NewsletterGemini Announces Plan To Recover Earn Program Users Funds
Crypto exchange Gemini’s cofounder Cameron Winklevoss on Wednesday announced launching a page to help bring transparency process regarding finding a resolution for all Earn users to redeem their funds. Gemini has also formed a creditors’ committee to try and recover customers’ lost money and hired the law firm Kirkland & Ellis to resolve the issue at the earliest.
Gemini Launches Page to Increase Transparency
Cameron Winklevoss, co-founder of Gemini, in a series of tweets on December 7 announced that the crypto exchange has launched a page to update users about the latest developments regarding a resolution for all Earn users to redeem their funds.
“Gemini is launching a new page that aims to bring as much transparency as possible to the process of finding a resolution for all Earn users to redeem their funds.”
The page will be updated every Tuesday and Friday until a resolution has been reached with Genesis. Acting as an agent for Earn users, the exchange is in discussion with Genesis Global Capital, its parent DCG, and DCG CEO Barry Silbert to find a resolution.
On Monday, Gemini in collaboration with creditors formed an ad hoc committee to make efforts and advocate together to help users recover their funds. The committee also hired the law firm Kirkland & Ellis to advocate on its behalf.
Gemini Earn was impacted after its lending partner Genesis halted withdrawals and Earn redemptions due to facing liquidity issues amid the FTX crisis. Genesis owes Gemini Earn users $900 million, Winklevoss Twins are trying to recover the funds as customers having trust issues with the firm.
Will Genesis Avoid Bankruptcy?
Genesis could likely be the next crypto firm to file bankruptcy due to its exposure to FTX. Genesis and its parent DCG are trying to raise $500 million as emergency funding. Meanwhile, DCG owes its subsidiary Genesis nearly $1.7 billion.
However, Genesis has failed to announce any updates related to either funding or resuming withdrawals. The silence from Genesis and DCG is increasing FUD in the customers and the crypto community.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
