According to the Complaint, Gemini Trust Company LLC is a New York based trust company which holds BlockFi’s clients’ cryptocurrency holdings as a “Qualified Custodian” chartered by the New York State Department of Financial Services.

The Complaint alleges class members were sold unregistered securities by the crypto company BlockFi, Inc., a company controlled by the individual Defendants. The Complaint further alleges that the unregistered securities were marketed and sold via misrepresentations and material omissions over several years and through intermittent misrepresentations by Defendant Gemini Trading LLC.

On October 13, 2023, the Court issued an Order appointing Lead Plaintiffs and Counsel. On December 13, the Court amended the Order appointing Lead Plaintiffs and Counsel to add an additional Lead Plaintiff and additional Counsel.

On April 16, 2024, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 23-CV-01165.

On February 3, 2025, the parties entered into a Stipulation and Agreement of Settlement.