Gemini earn6/11/2023 ![]() ![]() Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. ![]() A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. As a result, Genesis halted withdrawals and Gemini Earn redemptions and has not given any updates on when the services will resume.Īs a result of halting the Gemini Earn redemptions, Genesis owes Gemini Earn users $900 million and Gemini is currently trying to recover those funds to help gain their customers’ trust which has been greatly impacted by the developments. DCG also owes Genesis about $1.7 billion. Genesis and its parent company DCG are currently trying to raise about half a billion in emergency funding due to its exposure to the collapse FTX crypto exchange. They have also hired the law firm, Kirkland &Ellis, to help resolve the issues around the Earn product the earliest possible. In addition, the exchange has also formed a creditor’s committee which will be tasked with trying to recover lost money. The newly launched page will help bring transparency process regarding finding a resolution for all Earn users to redeem their funds. Gemini has also formed a creditors’ committee and hired the law firm, Kirkland & Ellis.Genesis is Gemini’s lending partner and it is facing liquidity issues amid the FTX crisis.Gemini Earn was impacted after crypto lender Genesis paused withdrawals and Earn redemptions. ![]() The co-founder of Gemini, Cameron Winklevoss, on Wednesday announced via a series of tweets that the crypto exchange has launched a page to help Gemini Earn users. ![]()
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