What is the lawsuit involving Gemini and cryptocurrency about?

The lawsuit involving Gemini, a cryptocurrency exchange co-founded by twins Cameron and Tyler Winklevoss, generally revolves around allegations of fraud and the breach of contract related to its cryptocurrency lending product, Gemini Earn. In this product, customers lent out their cryptocurrency in exchange for promised returns. The legal action effectively accuses Gemini of failing to deliver on its obligations, misleading investors about the risks associated with the lending program, and causing significant losses to its users due to the collapse of its partner Genesis Global Trading's lending arm. This case is emblematic of the broader crises and legal challenges that surfaced in the crypto market following liquidity issues and insolvency problems within prominent crypto firms.