Gemini Shuts Down Crypto Earn Program Prioritizes Assets Returns
Gemini crypto exchange notified the community of terminating the Earn product following the heated exchange pitting Winklevoss against DCG and Genesis.
The crypto exchange owned by the Winklevoss twins conveyed an email to users confirming the program’s ending following the public spat with the embattled crypto lender Genesis.
Gemini Terminates the Earn Service
The email dispatched to users on Tuesday, January 10, illustrates Gemini wrapping the flagship scheme. The sudden twist to the public spat that dominated the social media platforms last week cemented attempts to compel Genesis to return $900 million owed to Gemini clients.
The email informed users that Gemini was activating the agency rights to revoke the Master Loan Agreement (MLA) its users had with Genesis Global Capital LL.
The email disclosed the shutdown was effective starting on January 8 2023, to terminate Earn. The message directed Genesis to refund the outstanding cryptos owed to the program.
The announcement terminating the Earn program identified Gemini as the core partner in the Earn product. It states that the Earn program enabled users to derive 8% interest earnings on the cryptos held.
Gemini Entangled into Genesis Global Financial Crisis
The Earn program suspended withdrawals in November, making the cryptos held within the platform inaccessible. The decision to suspend withdrawals in November cited the ripple effect of the sudden FTX downfall. Gemini admitted that Genesis Global admitted $175 million trapped following the FTX collapse.
Since the collapse of Sam Bankman-Fried’s empire, the crypto space has plunged into endless turmoil. Most firms have suspended operations, filed for bankruptcy, imposed withdrawal limits, or embraced layoffs.
Gemini Trust Co. has been entangled in the FTX web, particularly with its primary partner Gemini and its parent company DCG at the center of the firms hard hit by the FTX collapse.
Gemini assured its customers of prioritizing the return of crypto assets. Although terminating the Earn service, it restated that users can view their assets as pending balances. The email added that Gemini treated the assets’ return with urgent urgency.
Genesis is yet to issue response to the sudden twist by Gemini to terminate the Earn program. Notably, DCG has not replicated the active responses that defined the recent public spat with Gemini.
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