Gemini 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.
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