Gemini Earn Program Sees Customer Funds Locked Up With Genesis

Contagion continues to occur at a rapid pace within the crypto sector. After FTX filed for bankruptcy last week, Genesis Global Trading this morning announced that it would be halting redemptions and withdrawals on its lending products. The company reportedly has $175 million tied up in accounts at FTX.

And with the halt on redemptions at Genesis’ lending arm, further contagion is continuing to be felt in the space. Gemini this morning revealed that Gemini Earn, a yield product offered to customers, functioned in partnership with Genesis’ lending arm.

READ: Genesis Lending Arm Halts Withdrawals Following FTX Bankruptcy

Commenting on this, Gemini stated that they “are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible.” Indirectly, it appears that this means the Earn program offered by Gemini is now defunct.

The company continued that they “are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. We will continue to work with them on behalf of all Earn customers.” The company continued by saying that meeting obligations was their highest priority.

The difficulties with the Earn program however are not said to impact other products and services offered by Gemini. The company affirmed that its customer funds are backed 1:1 and “available for withdrawal at any time.”


Information for this briefing was found via Gemini and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Sam Bankman-Fried Wants All Charges Dropped–Except For Fraud And Money Laundering

FTX founder Sam Bankman-Fried petitioned to a federal judge in New York on Monday to...

Tuesday, May 9, 2023, 08:16:36 AM

Amazon To Invest In New TV Series Featuring Collapse Of FTX

Amazon (NASDAQ: AMZN) announced last week that it will be working on a show about...

Tuesday, November 29, 2022, 03:07:00 PM

Sam Bankman-Fried Wanted To Pay Taylor Swift $100 Million For An FTX Deal

Fallen crypto mogul Sam Bankman-Fried was reportedly in the late stages of the negotiation for...

Thursday, December 8, 2022, 09:30:00 AM

The Binance / FTX Feud Continues… Bankman-Fried Claims Competitor Going After FTX With “False Rumors”

Apparently, the supposed shade-throwing between these two crypto moguls is not yet over. READ: The...

Monday, November 7, 2022, 09:53:37 AM

FTX Sees President Brett Harrison Leave Company

FTX, the digital asset exchange, has seen one of its executives step down this morning....

Tuesday, September 27, 2022, 11:43:17 AM