Crypto report: Gemini investors owed $900m by Genesis

Last Updated on 58 mins by John Piper

According to reports, Genesis cryptocurrency lending platform Genesis and Digital Currency Group owe $900 million each to clients of the crypto exchange Gemini.

Gemini Earn is part of Gemini‚Äôs reward program and allows users to earn by lending their cryptocurrency, including Bitcoin, and stablecoins. Financial Times reports that Gemini Earn investors are having issues depositing. According to the status page, “[ certain] systems are currently experiencing downages”.

Genesis announced in November that withdrawals would be temporarily suspended due to unprecedented market uncertainty after the FTX crash. Genesis is said to be looking for funding for its lending platform in order to resolve the issues. However, this was despite refuting rumors of bankruptcy. Gemini Earn services are currently unavailable, but other Gemini services continue to operate as normal. This issue was reported for the first time on November 16th. It has not been resolved since.

Gemini’s Trust Center was launched following the Gemini Earn issues. It is a new product that displays a dashboard of funds and other information related to trading accounts.

Users responded by commenting on how Gemini’s lack of Gemini Earn’s services in conjunction with Genesis is not good news for Gemini.

Gemini will not be trusted by any person if the EARN situation for your customers is not solved. Don’t market a product that poses a risk to customer funds. Gemini should not be allowed to charge fees, but assume no responsibility. You are not taking good care of your customers .”

Coin Insider’s Crypto Report: Genesis owes $900m to Gemini investors appeared first on Coin Insider

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