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Gemini wins arbitration, cleared of liability for the collapse of its Earn lending program.

2026.08.31 19:13:09

According to CNBC, cryptocurrency platform Gemini secured a legal victory in August, with an arbitrator ruling that the exchange did not mislead users and was not liable for the collapse of its Earn lending program. The lawsuit was filed by a user of the Earn lending program in late 2024. The ruling found insufficient evidence to prove Gemini lied to customers or was negligent in its due diligence of its primary lending partner, Genesis Global Capital. Launched in 2021, the Earn program allowed users to earn annual returns of up to 7.4% by lending out their cryptocurrencies. Under the program, Gemini lent assets to institutional borrowers with Genesis acting as an intermediary. However, Gemini suspended withdrawals from the Earn program in November 2022, angering some of its over 300,000 users. The move came shortly after Genesis paused new loans and redemptions amid a liquidity crisis triggered by the 2022 crypto market downturn. Following the Earn withdrawal freeze, multiple customers filed legal complaints against Gemini. The New York Attorney General also sued Gemini over the Earn program, and reached a $50 million settlement with the company in 2024. In February 2024, Gemini announced it had reached a "principal settlement" with Genesis and other creditors in Genesis' bankruptcy case. Three months later, Earn users received $2.18 billion in digital assets in kind, equivalent to 97% of the total digital assets owed to Earn users — $1 billion more than the amount available when Genesis suspended withdrawals in 2022.

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US Midterm Elections Deliver 'Heavy Blow' to Crypto Industry: Democrats Take Control of Congress, Multiple Crypto-Friendly Lawmakers Lose Their Seats

Despite the crypto industry investing over $170 million in this midterm election, the Democrats successfully retook control of both the House and Senate, with several key crypto industry allies losing their races, signaling a potential shift in Washington’s crypto policy landscape. In key contests, Ohio Democrat and crypto critic Sherrod Brown defeated Republican candidate Jon Husted to return to the Senate; Senator Elizabeth Warren is poised to take over as chair of the Senate Banking Committee. Pro-crypto Republican Representatives Bryan Steil, Zach Nunn, and Ann Wagner all failed to win re-election. While House Financial Services Committee Chair French Hill is expected to keep his seat, with Democrats regaining control of the House, he is projected to lose his committee chairmanship, to be replaced by Democratic Representative Maxine Waters. Democrats’ full control of Congress will significantly increase regulatory and political scrutiny pressure on the crypto industry. The Trump administration’s relationship with crypto, the president’s family’s crypto business, and regulatory decisions by the SEC and CFTC are all likely to become key targets of congressional investigations. The chances of the crypto market structure bill passing under the current framework have dropped sharply, and future legislation is likely to incorporate more of the Democratic Party’s policy priorities.

4 minutes ago

交易员「憨巴龙王」做多Anthropic盈达105%，约捕获本轮行情的七成涨幅

According to TradingBeats’ monitoring, trader “Hanba Longwang” (address: 0x8e096995c3e4a3f0bc5b3ea1cba94de2aa4d70c9) holds a roughly 10x leveraged long position in Anthropic (ANT) contracts, valued at $932,000, with an average entry price of $108.11, unrealized profit of around $88,500, and a return of approximately 104.8%. ANT is currently trading at $119.45, up about 10.5% from its average entry cost. The token has rallied roughly 13% from its intraday low of $104.6 on November 3, with the position largely capturing this upswing, generating about 74.6% of the current rally’s gains. The account began building its ANT position on October 30, then added long positions worth $235,000 and $587,000 at the lows on November 2 and 3 respectively. Currently, ANT is the only long contract in the account, accounting for around 94.6% of its total contract positions. Besides the ANT long, the account also holds short positions worth $48,700 in ETH and $4,551 in BTC. The account’s total equity stands at approximately $1.295 million, with total contract notional positions of around $986,000, resulting in an overall effective leverage of about 0.76x.

4 minutes ago

Circle’s Q3 revenue and reserve income reached $865 million, with USDC on-chain trading volume rising 49% year-over-year.

Circle released its Q3 2026 financial results, reporting total revenue and reserve revenue of $865 million, up 17% year-over-year (YoY). Net profit from continuing operations stood at $226 million, up 5% YoY, while adjusted EBITDA reached $317 million, surging 85% YoY. By segment: Reserve revenue came in at $658 million, down 8% YoY; other revenue totaled $207 million, jumping 627% YoY, with $182 million derived from ARC token presales. In Q3, the average circulating supply of USDC was $73.3 billion, up 8% YoY; on-chain transaction volume hit $13.9 trillion, rising 49% YoY. At quarter-end, USDC held a 27% market share, and the number of wallets holding over $10 in USDC reached 7.3 million, up 16% YoY. On the business front, Circle’s annualized gross payment volume via its Circle Payment Network (CPN) reached $41.3 billion. The company has signed a definitive agreement to acquire Singapore-based cross-border payment platform Tazapay, with the transaction expected to close in 2027. Additionally, Circle cut approximately 5% of its workforce in Q3, while maintaining its full-year 2026 financial guidance unchanged.

4 minutes ago

A Canadian court has ordered the return of a Bitcoin wallet to the family of a murderer, after prosecutors failed to prove the wallet was linked to the murder.

Nova Scotia Supreme Court Justice John Bodurtha ruled Tuesday that a laptop containing a bitcoin wallet will be returned to the family of convicted murderer William Sandeson, who is currently serving a prison sentence. The judge found prosecutors failed to link the wallet’s bitcoin to the 2015 murder case, nor could they prove the digital assets were proceeds from drug trafficking or other criminal activity, so the wallet should not be seized. Sandeson killed fellow student Taylor Samson in 2015; he was convicted of second-degree murder by a jury in 2023 and is now serving a life sentence, with parole eligibility as early as 2030. The bitcoin wallet in question was previously seized by police from Sandeson’s residence, though the exact amount of cryptocurrency held has not been disclosed. There is a significant dispute over the wallet’s value: Sandeson claims it is worth roughly C$8,000 to C$10,000, while the victim’s family, in a separate civil lawsuit over Samson’s wrongful death, alleges the wallet could now be worth more than C$200,000. The court also ruled that C$5,000 in cash seized from Sandeson’s home after the murder is criminal-related property and will not be returned.

4 minutes ago

Justin Sun demands WLFI pay over $260,000 in sanctions-related fees, accusing it of concealing information about its Emirati shareholders.

Tron founder Justin Sun has filed a motion with a U.S. federal court seeking $263,821.20 in sanctions against Donald Trump family-linked crypto project World Liberty Financial (WLFI) and its attorneys, alleging the parties submitted misleading disclosure documents in litigation over his $45 million WLFI investment, failing to disclose an Emirati-linked party in the project’s ownership chain. Sun and two co-plaintiffs noted WLFI initially listed only Florida as its jurisdiction in court filings, and only amended its disclosures nearly three months later to name 22 individuals and entities in its ownership chain, including the Emirati-linked party. WLFI subsequently argued the federal court lacked jurisdiction over the case, citing its Emirati ties. Sun said he plans to refile the lawsuit in a California state court once the sanctions application is resolved, with a related hearing scheduled for December 10. The two sides have already filed reciprocal lawsuits over the freezing of Sun’s tokens: Sun sued WLFI in April, while WLFI countersued for defamation in May.

4 minutes ago

Anthropic's largest short seller added $7.6 million to their position in the afternoon, bringing their total short exposure to approximately $36.1 million.

On Hyperliquid, Anthropic’s largest short address continued adding positions this afternoon (Beijing Time), adding a total of roughly $7.62 million in short positions between 12:29 and 18:03. Its total short positions across two Anthropic-related contracts now stand at approximately $36.18 million, making it the single address with the largest short position size among all related contracts. The whale added around $7.458 million in short positions on the pre-listing ANTH contract deployed on Entropy, boosting its position size by about 35.7%. It also added roughly $164,800 in short positions on the ANT contract deployed on Trade.xyz. As of press time, both positions carry 6x isolated margin leverage, with a combined unrealized loss of around $1.4634 million: - ANTH short position: valued at approximately $29.7962 million, the largest short in this contract, with an unrealized loss of $1.0796 million; - ANT short position: valued at around $6.3838 million, with an unrealized loss of $383,800.

4 minutes ago

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