Read more : Genesis Owes Gemini Earn Users $900M: Report. In return, Gemini deducted an agent fee of as high as nearly 4.3 percent from the returns that Genesis paid to Gemini Earn investors. The exchange attributed the move to “unprecedented market turmoil”. The move came directly after Genesis suspended redemptions for customers and new loans due to “abnormal withdrawal requests” following the FTX collapse on the same day. ![]() Genesis lent Gemini users crypto and returned a. The Gemini Earn service has experienced severe disruption since the FTX contagion began at the start of last month. Gemini, which Cameron and Tyler Winklevoss founded in 2015, told users it would be pausing withdrawals from Gemini Earn on November 16, and has yet to provide any clarity as to when they are expected to be reopened. Genesis and Gemini partnered in February 2021 to offer a Gemini lending product called Earn, which offered customers yields of up to 8. According to the FT, Gemini is working as part of a creditors’ committee to regain the funds from Genesis and DCG. Gemini customers tendered crypto assets to Genesis and Genesis promised to pay them interest on those assets, the SEC alleges. ![]() 2022, they effectively struck a three-way investment transaction, according to the complaint. Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8% depending on which token you deposited. Zoom in: When Genesis and Gemini struck a partnership for Gemini's Earn program between Feb. The SEC charged the Winklevoss twins’ Gemini crypto exchange and its lending partner Genesis this week with selling unregistered securities in the form of a Gemini Earn program that. ![]() Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million, the Financial Times reported on Saturday, citing anonymous sources. According to several reports, Genesis suffered from a liquidity crunch following the collapse of the crypto exchange FTX and now owns Gemini Earn users over.
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