whatsapp, and phone calls / texts. This is a common scam in the crypto space and is intended to trick investors into sharing account details, at which point the scammer is able to drain the targeted account. These calls and messages can be highly sophisticated and convincing. You can avoid scams with measures such as a) be aware that it is highly unlikely that support would reach out to you directly, particularly through text, social media, or WhatsApp; b) Always double-check urls and account names – usually companies will list their verified support emails and account, and the url will never be a variation of the primary url or have a different suffix (.co, .net, etc); c) NEVER give your password or seed phrase to anyone, even support. Read more about avoiding scams here.
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If you would like to discuss the Action, your potential claims or have any questions regarding this notice, please contact Kim & Serritella LLP, confidentially and free of charge, through our Gemini Earn Customer Contact Form, or reach us at (212) 931-8135 or via email at crypto@kandslaw.com.
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