Gemini Earn: The Winklevoss Twins Determined to Fix Things
A recent report by the Financial Times has stirred the crypto community suggesting that the Gemini exchange lacks $900 million due to the problems experienced by the crypto lender Genesis, which helps operate Gemini Earn.
In a series of tweets, Cameron Winklevoss wrote that Gemini formed an ad hoc committee with other creditors to coordinate efforts and advocate together for a resolution.
Kirkland & Ellis has been engaged as counsel by the Creditor Committee to advocate on its behalf. Returning your funds is our highest priority and we are operating with the utmost urgency,” he tweeted, adding “to appease the lawyers, I must clarify that whenever Gemini is referenced in relation to Earn users, it is acting as an agent on their behalf. This is true for all tweets and messages unless stated otherwise. Thanks.
Source: Cameron Winklevoss’s Twitter
The update comes after the Financial Times published an article where it claims that the crypto lender Genesis owes $900 million to Gemini clients as a result of the market turmoil caused by the collapse of the FTX exchange.
On Nov. 16th the Gemini Earn service, which allows investors to yield a return of 8%, stopped working.
On Nov. 16th the Gemini Earn service, which allows investors to yield a return of 8%, stopped working.
Since then, the Gemini exchange has been trying to appease its clients by creating a specialized dashboard where it provides data relating to its funds and the ones owned on its behalf of it.
The FTX collapse’s ramifications are still felt across the crypto space. While Bitcoin has seen a slight increase in recent days, it is still trading well below the $20,000 mark.
Other key coins are not performing well either.
It is unclear when the crypto market will recover even though bigwigs like Elon Musk believe that BTS will make it.
