Apr 2, 01:01 PM

FTX Dismisses 500,000 Claims Worth $2 Billion; SEC Seeks 60-Day Delay in Gemini Earn Case

FTX has received court approval to dismiss approximately 500,000 creditor claims from users who failed to complete Know Your Customer (KYC) verification by March 3, 2025. This decision, confirmed in a filing on April 2, 2025, affects claims totaling around $2 billion. Meanwhile, the U.S. Securities and Exchange Commission (SEC) is seeking a 60-day delay in its enforcement action against Gemini Trust, which it sued in 2023 for allegedly raising billions illegally through the Gemini Earn program. The SEC's request aims to explore a potential resolution to the case, which involves the Winklevoss twins, co-founders of Gemini. The SEC's motion was filed in a New York federal court, highlighting ongoing discussions about the legal status of cryptocurrency operations in the U.S.