7/24/2023 0 Comments Gemini earn worth it![]() ![]() Perhaps drawing on DGC’s coffers more than Genesis’s. Which was to push Silbert into accepting a deal by which much of those funds will be returned. It seems these harsh accusations finally had an effect. Genesis owes the exchange $900 million, and according to Winklevoss the group’s holding company CEO allegedly hid behind lawyers and bankers in order not to return those funds. Indeed, Cameron Winklevoss last month had lashed out hard at DGC CEO Barry Silbert, accusing him of fraud. Cameron Winklevoss’s fightĪside from the fact that Gemini crypto possibly may have convinced its customers to invest in the Earn program by lying about securing funds, the underlying problem was caused by Genesis, not the exchange. It is likely that much will depend on whether or not users are actually able to recover all of their funds. It does not appear, though, that these allegations have already been formalized in a complaint to the judiciary. But without making it explicitly and obviously clear that this insurance applied only to funds held on the exchange’s wallets, and not to those entrusted to a third party as in the Earn service. Instead, they seem to have tried to convince their clients that the funds would be insured by the US government agency FDIC. One remaining problem for Gemini, however, is related to allegations that it concealed from Earn’s customers the fact that their funds would not be held by the exchange itself, but entrusted to a third party. The /earn page of the exchange’s official website will post any news regarding this process. Therefore, on the one hand it is not 100% certain that the agreement will be approved and that Earn users’ funds will be released, while on the other hand, even if it is approved, it will still take a long time before users can withdraw their funds. However, he acknowledges that there is still much work to be done to complete this process, and that court approval of the settlement is still required. Not only Gemini, but admits that the exchange will be forced to add $100 million out of its own pocket in order to allow Earn’s users to recover all funds. Winklevoss adds that the settlement is a step toward recovering funds for all of Genesis’ creditors. However, only Genesis is bankrupt, and that bankruptcy does not seem to have affected the other companies in the group. To be clear, the DCG group includes Grayscale, CoinDesk, and Luno in addition to Genesis. Winklevoss reveals that the agreement was announced to the bankruptcy court that is handling Genesis Global Capital’s bankruptcy due to insolvency, and he also cites Digital Currency Group (DCG) because it is the holding company of the group to which Genesis also belongs. This agreement was announced in Bankruptcy Court today. The possible solution devised by crypto exchange GeminiĪ few days ago one of Gemini’s two founders, Cameron Winklevoss, announced that the company has reached an agreement with Genesis Global Capital through which they could finally allow Earn customers to withdraw their funds.ġ/ Today, reached an agreement in principle with Genesis Global Capital, LLC (Genesis), and other creditors on a plan that provides a path for Earn users to recover their assets. Since then, funds deposited by Gemini customers on the Earn service still appear to be blocked and not withdrawable. So the blocking of Genesis Global Capital’s cascading withdrawals inevitably caused the blocking of withdrawals on Gemini Earn as well. The fact is that the Gemini crypto exchange of the Winklevoss twins was backing one of its services, Earn, on Genesis Global Capital itself. ![]() Indeed, since FTX was one of the largest crypto exchanges in the world, its bankruptcy generated a cascading series of problems, including the suspension of withdrawals by Genesis Global Capital due to lack of liquidity for uncollectible claims against FTX itself. The problem with the Gemini crypto exchangeĮverything originated in the days following the failure of FTX. The possible solution devised by crypto exchange Gemini.The problem with the Gemini crypto exchange.
0 Comments
Leave a Reply. |