Yep, no argument that I should have checked the FDIC's bankfind tool, which I do make liberal use of now. I guess I just made the mistake of thinking that Gemini wouldn't have been able to do this for so long if it were a scam, especially since they repeatedly claimed they were working with regulators.

I'm also reasonably sure that the FDIC insurance stuff was more prominently displayed on their site, though I'm having trouble confirming that so maybe I'm just misremembering.

And indeed, I have helped a few people avoid these scams now. When friends of mine ask me about investing in crypto now, I tell them "I think you should buy Treasury Bills directly from the government for safe short term stuff, and probably just find a good low cost index fund from a registered broker for longer term stuff".