GEMINI EARN GENESIS UPDATE

The company is still reeling from the implosion of Three Arrows Capital (3AC) earlier this year, saying the $2.3 billion owed by the ex-crypto hedge fund “ negatively impacted ” the liquidity of its lending business. The FTX disaster wasn’t the only hit Genesis took this crypto winter. and bankrupt lender Genesis Global Capital on Friday filed to dismiss a lawsuit by the Securities and Exchange Commission that alleges that their Earn product amounted to an offering of unregistered securities. Gemini’s announcement today was thin on details and thick with assurances, telling Earn customers that redemptions remain Gemini’s “ highest priority ,” that Genesis and DCG “remain committed to exploring every possible option,” and that all funds held on Gemini’s Exchange and Custody services are backed 1:1. Two pending legal complaints seeking class-action status against Gemini over Earn have been filed to date. Gemini said a creditors group is working on alternative plan. Gemini’s Earn is tied to the fate of its lending partner, crypto prime broker Genesis, which, on the same day of Gemini’s announcement last week, said it was suspending all withdrawals due to the sudden, catastrophic collapse of the FTX exchange, which Genesis's derivatives business had $175 million exposure to. (DCG) to find a solution for Earn users to redeem their funds.

GEMINI EARN GENESIS UPDATE

$0.04798649 -5.88% Terra Classic (Wormhole)ġ/5 Update for Earn customers: we continue to work with Genesis Global Capital, LLC (Genesis) - the lending partner of Earn - and its parent company Digital Currency Group, Inc. The move, which Gemini says requires Genesis to return all locked-up assets, sunsets the exchange's nearly two-year-old Gemini Earn program.

Gemini earn genesis