Gemini Earn wen give money to Genesis fo earn rewards. Back in November, Genesis say dey can’t give back da money. Too many people wen ask fo dey money back afta da FTX exchange fall apart. FTX an dey U.S. branch wen file fo bankruptcy. Too many people wen take out money afta da news sho dey use da customer money fo take big risks. Gemini wen show how da FTX problem wen spread all ova.
Pause on Withdrawals
Gemini, dat stay in da U.S., wen say dey da safe an regulated choice fo cryptocurrency. Back in November, da Winklevoss twins wen write letter to customers sayin dey no have direct problem wit FTX. Gemini wen have 1-to-1 reserve fo back up da money customers put in. “From day one, Gemini wen make sure da money customers put in stay safe. We neva wen an neva goin compromise dat,” da letter say. But still, da pause on withdrawals wen show how da recent mess wen challenge Gemini an da others. On Gemini’s Earn website, dey say dey get rewards from workin wit Genesis. “Accredited third-party borrowers like Genesis, who wen go through risk management check fo make sure dey good fo go.”
Gemini Might Get Sued
Genesis wen say dey wen try fo fix dey books fo months an dey “workin hard”. Fo try fo keep da customer money safe, “like tryin fo get new money.” By January, da talks between Gemini an Genesis wen get real bad. Gemini might get sued cuz of dis problem. Dey wen try write one open letter askin fo da CEO of Genesis’ company, Barry Silbert, fo get fired. Genesis neva tell da trut bout da risks dey wen take wit da hedge fund dat wen fall apart.
Bankruptcy
“Genesis lenders, like da Earn users, wen get hurt bad an dey deserve fo get dey money back,” da letter say. An say Silbert an da oda guys “wen lie an make fake statements to Gemini.” Genesis wen write back sayin dey no agree wit Gemini an dey disappointed. Tho Gemini wen make dis public cuz dey still tryin fo work out da problem, but dey still tryin fo help da Genesis an Gemini Earn customers. On January 19, Gemini wen give update say Genesis wen file fo Chapter 11 bankruptcy. Cameron Winklevoss wen tweet say dis wen move us closer fo helpin da Earn users get dey money back. “Da most important ting fo us,” he wen end.