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.
KEY TAKEAWAYS
Gemini Earn was impacted after crypto lender Genesis paused withdrawals and Earn redemptions.
Genesis is Gemini’s lending partner and it is facing liquidity issues amid the FTX crisis.
Gemini has also formed a creditors’ committee and hired the law firm, Kirkland & Ellis.
The newly launched page will help bring transparency process regarding finding a resolution for all Earn users to redeem their funds.
In addition, the exchange has also formed a creditor’s committee which will be tasked with trying to recover lost money. They have also hired the law firm, Kirkland &Ellis, to help resolve the issues around the Earn product the earliest possible.
Genesis’ impact on Gemini Earn
Genesis and its parent company DCG are currently trying to raise about half a billion in emergency funding due to its exposure to the collapse FTX crypto exchange. DCG also owes Genesis about $1.7 billion. As a result, Genesis halted withdrawals and Gemini Earn redemptions and has not given any updates on when the services will resume.
As a result of halting the Gemini Earn redemptions, Genesis owes Gemini Earn users $900 million and Gemini is currently trying to recover those funds to help gain their customers’ trust which has been greatly impacted by the developments.
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