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Gemini Earn promised high interest rates to investors who lent crypto assets such as bitcoin to Genesis, a unit of Digital Currency Group, with Gemini taking fees that could exceed 4%.
NEW YORK (Reuters) -Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers in their jointly managed Gemini Earn program ...
Amid the last bull cycle, Gemini, which had largely operated as an exchange, launched its ill-fated Earn program that allowed customers to lend out cryptocurrencies for a yield of up to 13%.
"This attack on Earn Users is a new low, even for Genesis," Gemini said in a statement. Under the companies' operating agreements, Genesis borrowed crypto assets from Earn customers, re-invested ...
Gemini Trust Company, LLC (Gemini) is an American cryptocurrency exchange and custodian bank.It was founded in 2014 by Cameron and Tyler Winklevoss. [4] [5] [6]In 2023, the company, along with two others, was sued by the New York attorney general Letitia James under allegations that it had "defrauded" investors by exposing them to undue risk.
The Earn program was halted during a crypto market crash in November 2023, and its failure has spurred litigation between Genesis, Gemini, and Genesis's parent company, Digital Currency Group.
That appears to be what happened with the latest bankruptcy proposal, which is a pretty sweet deal for Gemini Earn customers if the 95% to 110% figure holds up.
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