I have read the news and I hope that if it is true as it is said in it that the Gemini Earn program:
was marketed to customers as a safe and secure way to earn interest....
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,”
I hope they get the maximum penalty they can get. In the end, what the Winkelvoss have is greed, because with the amount of Bitcoins they have from the early years, they could have dedicated themselves to other projects that were not based on shitcoins to make money.
The FTX exchange and its leaders have big problems, but it will be very difficult to prove this. This is a business and there are risks in it.
These kinds of crypto services were pitched as a “better form of savings account to replace your bank,” says Cory Klippsten, CEO of bitcoin financial services firm Swan Bitcoin. “Whether you use that language or not, that’s how people understood these platforms.” But the Earn program, the New York attorney general alleges, was far more risky than the marketing let on. The complaint states that Gemini was aware from the program’s inception that loans handed out by Genesis were high-risk and concentrated among a small number of third parties—specifically Alameda Research, FTX’s sibling company, which at one point constituted 60 percent of the Genesis loan book. If any of Genesis’ large creditors were to default on their debt, Gemini customers stood to lose the funds they had invested.
I'm very low on the prospect of such trials, but it will be very interesting to watch because the evidence has not yet been published.
Such a conspiracy is very difficult to prove in court.