Sino Global, a crypto-centric investment company, announced it had a "mid-seven figures" exposure to the exchange on Tuesday. Today's moves from Gemini and Genesis are just the latest the ongoing fallout from the collapsing FTX Exchange led by Sam Bankman-Fried.īesides various lending outfits halting withdrawals, FTX's implosion has also left various trading desks and venture firms high and dry. The announcement added that the crypto exchange was working to redeem user funds from its Earn program "as quickly as possible." Gemini said that the move "does not impact any other Gemini products and services." KEY TAKEAWAYS Gemini Earn was impacted after crypto lender Genesis paused withdrawals and Earn redemptions.
#GEMINI EARN GENESIS SERIES#
"We are aware that Genesis Global Capital, LLC (Genesis) - the lending partner of the Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days," Gemini's post read. 07 December 2022 The co-founder of Gemini, Cameron Winklevoss, on Wednesday announced via a series of tweets that the crypto exchange has launched a page to help Gemini Earn users. The reason given by Genesis was ‘unprecedented market turmoil’. (DCG), the parent company of Genesis Global Capital, LLC (Genesis) did not pay the approximately 630 million that came due last week. Author: Elena R 18:45 Gemini Clients have filed a Class Arbitration case against Genesis-DCG company as the company had halted withdrawals of the Gemini Earn Program when the FTX crash happened in November 2022. "Gemini is partnering with accredited third-party borrowers including Genesis, who are vetted through a risk management framework which reviews our partners’ collateralization management process," reads the exchange's support page. Updates (Friday) The Gemini team has been working on three items regarding Earn this week: First, Digital Currency Group, Inc.
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