The New York Attorney General’s office announced on June 14 the finalized settlement with Gemini, resulting in the recovery of $50 million for users affected by the discontinued Gemini Earn program. Users will automatically receive the cryptocurrency in their accounts without needing to take any further steps.

This settlement resolves the legal disputes brought by the NYAG against Gemini and prohibits the exchange from operating cryptocurrency lending programs in New York. Additionally, Gemini is required to assist in the NYAG’s investigations involving Genesis parent Digital Currency Group (DCG), DCG CEO Barry Silbert, and former Genesis CEO Soichiro Moro.

According to NY Attorney General Letitia James, Gemini allegedly misled investors about the risks associated with its Earn program, which was operated with Genesis Global Capital. The failure of Gemini Earn affected over 230,000 users, including at least 29,000 New York residents.

Gemini confirmed the settlement on the same day and committed to distributing the remaining funds owed to users within seven days. This final distribution will cover the last 3% of cryptocurrency owed to users when the Earn program was suspended. Gemini had previously returned more than $2 billion in cryptocurrency to customers by May 29, fulfilling 97% of its owed funds through in-kind distributions.